As of January 9, 2026, the TerraM Multi-Asset Crypto Options Fund is up +4.73% week-over-week, marking the second consecutive week of gains in 2026. Broader crypto market conditions remain constructive, though this outlook remains subject to invalidation.
TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –51.47%. While YTD fund is up 6.14%, outperforming Bitcoin (+3.81%) and ETH (+4.55%).
Market Outlook (Bitcoin)
Bitcoin has finally broken above its 50-day moving average, trading at $90,600 as of writing this article. While a short-term pullback has followed, a steeper recovery toward the 200-day moving average near $106,000 remains plausible. That said, it is still too early to confirm this scenario: bears could regain control, pushing BTC back below the 50-day moving average and invalidating the thesis.
for the simplicity, in this article, we will not analyze other major cryptocurrencies, as we consider them largely trend-following relative to Bitcoin, albeit with higher volatility.
Options Income
This week, the TerraM Multi-Asset Fund generated $253 in options premiums, what is impressive 4.44% weekly return on capital. The increase in options income comes from selling in-the-money covered calls below our breakeven, which raises premium income but caps upside. On the positive side, we continue selling below breakeven and are now rapidly approaching breakeven, at least for Ethereum.
This week, our positions were challenged, requiring adjustments to our in-the-money call options. We successfully rolled most of them them up for a net credit, further improving our break-even levels.
Trades and Adjustments (USDT Settled / Weekly)
| Asset | Position Size | Break-even | Strike |
|---|---|---|---|
| ETH | 2.8 ETH | $3,298 | $3,100 |
| SOL | 19 SOL | $183.22 | $136 (puts) |
| BTC | 0.02 BTC | $106,775 | $94,000 |
We use long perpetual positions (rather than spot) for our challenged trades, with the goal of gradually converting them into spot holdings over time. Our long-term plan is to reduce perpetual exposure to zero, leaving the portfolio fully spot-backed.
We didn’t convert perps to spot this week, because we’re also prioritizing a reduction in our margin debt, which currently stands at -2,100 USDT (as of today). If we can consistently set aside $253 per week, we’ll eliminate our margin debt in about 8 weeks.
Solana Covered Call Growth Fund
Solana Covered Call Growth Fund climbed for the third week in a row by +4.85%, increasing the NAV per unit to $0.77. At the end of week we were able to increase our long spot holdings to 41.87 SOL with break even price $169.9
Options selling generated $23.98 this week all reinvested back into spot SOL.
Our goal is to gradually grow the fund to 100 SOL. Although we have liquid cash available, we remain cautious about unexpected market moves. The main challenge with SOL options is limited liquidity and a lack of suitable roll dates when positions come under pressure.
All option premium earned this week came from selling bull put credit spreads expiring on January 30, 2026.
TerraM token
Unfortunately, things did not go smoothly for our native TerraM token. Due to thin liquidity, the token price declined to $2.65. To address this, we are adding liquidity back to the Raydium pool on a weekly basis, allocating 20% of the TerraM Multi-Asset Fund’s options income to support it.
The bottom line
In short, this was another strong week: we generated solid income, improved our breakeven levels, and are well positioned for a strong start to 2026.
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This report is for informational and educational purposes only and does not constitute financial advice or an invitation to invest.