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Ep 103 / Crypto Hedge Fund Update: $10,294 Value, SOL Strategy Shift, and TerraM Airdrop

8 August 2025 | Trading Journal | 4 seen

Greetings from Thessaloniki, Greece

This week, the Terramatris team has traveled to beautiful Thessaloniki to celebrate a special occasion—our CEO’s 40th birthday!

With fresh sea breezes, delicious local cuisine, and surprisingly excellent bulk wine, this coastal city has proven to be a true hidden gem in the heart of Europe. Thessaloniki offers a perfect balance between modern energy and historic charm, and it’s been the ideal backdrop for both celebration and exploration.

As we've immersed ourselves in the culture, we've also taken note of the local financial landscape. Interestingly, we’ve come across several brokerage names during our time here, suggesting that crypto investing and digital asset funds are gaining traction in Greece.

That said: As of August 8…

Ep 102 / Options Premiums Hit $125 This Week – 1.29% Weekly Return for Crypto Fund

1 August 2025 | Trading Journal | 4 seen

As of August 1, 2025, the Terramatris crypto hedge fund value has dropped to $9,673 what is a decrease of -4.59% or -$465 in dollar terms when compared to the last week. Considering we returned more than $500 in loan capital last week, the performance remains encouraging.

YTD our crypto hedge fund is +70.31%.

As long as SOL stays above 168 by next Friday's expiry we will be break even on this position, thus freeing up funds for other options trades. Awesome.

We sell weekly options every Friday, which is why this update is published at the end of the week.

This week, in…

Ep 101 / Crypto Fund Hits Record Options Premium Week with $418 Earned

25 July 2025 | Trading Journal | 9 seen

As of July 25, 2025, the Terramatris crypto hedge fund value was $10,138 what is a slight decrease of -1.61% or -$166 in dollar terms when compared to the last week. A healthy pullback after few strong weeks. YTD our crypto hedge fund is +78.50%. Awesome!

We sell weekly options every Friday, which is why this update is published at the end of the week.

This week, in total, we earned $418 from options premiums, translating to a 4.12% weekly return on capital. Our target is anything above 1%, so we're satisfied with this result.

This has been our best-performing week so far in…

Snipping in DeFi: Tempting, But Not Sustainable

9 June 2025 | Research | 74 seen

At Terramatris, we constantly evaluate emerging strategies in the decentralized finance (DeFi) landscape — especially those that promise asymmetric upside. One such tactic is snipping (or sniping), a method that’s gained attention for its high-speed, high-risk approach to token trading.

We want to offer a clear and honest take: while snipping can be entertaining and, in rare cases, wildly profitable, it doesn’t align with our long-term trading philosophy.

Snipping refers to the practice of purchasing newly launched tokens at the exact moment liquidity is added to decentralized exchanges (DEXs) like Uniswap or Raydium. Traders — typically using bots — aim to front-run others by getting in before a price surge and exiting moments later with a quick…

Selling Covered Calls on Borrowed Bitcoin: Strategic Yield with Asymmetric Risk

25 May 2025 | Bitcoin options | 131 seen

On May 25, 2025, we executed a position that perfectly illustrates a niche but compelling setup in the crypto derivatives space. We:

Let’s break down the rationale, benefits, risks, and variations of this strategy — and why, despite its synthetic nature, it can be a valuable tool in Terramatris' option yield strategies.

The basic idea is to monetize a borrowed BTC position by selling a cash-settled call option against it. If BTC stays below the strike at expiry, we pocket the premium. If BTC rises above the strike, we owe the…

How to Sell a Synthetic Covered Call on ETH

21 May 2025 | Ethereum options | 341 seen

At TerraMatris Crypto Hedge Fund, we actively deploy a range of options strategies to generate income and manage directional exposure. Today, I want to share an elegant and capital-efficient technique we’re using: the synthetic covered call—a method that replicates the payoff profile of a traditional covered call, without the need to hold the underlying crypto asset.

Traditionally, a covered call involves owning a crypto asset (like ETH) and selling a call option against it. This generates premium income while capping upside beyond the strike price. But what if you want to benefit from the same structure without committing capital to the spot position?

The solution is to create a synthetic long position using options and then sell a call…

Ep 86 / Crypto Hedge Fund Falls to $4,187.39 After another - 19.52% Weekly Drop

11 April 2025 | Trading Journal | 6 seen

As of April 11, 2025, the fund’s value has declined to $4,187.39, marking a -19.52% drop week-over-week, equivalent to a -$1,015 decrease in dollar terms. This marks the second consecutive week of losses, further highlighting the ongoing instability in the broader market.

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%

This week’s downturn was largely driven by escalating geopolitical tensions, most notably the newly imposed tariff wars announced by President Trump. The market reacted sharply, with Ethereum—our most heavily impacted position - falling below the critical $1,500 mark,…

Ep 52 / Fund Value Reaches $3,408.30 After 6.65% Weekly Growth

15 August 2024 | Trading Journal | 2 seen

On August 15, 2024, the Terramatris fund reached a total value of $3,408.30, representing weekly growth of 6.65%.

The fund increased by $212.66 during the reporting period, marking another positive week for the portfolio.

Fund value: $3,408.30
Weekly increase: $212.66
Weekly growth: 6.65%
TerraM token price: $1.37

The fund continued to follow its options-based strategy, focused on generating regular income while gradually increasing the value of the underlying portfolio.

Weekly returns can vary significantly depending on market conditions, but the latest result continued the fund’s overall growth trajectory.

The TerraM token finished the week at $1.37, reflecting a significantly higher valuation compared with the $0.86 level seen…

Ep 51 / Portfolio Falls 6.32% Despite $43.77 in Options Premium

8 August 2024 | Trading Journal | 3 seen

As of August 8, 2024, the Terramatris crypto portfolio was valued at $3,195.64, down $215.60, or 6.32%, during the latest reporting period.

Despite the decline in portfolio value, our options strategies generated $43.77 in premium, providing additional income during a difficult week for the cryptocurrency market.

Meanwhile, the TerraM token was valued at $1.48.

Episode 51 brought a noticeable pullback, with the portfolio losing more than 6% of its value.

Cryptocurrency portfolios can experience significant short-term fluctuations, particularly when the…

Ep 50 / TerraM Fund Reaches $3,411.24 After Another Profitable Week

1 August 2024 | Trading Journal | 8 seen

As of August 1, 2024, the TerraM fund reached a value of $3,411.24, recording weekly growth of 0.65%.

During the week, the fund generated $22.19 in options income, providing another modest contribution to the portfolio’s long-term growth.

Although the weekly increase was relatively small, the result marked another profitable period for the strategy. Consistent options income remained an important part of the fund’s approach, helping offset market fluctuations and gradually increase the portfolio’s capital base.

This update represents Episode 50 of the TerraM fund trade journal.

Reaching 50 published episodes reflects the project’s commitment to…