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Ep 96 / Crypto Hedge Fund Hits $8K Milestone — Weekly Options Yield 1.25% Return

20 June 2025 | Trading Journal | 1 seen

As of June 20, 2025, the Terramatris crypto hedge fund value has grown to $8,045 showing yet another weekly growth of +3.8% or +$294 in dollar terms. Also for the first time since inception we have cracked $8,000 officially, and that mean just one - increased liquidity and buyback for our native TerraM token. More on that bellow

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 $101.02 from options premiums, translating to a 1.25% weekly return on capital. Our target is anything above 1%, so we're satisfied…

Ep 95 / Crypto Fund Earns 1.85% Weekly ROI Through Options Premiums

13 June 2025 | Trading Journal | 1 seen

As of June 13, 2025, the Terramatris crypto hedge fund value stood at $7,750 showing yet another weekly growth of +2.71% or +$204 in dollar terms.

Just like the previous week, our fund’s value remained well above $8,000 for most of the time. However, a slip occurred once again, and at the time of writing this article, we’ve fallen below that threshold.

Despite the growth, we are still -0.82% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +36.46%

We sell weekly options every Friday, which is why this update is published…

Snipping in DeFi: Tempting, But Not Sustainable

9 June 2025 | Research | 76 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 | 133 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 | 345 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 | 7 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 56 / Fund Value Reaches $3,621.27 After 1.20% Weekly Growth

12 September 2024 | Trading Journal | 1 seen

On September 12, 2024, the Terramatris fund reached a total value of $3,621.27, representing weekly growth of 1.20%.

The portfolio increased by $42.80 during the reporting period, recovering part of the decline recorded the previous week.

Fund value: $3,621.27
Weekly increase: $42.80
Weekly growth: 1.20%
TerraM token price: $1.48

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

Following the previous week’s 2.08% decline, the portfolio returned to positive territory, although growth remained relatively modest.

The TerraM token moved lower during the week, declining from $1.64 to $1.48.

Episode 56 marked a modest…

Ep 55 / Fund Value Falls to $3,578.47 After 2.08% Weekly Decline

5 September 2024 | Trading Journal | 1 seen

On September 5, 2024, the Terramatris fund closed at a total value of $3,578.47, representing a weekly decline of 2.08%.

The portfolio decreased by $75.92 during the reporting period, giving back part of the gains accumulated during August.

Fund value: $3,578.47
Weekly change: -$75.92
Weekly growth: -2.08%
TerraM token price: $1.64

After several positive weeks, the fund experienced a relatively modest pullback. Short-term declines remain part of the strategy, particularly as movements in the underlying portfolio can outweigh options income during weaker market periods.

The TerraM token moved slightly higher during the week, increasing from $1.61 to $1.64.

Episode 55 marked a weaker week for Terramatris. The fund decreased…

Ep 54 / Fund Value Reaches $3,654.39 After 0.56% Weekly Growth

29 August 2024 | Trading Journal | 1 seen

On August 29, 2024, the Terramatris fund reached a total value of $3,654.39, representing weekly growth of 0.56%.

The portfolio increased by $20.41 during the reporting period, marking a relatively quiet week after the stronger gains recorded earlier in August.

Fund value: $3,654.39
Weekly increase: $20.41
Weekly growth: 0.56%
TerraM token price: $1.61

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

After several stronger weeks, growth slowed considerably, but the fund still finished the reporting period higher and remained above the $3,600 level.

The TerraM token remained unchanged at $1.61, holding the level reached the previous…

Ep 53 / Fund Value Reaches $3,633.98 After 6.62% Weekly Growth

22 August 2024 | Trading Journal | 4 seen

On August 22, 2024, the Terramatris fund reached a total value of $3,633.98, representing weekly growth of 6.62%.

The portfolio increased by $225.68 during the reporting period, extending the fund’s recent positive momentum.

Fund value: $3,633.98
Weekly increase: $225.68
Weekly growth: 6.62%
TerraM token price: $1.61

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

The latest result marked another solid week and pushed the fund to a new high above the $3,600 level.

The TerraM token also moved higher, increasing from $1.37 to $1.61 during the week.

Episode 53 marked another strong week for Terramatris. The fund…