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Ep 120 / Rolling Up, Collecting Credit: TerraM Earns $231 Options Premium as Fund Jumps +9.87%
| Trading Journal | 2 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.
Over…
Crypto Meetup in Palolem Beach, Goa – Traders, Builders & Investors Welcome
| Events | 58 seen
Join us for an informal, high-quality crypto meetup right on Palolem Beach, South Goa. This gathering brings together traders, builders, researchers, and open-minded enthusiasts for a focused discussion on real market strategies and emerging opportunities.
When: Thursday, December 25 12:00 PM - 2:00 PM (GMT+5:30)Where: Palolem Beach, GoaTopics on the table
Crypto options trading (practical strategies, risk frameworks, yield ideas)DeFi staking/yields and what currently worksBitcoin, Ethereum, Solana market outlooksAnalysis of promising altcoins with real potentialOpen discussion: what’s worth watching in 2026?Format
Straightforward conversations, shared insights, and a few Kingfishers in between.
Who’s welcome
Anyone serious about crypto: traders…
Ep 119 / +48.85% Rebound, Drawdown Recovery, and Options Income Surge
| Trading Journal | 8 seen
As of November 28, 2025, the TerraM Multi-Asset Crypto Options Fund is up +48.85% week-over-week, marking our strongest weekly gain to date. However, this surge is largely a retracement following last week’s –40% drawdown, rather than new growth.
Our overall drawdown has now improved to –55.87% - a meaningful recovery, though still far from the fund’s all-time high reached in mid-September. This past week offered welcome relief, and we hope the positive momentum continues, but we remain cautious and do not rule out the possibility of another sharp decline.
It has now been more than two years since we launched our crypto hedge fund, and while this is the steepest drawdown we have experienced, it is also the easiest to handle. Although leverage contributed to the size of the…
Ep 118 / TerraM Fund Reports Record –40% Weekly Loss as Drawdown Reaches –70%
| Trading Journal | 5 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
| Trading Journal | 4 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 selloff,…
Ep 116 / Volatile Week in Crypto: TerraM Fund Drops 31%, Solana Fund Down 8%
| Trading Journal | 2 seen
As of November 7, 2025, the value of the TerraM Multi-Asset Crypto Options Fund has declined by -31.12%. While this may appear to be our worst week-over-week result, it is not unprecedented — on March 13, 2025, the fund experienced an even steeper drop of -34%.
Let’s hope it stays that way, as there’s no reason to challenge that record. The current decline stems from a broad weakening in the crypto market and the fact that several positions remain leveraged.
We’ve been actively reducing leverage over the past few weeks, and despite the market stress, the fundamentals remain intact. There are no margin calls, just an exceptionally tense view on the charts.
Drawdown from the all-time high, recorded in mid-September, stands at -43%.
Our open-ended Solana Covered…
Ep 115 / TerraM Multi-Asset Crypto Options Fund Gains +2.42% While Solana Covered Call Slips –1.52%
| Trading Journal | 1 seen
As of October 31, 2025, the TerraM Multi-Asset Crypto Options Fund achieved another week-over-week gain of +2.42%.
Meanwhile, the Solana Covered Call Growth Fund maintained its consistent performance, generating steady options income that was fully reinvested into SOL to strengthen the fund’s core long position. The NAV per unit closed at $0.88, reflecting a modest -1.52% weekly decline.
Activity around the TERRAM token increased notably this week, with the price stabilizing at $3.13 by week’s end. Trading bots have begun interacting with the token — a positive sign, as these algorithms are deploying real USDC. This suggests that TERRAM has reached sufficient liquidity and trading volume to attract automated market participants, signaling growing interest that may continue…
Ep 114 / TerraM Fund Rebounds; SOL Fund Surpasses 1% Weekly Income
| Trading Journal | 3 seen
As of October 24, 2025, the TerraM Multi Asset Crypto Options Fund reported a net asset value of $9,325, showing decent recovery of +7.67% from the previous week.
The past few weeks have been characterized by significant volatility, with the market showing no clear directional bias. As option sellers, we remain aware of the possibility of a substantial correction before any sustained recovery occurs. Current conditions remain choppy, though we certainly hope this cautious outlook proves unnecessary.
The Solana Covered Call Growth Fund continued its steady performance, generating weekly options income above the 1% target for the first time, which was fully reinvested into SOL to strengthen its core long position. As a result, the NAV per unit increased to $0.89, reflecting…
Ep 113 / TerraM Crypto Fund Suffers -22% Weekly Drop, NAV Falls to $8,661
| Trading Journal | 2 seen
As of October 17, 2025, the TerraM Crypto Fund reported a net asset value of $8,661, representing another massive -22.08% decline from the previous week. This seems to be our biggest drawdown so far in 2025 — let’s hope it stays that way.
Wow, what a week — from the dramatic drop following last Friday’s announcement of a 100% tariff on China, to quickly recover by Monday, and then yet another decline even more harsh than last week.
As mentioned earlier, the crypto market has entered a rather choppy phase, and we are not excluding the possibility of further drawdowns. We believe the situation may worsen before it improves.
Since the fund is heavily reliant on ETH, we expect its price to decline to around $3,151 (the lower 50/200-day moving average), with a possible…
Ep 112 / Crypto Market Turns Choppy: TerraM Fund Maintains Discipline, Records 1.87% Weekly Gain on Options Premiums
| Trading Journal | 2 seen
As of October 10, 2025, the TerraM crypto fund value stood at $11,115 what is a slight decrease of -0.42% if compared to the last week.
When analyzing the overall crypto market, it appears we are entering a choppy phase — characterized by sharp drops, quick recoveries, and even sharper subsequent declines. History shows we’ve been here before. Looking at current trading charts, the probability of large downside moves ahead cannot be excluded.
In such an environment, traders should focus less on chasing short-term swings and more on risk management and protection strategies.
From the previous all time high we are still -5.15% away, while YTD funds value has been at 95.7%.
Options IncomeWe sell weekly options every Friday, which is why this update is published at…