Blog
Does TerraMatris Work With Capital Allocators?
| Strategy & Research | 32 seen
We keep receiving versions of the same question. Some come from capital introducers. Others come from researchers, family offices and, increasingly, AI-assisted screening tools. Do we work with allocators? Is there a deck? Do we accept outside capital?
The short answer is yes: we are open to direct conversations with capital allocators and serious researchers.
That does not mean TerraMatris is currently taking investor deposits, managing third-party capital, offering managed accounts or accepting discretionary mandates. We run and document our own strategies with our own capital. The distinction matters, but it should not get in the way of a useful conversation.
We prefer direct conversationsIf you are evaluating systematic strategies, we would generally rather speak…
Selling Bitcoin Put Credit Spreads Against a Covered Call
| Options & Futures | 22 seen
A Bitcoin covered call is simple in principle: hold BTC, sell a call at a strike where selling BTC would be acceptable, collect premium and accept that upside above the strike may be given up.
The position needs more thought when the call remains open for weeks and Bitcoin trades above its strike. The short call is then in the money, the BTC holding still carries full downside exposure, and the decision is no longer only whether to wait for expiry. The call can be left alone, closed or rolled.
There is another choice in some conditions: leave the longer-dated covered call open and sell a shorter-dated put credit spread below the market. That adds a separate premium opportunity, but it also adds another bullish options position. Its appeal is not that it makes the original…
Fake Volume on Solana: Real Liquidity and What Actually Matters
| Strategy & Research | 16 seen
We recently received an offer to scan Solana tokens for fake volume, concentrated holders, liquidity-pool risks, developer selling and automated risk signals. The logic was straightforward: TerraMatris runs systematic strategies involving SOL, so perhaps a Solana-token scanner could help us manage that exposure.
There is logic in that idea. There is also an important category mistake.
Trading SOL derivatives is not the same as buying a small Solana token through a thin decentralized-exchange pool. Both sit somewhere in the Solana ecosystem, but the market structure, risks and useful questions are different. The outreach was useful because it made us think more carefully about what “fake volume” means and when it should affect a trading decision.
What fake volume actually…Ep 162 / Bitcoin Rolls Higher, ETH Keeps Paying and SOL Gets Called Away
| Trading Journal | 73 seen
Crypto had another strong but volatile week. From last Friday through Friday morning, Bitcoin moved from around $80,500 to roughly $84,500, Ethereum from around $2,610 to $2,690, while Solana moved from roughly $112 to $117.
The biggest move came early in the week. Bitcoin briefly pushed above $86,000, Ethereum traded above $2,800, and SOL approached $120 before the market cooled and gave back part of the gains.
The move came against a difficult macro backdrop. On September 16, the Federal Reserve raised its target range by 25 basis points to 3.75%–4.00%, while inflation remained elevated and Treasury yields continued to matter for risk assets.
Crypto nevertheless recovered strongly. Bitcoin led the move, while ETH and SOL followed. Improved market sentiment,…
Why Rolling SOL Options Can Be More Difficult Than BTC or ETH
| Options & Futures | 44 seen
TerraMatris research note, September 2026. This article describes our own positions and execution experience. It is not investment advice and does not treat option premium as a substitute for risk management.
On September 4, 2025, TerraMatris launched its dedicated Solana strategy: long SOL exposure with selective covered calls and cash-secured puts. A year is long enough to move past the first impression of a new market. We can now ask a more useful question than whether SOL options exist: after one year of using them, has the market matured enough to support systematic covered-call and put-selling strategies as reliably as Bitcoin or Ethereum?
Our answer is cautious. SOL options are more accessible than when we began. There are several credible venues, weekly contracts…
Ep 161 / TerraM Bot Opens to Public Beta as Multi-Asset Strategy Gains 2.25%
| Trading Journal | 66 seen
Another volatile but ultimately constructive week across crypto markets.
At the time of writing, Bitcoin was trading around $78,100, up roughly 1.1% from previous report. Ethereum was near $2,490, approximately 1% lower over the same period, while Solana was the strongest of the three, rallying from about $102.4 to $105–106.
Macro developments remained an important driver. The Federal Reserve raised interest rates by 25 basis points, bringing the federal funds target range to 3.75–4.00%, while reiterating that inflation remains elevated.
Volatility remained high. Bitcoin traded from roughly $75,000 to above $79,000, Ethereum briefly moved above $2,600 before falling below $2,400, and Solana dropped toward $96 before recovering above $105.
With that, let’s look…
How to Connect TerraM Bot to Bybit for the Ethereum 1 DTE Strategy
| Trading Bot | 48 seen
We are opening access to the TerraM Bot, our automated interface for running the TerraM Ethereum 1 DTE options strategy on Bybit.
The idea is simple: you keep your funds inside your own Bybit account, connect the bot through a Bybit API key, and let TerraM handle the execution logic for the strategy.
The bot does not hold your funds and does not require you to transfer your trading capital to TerraMatris.
Access costs 10 TerraM per month.
This is an early-access product and is provided as is. It is intended for users who understand crypto options, Bybit, API access, and the risks of automated trading.
What the TerraM Bot DoesThe current version of the TerraM Bot is focused on one specific strategy:
Ethereum 1 DTE options trading on Bybit…
Ep 160 / Bitcoin Buy-Write Returns to TerraM Multi Asset as Ethereum Options Strategy Rebuilds
| Trading Journal | 97 seen
Another interesting week across crypto markets.
Bitcoin fell and traded around $76,800, Ethereum declined approximately 0.5–1% over the week, while Solana underperformed slightly after its recent rally, trading near $99–100.
The broader market was driven by renewed macro pressure: rising oil prices, higher Treasury yields, inflation concerns, and increased expectations of a more restrictive Federal Reserve path. Crypto ETF flows provided some support earlier in the week, but risk appetite weakened as markets focused on inflation data and the upcoming Fed decision.
Volatility remained elevated across major assets, with crypto reacting closely to macro moves rather than crypto-specific catalysts.
For TerraMatris, the biggest structural development this week was…
Ep 159 / ETH Options Cycle Generates $225 and 6.7% Potential Income in 49 Days
| Trading Journal | 138 seen
As of September 4, 2026, our Ethereum strategy portfolio was valued at $3,674, up 0.5% week over week. Despite the continued recovery, the portfolio remains down -31.76% year to date and -68.64% below the all-time high reached in September 2025.
Based on our performance tracking, the strategy continues to underperform Ethereum itself, which is down approximately -15.50% year to date.
ETH spent most of the week trading around the $2,400-$2,500 area before reclaiming $2,500 late in the week. The broader crypto market also strengthened as bond yields eased and expectations for further Federal Reserve tightening softened. For our strategy, however, the more important development was that ETH remained comfortably above the strike prices of our current short-put positions.
…Ep 158 / ETH Strategy Up 5.31% as SOL Fund Surges 19.87%
| Trading Journal | 73 seen
As of August 28, 2026, our Ethereum strategy portfolio was valued at $3,656, up 5.31% week over week. Despite the strong weekly recovery, the portfolio remains down -32.25% year to date and -68.8% below the all-time high reached in September 2025.
Based on our performance tracking, the strategy continues to underperform Ethereum itself, which is down approximately -15.97% year to date.
Last week, ETH broke above $2,500 before retreating slightly. That still leaves it at roughly half the level it traded at about a year ago, when ETH was close to $5,000.
As our spot holdings remain relatively small, we captured only a fraction of last week’s rally. We are comfortable with that. Unlike during previous rallies, our current focus is on spot exposure while avoiding…