On December 7, 2023, the portfolio closed at $290.14, up $40.39, or 16.17%, from $249.75. About $13.39 of the increase came from options income; the remainder came from changes in the underlying crypto holdings.
That split was the week’s important lesson. Premium and directional exposure can both help in a rally, but they are not the same source of return and they create different risks for the next options decision.
Market context
From November 30 to December 7, Bitcoin rose from roughly $37,713 to $43,293, while Ethereum moved from around $2,053 to $2,358. The rally coincided with growing spot-Bitcoin-ETF expectations and optimism about future rate cuts.
TerraM remained around $0.86, separate from the portfolio NAV.