Blog
Ep 89 / Buying ETH Back From Perps Into Spot
| Trading Journal | 18 seen
As of May 2, 2025, the portfolio value was $5,112.72, down 0.50% from the previous week.
The week's premium reference was $51.38.
Market contextFrom April 25 to May 2, 2025, Bitcoin increased approximately 2.35%, while Ethereum rose about 3.19%. The broader crypto market was modestly constructive, but neither BTC nor ETH experienced a major reporting-period move.
Ep 88 / Rolling Monthly Calls Into a Market Rebound
| Trading Journal | 11 seen
As of April 25, 2025, the portfolio value was $5,138.48, up 15.10% from the previous week.
The week's premium reference was $44.65.
Market contextFrom April 18 to April 25, 2025, Bitcoin rose from approximately $84,466 to $94,709, or about 12.13%, while Ethereum increased from roughly $1,589 to $1,786, or approximately 12.43%.
The reporting period therefore marked a strong recovery across both BTC and ETH. The move coincided with a broader post-tariff-pause risk recovery and substantial U.S. spot-Bitcoin ETF inflows. These are supportive conditions rather than a verified single-cause explanation for the rally.
Ep 87 / Lowering Break-Evens as the Positions Recover
| Trading Journal | 13 seen
As of April 18, 2025, the portfolio value was $4,464.51, up 6.62% from the previous week.
The week's premium reference was $41.87.
Market contextFrom April 11 to April 18, 2025, Bitcoin rose approximately 1.30% while Ethereum gained about 1.43%. BTC and ETH therefore stabilized after the sharp volatility seen earlier in April.
This stabilization coincided with the April 9 change in U.S. tariff policy, although trade-policy uncertainty remained elevated. The policy change should not be treated as the cause of the modest crypto gains.
Ep 86 / ETH Breaks Below $1,500 as Covered Calls Lower Break-Evens
| Trading Journal | 37 seen
As of April 11, 2025, the portfolio value was $4,187.39, down 19.52% from the previous week.
We now stand -44.03% below our all-time high of $7,811, recorded on March 6, 2025, a sobering reminder of the persistent volatility that continues to shape the current macroeconomic landscape. YTD crypto hedge fund has dropped to -26.28%
Market contextFrom April 3 to April 11, 2025, Bitcoin was broadly flat on a daily-close basis, moving from approximately $83,174 to $83,380, or about +0.25%. Ethereum moved sharply in the opposite direction, falling from roughly $1,816 to $1,566, a decline of approximately 13.78%.
Ethereum also reached an intraperiod Coinbase daily low near $1,383 on April 9 before ending the reporting period above $1,500.
Escalating tariff and recession…
Ep 85 / The Recovery Meets Another Selloff
| Trading Journal | 25 seen
As of April 3, 2025, the portfolio value was $5,203.01, down 15.23% from the previous week.
The week's premium reference was $52.44.
The portfolio decreased by $935.01 during the reporting period, making this one of the largest weekly setbacks recorded by the fund.
Weekly ResultsFund value: $5,203.01
Weekly change: -$935.01
Weekly growth: -15.23%
TerraM token price: $2.65
The week highlighted the downside volatility that can accompany an options-based strategy when the underlying portfolio moves sharply against existing positions.
After ending the previous week at $6,138.02, the fund experienced a significant pullback and fell back toward the $5,200 level.
Despite the decline in the underlying fund, the TerraM token finished the week at $2.…
Ep 84 / A Quiet Market Extends the Post-Drawdown Recovery
| Trading Journal | 19 seen
As of March 27, 2025, the portfolio value was $6,138.02, up 3.95% from the previous week.
The week's premium reference was $61.33.
The portfolio increased by $233.08 during the reporting period, extending the fund’s positive momentum and keeping it firmly above the $6,000 level.
Weekly ResultsFund value: $6,138.02
Weekly increase: $233.08
Weekly growth: 3.95%
TerraM token price: $2.52
The fund continued to follow its options-based strategy, focused on generating income while gradually increasing the value of the underlying portfolio.
Although the weekly gain was more moderate than some of the stronger periods earlier in the year, the fund still delivered another solid positive result.
The TerraM token finished the week at $2.52, reflecting a…
Ep 83 / Regaining Ground After the Sharp Drawdown
| Trading Journal | 21 seen
As of March 20, 2025, the portfolio value was $5,904.94, up 15.31% from the previous week.
The week's premium reference was $59.04.
The portfolio increased by $783.95 during the reporting period, making this one of the strongest weekly gains in the fund’s history.
Weekly ResultsFund value: $5,904.94
Weekly increase: $783.95
Weekly growth: 15.31%
TerraM token price: $2.51
The fund continued to follow its options-based strategy, focused on generating income while benefiting from movements in the underlying portfolio.
The latest result marked a significant acceleration in performance, pushing the fund close to the $6,000 level.
The TerraM token also remained strong, finishing the week at $2.51.
Market contextFrom March 13 to March 20,…
Ep 82 / After the Record High Comes a 34% Reversal
| Trading Journal | 20 seen
As of March 13, 2025, the portfolio value was $5,120.99, down 34.47% from the previous week.
The week's premium reference was $51.20.
The portfolio lost $2,693.79 during the reporting period, making this one of the largest weekly drawdowns in the fund’s history.
Weekly ResultsFund value: $5,120.99
Weekly change: -$2,693.79
Weekly growth: -34.47%
TerraM token price: $2.70
The week highlighted the downside risk that can accompany an options-based strategy when market moves turn sharply against existing positions.
After ending the previous week at $7,814.78, the fund experienced a major reversal, falling back close to the $5,100 level.
Despite the sharp decline in the fund, the TerraM token remained relatively strong and finished the week at $2…
Ep 81 / Strategic Restructuring Sets a New All-Time High
| Trading Journal | 10 seen
As of March 6, 2025, the portfolio value was $7,814.78, up 66.17% from the previous week.
Weekly ResultsFund value: $7,814.78
Weekly change: +$3,111.80
Weekly growth: +66.17%
ETH price: $2,202.42 (Coinbase Exchange UTC daily close)
ETH closed at $2,202.42 on the reporting date, compared with $2,305.21 a week earlier, a move of -4.46% on the same daily-close basis. The period included announcements concerning a proposed U.S. strategic crypto reserve and the implementation of 25% tariffs on Canada and Mexico. These were significant risk-market developments, not explanations for the portfolio result.
This market movement provides context for the reporting period only; it does not establish the cause of the Terramatris portfolio result.
Portfolio…Ep 80 / Broad Crypto Selloff Triggers the Largest Portfolio Drawdown Yet
| Trading Journal | 18 seen
The portfolio closed at $4702.98, down $1432.79, or -23.35%, from $6135.77.
No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $61.36, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.
Market contextFrom Feb 20–27, Bitcoin fell from roughly $98,347 to $84,625, while Ethereum declined from around $2,739 to $2,305. Both assets crossed the threshold in a severe joint sell-off.
See the Performance journal for the wider series.