Another interesting week across crypto markets.
Bitcoin fell and traded around $76,800, Ethereum declined approximately 0.5–1% over the week, while Solana underperformed slightly after its recent rally, trading near $99–100.
The broader market was driven by renewed macro pressure: rising oil prices, higher Treasury yields, inflation concerns, and increased expectations of a more restrictive Federal Reserve path. Crypto ETF flows provided some support earlier in the week, but risk appetite weakened as markets focused on inflation data and the upcoming Fed decision.
Volatility remained elevated across major assets, with crypto reacting closely to macro moves rather than crypto-specific catalysts.
For TerraMatris, the biggest structural development this week was the return of our Bitcoin strategy, meaning we are once again operating under a genuine TerraM Multi-Asset framework.
Ethereum and Bitcoin capital are currently still held within the same broader capital pool, while the strategies themselves are tracked and managed independently.
At the current scale, this remains manageable - but clear attribution and discipline are essential.
We have operated a similar structure before.
The lesson from the previous version was not that running several strategies was inherently a problem. The problem was that, over time, some of the boundaries between strategies became less strict. Position sizing became more flexible, rules were occasionally loosened, and capital allocation became less clearly separated.
That experience matters.
This time, the intention is simple: separate strategies, separate rules, separate performance measurement.
With that, let’s look at how each strategy performed this week.
Ethereum Strategy
The Ethereum strategy continued its structured short put income cycle this week, with the focus remaining on generating premium income while gradually rebuilding ETH exposure.
Our previous 1.4 ETH short put position expired worthless, allowing the strategy to retain the full premium collected without taking assignment. Following the expiration, we restarted the next cycle by selling:
- 1.4 ETH September 18, 2026 $2,350 cash-secured puts
- Premium collected: $28.80 per ETH contract position
Total weekly options premium collected reached approximately $39, slightly improving compared with recent weeks. A positive development was the ability to reduce the strike price from $2,400 to $2,350, lowering potential assignment risk while maintaining attractive premium income.
Current strategy notional exposure stands at approximately $3,290.
The objective of the current cycle remains unchanged: reach the $400 premium target, then restart the cycle while allocating 50% of realized cycle profits toward TerraM token liquidity and buybacks.
Across the current rolling cycle, cumulative premium income has reached $264.43, equivalent to approximately 8.04% of current notional exposure over 56 days if the current short puts expire worthless.
At the current pace of roughly $39 per week, the $400 target could be reached in approximately 3-4 weeks. Assignment, volatility, rolling opportunities and option pricing could materially shorten or extend that timeline.
If the puts are assigned before the target is reached, we are prepared to take delivery of the ETH and begin selling covered calls against the position.
At entry, the new put position had a delta of approximately -0.25. Delta can be used as a rough indication of assignment risk, although it should not be treated as a direct probability forecast.
From this week’s options premium, we purchased an additional 0.01598 ETH, increasing our long-term ETH holdings to approximately 0.131 ETH. Our combined ETH exposure is therefore now approximately 1.53 ETH, of which 1.4 ETH is represented by short puts.
For the moment, we are leaving the long spot position uncapped. Covered calls will only be introduced if the 1.4 ETH short puts are assigned.
Solana Strategy
Solana had a mixed week, consolidating after its recent rally and moving from approximately $104 at the start of the week toward $99–100 by the end of the period.
Our Solana strategy finished the week at $0.46/ NAV per unit, representing a weekly change of -2.13%
This week we rolled 5 SOL September 25 $90 short calls forward to the October 30 expiry with a higher $95 strike price. The roll itself was executed for a small debit, as moving the strike higher required giving up some premium. To compensate, we opened an additional 5 SOL October 30 $120 short call position, generating extra premium and bringing the overall transaction to a net credit of approximately $5.23.
The strategy continues to grind week after week, prioritizing disciplined premium collection, gradual improvement of strike positioning, and increasing income from SOL volatility while maintaining upside exposure.
Solana remains the highest-volatility component of the TerraMatris portfolio, which means the strategy can generate attractive option premium — but that same volatility can quickly turn into large directional exposure.
Bitcoin Strategy
Bitcoin is officially back inside the TerraM Multi Asset strategy framework.
This week we initiated a new Bitcoin buy-write operation by allocating 0.01 BTC to the strategy.
The position was opened as follows:
- Bought: 0.01 BTC at $78,462.40
- Sold: September 18, 2026 $80,000 covered call
- Premium received: $13.80 per BTC contract equivalent ($1,380 / 100)
The current position has a break-even price of approximately $77,129 after accounting for the option premium received.
If Bitcoin trades above the $80,000 strike at expiry and the position is called away, the strategy would realize a maximum profit of approximately $28.94, representing a 3.62% return over the 10-day holding period. If the strike remains out of the money, we will continue selling covered calls against the BTC position, allowing the strategy to compound option income over time.
A portion of the collected premium was immediately reinvested into additional Bitcoin, purchasing 0.00017091 BTC and increasing total spot exposure to 0.01017091 BTC.
The initial objective is intentionally modest: build a productive Bitcoin position, monetize volatility through disciplined covered-call writing, and gradually increase BTC holdings through premium reinvestment.
The longer-term target is to grow the position toward approximately 0.1 BTC within one year.
Actual results will depend on Bitcoin price movements, implied volatility, option premiums, capital additions, and our ability to consistently deploy the strategy while maintaining disciplined risk management.
TerraM Multi Asset
Our current reporting model combines the Bitcoin and Ethereum strategies, while Solana continues to be tracked separately.
With the addition of the new Bitcoin allocation and the continued development of the Ethereum income cycle, the combined portfolio value increased significantly to approximately $4,450, representing a 21.10% weekly increase.
It is important to note that this weekly growth was driven by both new capital deployment and the addition of the BTC spot position, rather than investment returns alone.
Despite the recent progress, the strategy remains in recovery mode. The portfolio is currently down approximately -17.36% YTD and -62.03% from its all-time high reached in September 2025.
Combined weekly options premium generation reached $52.85, marking an important milestone as we continue rebuilding the income engine. While this level is encouraging, we recognize that the strategy has temporarily returned to portfolio levels similar to those seen approximately two years ago. The focus now is on disciplined rebuilding rather than attempting to recover losses quickly.
Looking forward, increasing weekly options income remains a key objective. Reaching $100 in weekly premium by the end of the year would represent an excellent outcome, but the more realistic near-term goal is to first stabilize around the $50 weekly premium level, and then gradually target the next range of $60–70 per week through consistent execution and controlled growth.
The priority remains unchanged: rebuild systematically, protect capital, and allow compounding from option income and asset accumulation to work over time.
TerraM Token
TerraM token has remained relatively stable over the past few weeks, trading around the $0.77 level, with no significant trading activity recorded this week.
We are preparing for the next treasury operation, which will take place once the Ethereum strategy completes its current income cycle and reaches the $400 premium target, which we expect could happen within the next 3–4 weeks.
At that point, a portion of the realized Ethereum strategy profits will be allocated toward TerraM token liquidity and buybacks, following our previously established approach of directing 50% of completed cycle profits back into the TerraM ecosystem.
While we believe this disciplined treasury approach can strengthen long-term liquidity, we also recognize that market timing is uncertain. Increased buying activity could happen during a favorable period — or it could coincide with broader market weakness. Therefore, the focus remains on consistent execution and long-term value creation rather than attempting to predict short-term price movements.
1-DTE ETH Trading Bot
Last but not least, our 1-DTE Ethereum trading bot continues to deliver consistent results. The strategy has now completed 70 out of 70 trading days with a 100% win rate with annualized return of 22.18%
Last week, the bot generated approximately $0.73 in premium income by trading 0.1 ETH short put positions with a delta threshold below -0.06.
With the strategy continuing to perform well and the overall portfolio size increasing, it is tempting to increase the position size. However, we remain focused on completing the initial 100-trading-day validation period before making any significant adjustments.
The main remaining question is how the strategy performs during a period of elevated volatility or a sharp market decline. Current risk management rules are designed so that, if assignment risk increases, the strategy transitions into a long ETH position rather than continuing to sell puts into a falling market.
This is also why the current position size remains intentionally small. With approximately 30 trading days remaining in the initial test phase, patience remains the priority.
Interestingly, we are now actively waiting for a volatility event — not because we want losses, but because a more challenging market environment will provide the most valuable test of whether the strategy can perform under stress before scaling it further.
Bottom Line
This week marked an important structural milestone for TerraMatris with the return of Bitcoin into the TerraM Multi Asset framework. The focus is no longer on aggressive recovery, but on rebuilding through clearly defined strategies, separate rules, and disciplined capital allocation.
The combined Bitcoin and Ethereum portfolio grew to approximately $4,450, supported by new capital deployment and the addition of BTC exposure. While the portfolio remains significantly below previous highs, the underlying strategy infrastructure is becoming stronger: Ethereum continues generating option income, Bitcoin has restarted with a productive buy-write approach, and Solana continues its gradual premium-generation process.
The next phase is about consistency. Stabilizing weekly option income around $50, gradually increasing toward $60–70, and eventually targeting higher levels will be more important than chasing short-term returns