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How We Reduced ETH Put Exposure by 14% During the Latest Selloff
| Weekly updates | 12 seen
Last week was quite hectic for ETH and Ethereum options sellers. With ETH sliding below $2,000, we simulated several scenarios to adjust this week’s positions and ultimately decided on a more defensive but flexible approach.
That said, welcome to Weekly Update #145 covering the latest developments and positioning adjustments inside the Terramatris ETH options portfolio.
Going into expiry, we were holding 1.7 covered calls with a $2,100 strike price and 2 short puts at the $2,250 strike. We didn’t wait until expiry on Friday morning, but instead managed all positions already on Thursday afternoon.
First things first, we immediately sold new weekly covered calls at the $2,050 strike. This strike sits slightly above our average purchase price, allowing us to collect more…
XRP-Backed ETH Options Strategy: 14.6% Return While Cutting Risk by 80%
| Crypto Options | 20 seen
On April 23, 2026, a smaller XRP-denominated account managed separately from the main Terramatris strategies initiated a structured crypto options income strategy on Bybit.
The account holder approved the strategy specifically to generate additional income from long-term XRP holdings without liquidating the underlying XRP position.
At the time, the account held 751 XRP valued at approximately $1,000, while ETH traded near $2,321.
Instead of selling XRP, the strategy used XRP as collateral for selling ETH put options.
The initial exposure size was approximately equivalent to 1 ETH, meaning the structure carried leverage exceeding 2x relative to collateral value.
This was intentionally aggressive.
But from the beginning, the plan was never simply to “…
ETH Recovery or Further Pain? Managing Covered Calls, Puts and Assignments
| Weekly updates | 142 seen
Despite one of the weakest premium-selling weeks (#144) in months, the fund made one of its most important strategic transitions yet: moving toward a margin-free structure while continuing to accumulate long-term ETH and SOL exposure during a deeply unfavorable market environment.
Ethereum short puts moved into the money as ETH briefly fell below $2,130, forcing a series of active position management decisions involving rolls, assignments, perpetual futures, and covered calls. At the same time, the fund secured additional liquidity through an internal 0% interest loan, allowing us to fully eliminate brokerage margin debt without reducing core ETH holdings.
Meanwhile, the Solana strategy remained heavily underwater, but instead of capping upside through aggressive covered…
Ep 143: TerraM Token Reaches $2.22 as Fund Focuses on Risk Reduction
| Weekly updates | 176 seen
On May 15th, 2026, the TerraM token traded at $2.22, up +4.75% week over week. On-chain activity was minimal, with two buys and one sell.
The treasury operations increased current liquidity on the Raydium AMM pool (TerraM:USDC) to 4.61% of total token circulation. While this week's increase was modest, we remain optimistic about reaching 5% liquidity by the end of the month.
We expect the TerraM token to reach the $2.20–$2.30 range by month-end, supported by ongoing weekly buybacks from the fund and continued liquidity injections. With $2.20 already achieved, a move toward $2.30 appears increasingly likely, although we do not exclude the possibility of short-term price corrections or temporary downside volatility.
YTD, the TerraM token is down 27.68% from its $3…
Fine-Tuning ETH Options Bot: Adding RSI-Based Assignment Logic
| Algo Trading | 42 seen
After two weeks of live testing and iteration, we made another meaningful upgrade to our algo trading bot.
For the past 14 days, the Terramatris ETH options engine has been running continuously in production, managing short-duration ETH put strategies on Bybit.
So far, results have been encouraging: the bot has maintained a 100% win rate during the initial live testing period while automatically managing expiries, scanning new opportunities, rolling winning positions forward, and tracking performance metrics in real time.
But despite the strong early performance, one important question remained: What should the bot do when a put option expires in the money?
The Problem With Blind AssignmentInitially, the logic was simple:
If the option expired worthless…How to Buy TerraM Token: A Step-by-Step Guide
| TerraM Ecosystem | 22 seen
TerraM is a Solana SPL token connected to the Terramatris ecosystem and crypto hedge fund initiative. The token is designed to align community participation with long-term growth strategies focused on crypto asset management, options trading, and decentralized finance exposure.
As with any crypto asset, investors should understand:
Token utilityLiquidity conditionsVolatility risksCustody risksSmart contract risksCrypto remains a high-risk asset class. Never invest capital you cannot afford to lose.
Step 1 — Set Up a Solana WalletBecause TerraM is a Solana SPL token, you need a Solana-compatible wallet.
Recommended Wallet: Phantom
We recommend using:
Phantom WalletPhantom is user-friendly, widely adopted in the Solana ecosystem, and works well with…
Ep 142: Ethereum Options Strategy Generates $129 Premium as TerraM Expands Liquidity
| Weekly updates | 113 seen
On May 8th, 2026, the TerraM token traded at $2.12, up +4.95% week over week. On-chain activity was minimal, with two buys and one sell.
The treasury operations increased current liquidity on the Raydium AMM pool (TerraM:USDC) to 4.56% of total token circulation. While this week's increase was modest, we remain optimistic about reaching 5% liquidity by the end of the month.
We expect the TerraM token to reach the $2.20–$2.30 range by month-end, supported by ongoing weekly buybacks from the fund and continued liquidity injections.
An interesting pattern is forming on the technical chart — something resembling a cup formation. With our current treasury and liquidity operations, we do not exclude the possibility of reclaiming the all-time high of $3.30, set back in…
How to Generate $125 per Week with Options Trading
| Crypto Options | 14 seen
At first glance, making $125 per week from options trading doesn’t sound extraordinary. In fact, at Terramatris, this level of income is relatively achievable with modest capital and a structured approach.
But there’s an important distinction: “Achievable” does not mean “safe.”
In this article, we’ll break down how such returns can be generated, using a real setup we explored in early May 2026 — and more importantly, we’ll explain the trade-offs behind it.
The Target: $125 Weekly PremiumThe simplest way to think about this:
You sell optionsYou collect premium upfrontYou aim to repeat this weeklyYour goal is not to “win trades” — it’s to systematically harvest premium.
At Terramatris, we often structure trades so that:
Premium is predictableCapital usage…What Is RFQ in Crypto Options? When to Use It (and When Not To)
| Crypto Options | 17 seen
In recent months, we have been receiving an increasing number of inbound messages on LinkedIn from institutional counterparties - market makers, liquidity providers, and trading firms. Much of this outreach is clearly systematized, likely supported by AI-driven prospecting tools targeting participants active in crypto derivatives.
While most of these conversations remain exploratory, some provide useful insight into how more sophisticated market participants operate.
One such interaction introduced us to a concept we had not previously engaged with directly: RFQ (Request for Quote).
The ContextTerramatris currently operates as a smaller, actively managed crypto/options portfolio, with a focus on systematic strategies rather than large block trades. Execution is…
1 DTE ETH Options Trading Bot For Bybit
| Algo Trading | 23 seen
We have started building a 1 DTE ETH options trading bot for Bybit, with the flexibility to extend to Deribit and potentially any exchange that offers an options chain and API access.
Bybit is the primary focus, as it’s where most options trading for the Terramatris crypto hedge fund currently takes place.
In the early days of Terramatris, the options strategy was entirely manual. I focused on trading 1 DTE Ethereum options, primarily selling far out-of-the-money contracts with very low delta.
Over roughly a one-year period, the performance was surprisingly consistent. Only about 5–6 trades—with delta below -0.1—were meaningfully challenged.
That said, those weren’t truly systematic trades. They were entered manually, driven by human judgment—and at times,…