Blog
Ep 129: Capitulation, Reset, and a Return to Spot-First Discipline
| Weekly updates | 129 seen
This week marked one of the most difficult moments in Terramatris’ history. The crypto market experienced a sharp and disorderly sell-off, and our portfolio entered what can only be described as a leverage-driven death spiral. At the peak of exposure, we were effectively controlling roughly 6 ETH with an average entry price above $3,500. Most of this exposure was expressed through perpetual futures and short put options, both of which moved deeply underwater as ETH collapsed. When Ethereum dipped below $2,000, the math stopped working.
At that point, we made a hard but necessary decision: unwind, realize losses, and move forward. We do not know whether this is the market bottom, nor whether a sharp recovery could follow quickly. What we do know is that continuing to operate under…
Ep 128: TerraM Token Rises to $2.83 (+2.9%) Despite Massive Crypto Selloff
| Weekly updates | 124 seen
On January 30, 2026, the TerraM token traded at $2.83, up 2.9% week over week. Trading activity increased following the launch of a 1 TerraM token weekly reward for liquidity staking. Automated trading bots quickly identified the incentive and began purchasing and staking TerraM tokens.
For most of the week, TerraM traded tightly around $2.90, before slipping to $2.83 on Friday morning amid short-term profit-taking by trading bots.
This bot trading development is positive. We estimate that 70–90% of DeFi activity is bot-driven, and as long as these bots are deploying real capital, their participation improves liquidity and market efficiency.
Bots, Rewards, and TerraM: Unexpected Signals from DeFi Liquidity
Looking ahead, we plan to continue using staking rewards…
Ep: 127: TerraM Token Growth to $2.75 Despite Fund Drawdowns
| Weekly updates | 110 seen
On January 23, 2026, the TerraM token traded at $2.75 (+2.23%). Trading activity remained modest, with transactions skewed mostly toward buys. During the week, we increased liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 1.48% of total supply bringing our total market cap to $27,500 (+$600).
Our larger objective is to expand the liquidity pool to 10%, but the next key milestone is getting past 2%. We anticipate achieving this within 4–5 weeks. Until liquidity improves, slippage will continue to be significant.
TerraM Multi Asset FundMeantime TerraM Multi-Asset Crypto Options Fund experienced another massive -23.86% week-over-week drop, marking first negative week in 2026. The past few months have felt like one step forward,…
Ep 126: TerraM Token and Multi-Asset Fund Update: Liquidity, Buyback Plans, and 9.45% Weekly Gain
| Weekly updates | 116 seen
On January 16, 2026, the TerraM token traded at $2.69. Trading activity remained modest, with transactions skewed mostly toward buys. During the week, we also added liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 1.35% of total supply bringing our total market cap to $26,900.
Slippage remains elevated due to shallow liquidity. This is not ignored—we are actively working on liquidity depth, pool balance, and execution efficiency as part of the broader TerraM token mechanics.
Our CEO announced his intention to initiate a 52-week TerraM buyback challenge. If executed consistently, this could result in him personally holding up to ~5% of the TerraM token supply over the course of a year.
TerraM Multi Asset FundTerraM Multi-Asset…
Ep 125: TerraM Fund Update: +4.73% Weekly Gain, but Drawdown Still −51% From ATH
| Weekly updates | 67 seen
As of January 9, 2026, the TerraM Multi-Asset Crypto Options Fund is up +4.73% week-over-week, marking the second consecutive week of gains in 2026. Broader crypto market conditions remain constructive, though this outlook remains subject to invalidation.
TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –51.47%. While YTD fund is up 6.14%, outperforming Bitcoin (+3.81%) and ETH (+4.55%).
Market Outlook (Bitcoin)Bitcoin has finally broken above its 50-day moving average, trading at $90,600 as of writing this article. While a short-term pullback has followed, a steeper recovery toward the 200-day moving average near $106,000 remains plausible. That said, it is still too early to confirm this scenario: bears could regain control, pushing BTC…
Ep 124: TerraM Multi-Asset Crypto Options Fund: +7.57% Weekly Gain to Start 2026
| Weekly updates | 53 seen
Greetings in 2026. The Terramatris team has traveled to the beautiful Palolem Beach in Goa, India, and with great excitement we are preparing the first weekly review of the new year. We wish everyone a strong and successful start to 2026.
As of January 2, 2026, the TerraM Multi-Asset Crypto Options Fund is up +7.57% week-over-week, encouraging start of the new year. While the crypto market remains in a consolidation phase, still trying to decide its next move, last week was relatively calm, with most gains coming from expiring options positions.
TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –53%. While Year-to-date, our Fund is up 0.85%, underperforming Bitcoin (+1.76%) and ETH (+2.06%).
Options IncomeThis week, the TerraM Multi-…
Ep 123: How TerraM Generated 5.4% Weekly Returns Using In-the-Money Covered Calls
| Weekly updates | 61 seen
As of December 26, 2025, the TerraM Multi-Asset Crypto Options Fund is up +13.77% week-over-week, encouraging result after previous weeks sharp drop. With only a few days left in 2025, crypto appears to be searching for a footing as it heads into 2026.
TerraM Multi-Assets Fund drawdown from all time high back in September is –56%. While Year-to-date, our Fund is down –11.12%, underperforming Bitcoin (–4.57%) and ETH (–10.59%).
Options IncomeThis week, the TerraM Multi-Asset Fund generated $276 in options premiums, what is impressive 5.4% weekly return on capital. The increase in options income comes from selling in-the-money covered calls below our breakeven, which raises premium income but caps upside. On the positive side, we continue selling below breakeven and are…
Ep 122: TerraM Multi-Asset Crypto Options Fund Down 24.86% WoW as ETH Weakness Persists
| Weekly updates | 63 seen
As of December 19, 2025, the TerraM Multi-Asset Crypto Options Fund is down (again) -24.86% week-over-week, discouraging result after brief relief for the past few weeks. Apparently the worst is not over. Unless momentum shifts, ETH likely revisits sub-$2,500 levels before any real recovery.
Overall drawdown is –62%. Year-to-date, the Fund is down –21.87%, underperforming Bitcoin (–6.97%) and ETH (–12.47%). This confirms our returns are still highly directional and closely correlated with the broader market—largely riding the wave, while aiming to add incremental income through our yield and options overlays. Leverage remains a double-edged sword: it can materially amplify gains in bull markets, but it also magnifies losses when the market turns against us.
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Ep 121: Crypto Options Fund Up 3.94% $170 Premiums This Week
| Weekly updates | 91 seen
As of December 12, 2025, the TerraM Multi-Asset Crypto Options Fund is up +3.94% week-over-week, encouraging result after the steep drawdown just a few weeks ago.
Our overall drawdown stands at –49%, while YTD Fund value is up +3,98%, slightly outperforming Bitcoin (–1.29%) and ETH (–2.65%). This highlights that our returns remain highly directional and strongly correlated with the broader market - largely “riding the wave” while seeking to extract incremental income through our yield/option overlays.
Options IncomeThis week, the TerraM Multi-Asset Fund generated $170 in options premiums, what is impressive 2.87% weekly return on capital.
Over recent weeks we sold ATM covered calls below our break-even. This week we were challenged and had to roll up…
Ep 120: Rolling Up, Collecting Credit: TerraM Earns $231 Options Premium as Fund Jumps +9.87%
| Weekly updates | 164 seen
As of December 5, 2025, the TerraM Multi-Asset Crypto Options Fund is up +9.87% week-over-week, giving as a hope that the worst is behind us, and we should focus on growth.
Our overall drawdown has now improved to –51%, a meaningful recovery, though still well below the fund’s mid-September all-time high. Year-to-date, we are up +0.04%, slightly outperforming Bitcoin (–1.63%) and modestly outperforming ETH (–5.32%). This highlights that our returns remain highly directional and strongly correlated with the broader market—largely “riding the wave” while seeking to extract incremental income through our yield/option overlays.
Options IncomeThis week, the TerraM Multi-Asset Fund generated $231 in options premiums, what is impressive 4% weekly return on capital. …