Ep 118: TerraM Fund Reports Record –40% Weekly Loss as Drawdown Reaches –70%

21 November 2025 | Weekly updates | 61 seen

As of November 21, 2025, the TerraM Multi-Asset Crypto Options Fund is down –40.00% week-over-week, marking our worst weekly result to date. The overall drawdown has deepened to –70.35%, placing the fund firmly in distressed territory. The crypto bear market has hit us hard, and leverage remains the primary problem. Core positions are still intact, but another week of similar magnitude could put us at serious risk without additional external capital.

Last week’s outlook turned out correct: BTC slipped toward the previously noted $84,000 level. While we’re not issuing price predictions, a short-term bounce — potentially a long-anticipated Santa rally — is still possible. Conversely, a push down toward $75,000 cannot be dismissed. Technical patterns typically revert, making a…

Ep 117: Bitcoin Death Cross Worries Grow as TerraM Fund Drops Further

14 November 2025 | Weekly updates | 49 seen

As of November 14, 2025, the value of the TerraM Multi-Asset Crypto Options Fund has declined by another -11.97%. Our drawdown has reached a new low of –50.58% in just a few weeks — a striking reminder of how quickly conditions can deteriorate. Even though most indicators are washed out and a recovery could be near, we remain cautious and do not rule out further downside. We still hope to be wrong.

There is one major event worrying us: a death cross on the Bitcoin chart. In fact, it’s not just potential  it’s looking increasingly inevitable.

A death cross occurs when the 50-day moving average falls below the 200-day moving average. This signal typically reflects a long-term shift from bullish to bearish momentum. Historically, it doesn’t always trigger an immediate…

Crypto Options Prediction Bot — Inside Our Next-Gen AI Trading Engine

12 November 2025 | Crypto Options | 36 seen

At Terramatris, we’ve spent years exploring the intersection of quantitative finance, machine learning, and blockchain markets.
Our latest internal project - Crypto Options Prediction Bot - represents a major leap in how AI can analyze and rank crypto options across Deribit in real time.

Unlike retail “signal” bots, our bot doesn’t guess. it learns, measures, and scores every BTC and ETH options contract based on statistical probabilities, expected returns, and volatility dynamics.

How to Repair a Deep-in-the-Money Covered Call in Crypto

5 November 2025 | Crypto Options | 52 seen

Covered calls are among the most reliable tools for extracting yield in volatile markets. Still, when prices fall sharply, even disciplined positions face pressure. The decision then shifts from profit maximization to risk control and capital efficiency. 

In this article, we’ll walk through practical ways to repair a broken covered call, especially when the underlying asset has crashed and the position is deep in the money.
At Terramatris, we primarily trade crypto options, so the examples focus on assets like Ethereum — but the same principles apply to traditional stock covered calls as well.

1. Rolling Down the Call
When the underlying declines, the short call’s value drops. Buying it back and reselling at a lower strike increases income but sacrifices…

Solana Covered Call Growth Fund Performance - October 2025

1 November 2025 | Funds | 33 seen

The Terramatris Solana Covered Calls Growth Fund completed its second full month of operations in October 2025. The Fund continued to follow its systematic covered call strategy on Solana (SOL), maintaining disciplined position management amid heightened crypto market volatility.

By the end of October, the Fund had 12,171 shares issued, bringing total Assets Under Management (AUM) to $10,831 based on a closing NAV of $0.89 per share. This represents a 95.6% increase in AUM from September’s level of $5,536.

Solana’s market price declined from $208 to $186 (-10.6%) over the month, while the Fund’s NAV decreased 4.3%, demonstrating relative resilience and approximately +6.3% outperformance versus the underlying asset.

The Fund remains open to new capital commitments…

Why We Added MNT to Our Long-Term Investment Portfolio

29 October 2025 | Investment ideas | 25 seen

At Terramatris, we’ve added a small position in Mantle (MNT) to our Multi-Asset Crypto Options Fund, following Bybit’s launch of MNT options. The move aligns perfectly with our focus on assets that support options trading — a key part of our long-term yield strategy.

We’re generally bullish on assets that we can build structured positions around — primarily BTC, ETH, and SOL — since these allow us to generate steady yield through systematic option selling. Seeing MNT appear on Bybit’s options chain was a bit unexpected, but it instantly put the project on our radar.

Mantle brings together a modular Ethereum Layer-2 design, a growing DeFi ecosystem, and now — importantly for us — derivative market access. That last point makes all the difference for an options-based strategy…

How Crypto Reacts to U.S. Tariff Announcements — and Why It Hurts More Than Stocks

11 October 2025 | Research | 55 seen

When the U.S. government announces new tariffs, markets panic, and crypto tends to take the hardest hit.
We’ve seen this pattern repeatedly: a single policy shock sends stocks tumbling, bonds rallying, and Bitcoin plunging twice as hard. But why does a trade policy aimed at physical goods ripple so violently through digital assets? And how long does it usually take for crypto to recover?

Let’s break down the dynamics, the psychology, and what we’ve observed firsthand in our own portfolio after major tariff shocks.

Tariff announcements are not just about economics — they’re about uncertainty.
The moment new import taxes or trade restrictions are declared, global investors shift into “risk-off” mode. Equities…

Georgian Tax Residency: A Strategic Option for HNWIs and Crypto Individuals

8 October 2025 | Research | 73 seen

At Terramatris, we examine how funds and financial structures work across different jurisdictions. We don’t provide legal or tax advice, but we do explore how certain models stand out in the global landscape. One of the most compelling examples today is Georgia’s tax residency framework, which offers particular advantages to high-net-worth individuals (HNWIs) and crypto investors.

The most common path is the 183-day rule:

There is also a High Net Worth Individual (HNWI) track, where residency can be granted even without the 183 days, provided you can demonstrate certain global income or asset thresholds. This makes Georgia appealing to…

Why Registering a Small Crypto Trading Firm in Georgia Makes Sense

7 October 2025 | Research | 28 seen

The global crypto market is becoming more institutionalized, and even small proprietary trading firms need to think about jurisdiction, compliance, and taxation. While the U.S. (Wyoming, Delaware) and offshore hubs (BVI, Seychelles) remain popular, Georgia, the country in the Caucasus,has quietly emerged as an attractive option for crypto-friendly businesses.

Below, we’ll explore why Georgia might make sense for a small crypto trading firm, what the registration process looks like, and the pros and considerations you should keep in mind.

Crypto-friendly environment: Georgia does not have hostile legislation toward crypto. Trading, investing, and holding digital assets is not restricted for companies or individuals.

Low taxes: Georgia applies an Estonian-…

Discovering Derive: Our First Steps into True DEX Options Trading

6 October 2025 | Research | 30 seen

At Terramatris, we’ve always been fascinated by the evolution of crypto markets and the growing range of opportunities they create for traders and investors. For years, our main focus has been on more traditional centralized exchanges (CEX) such as Bybit and Deribit. These platforms have provided liquidity, stability, and advanced trading features—making them indispensable for our operations.

But one thing has always been missing: a true decentralized exchange (DEX) for options trading.

Recently, while researching potential institutional partners for our US operations (Kraken), we stumbled upon Derive, a DEX options trading platform.  If liquidity and market makers keep growing, Derive has the potential to become a central piece in the future of decentralized…