As of March 13, 2025, the portfolio value was $5,120.99, down 34.47% from the previous week.
The week's premium reference was $51.20.
The portfolio lost $2,693.79 during the reporting period, making this one of the largest weekly drawdowns in the fund’s history.
Weekly Results
Fund value: $5,120.99
Weekly change: -$2,693.79
Weekly growth: -34.47%
TerraM token price: $2.70
The week highlighted the downside risk that can accompany an options-based strategy when market moves turn sharply against existing positions.
After ending the previous week at $7,814.78, the fund experienced a major reversal, falling back close to the $5,100 level.
Despite the sharp decline in the fund, the TerraM token remained relatively strong and finished the week at $2.70.
Market context
From March 6 to March 13, 2025, Bitcoin declined from approximately $89,922 to $81,073, a move of about 9.84%, while Ethereum fell from roughly $2,202 to $1,864, or about 15.37%. The reporting period therefore coincided with broad weakness across the two largest cryptoassets.
Trade-policy uncertainty was also elevated during the period, including the March 12 implementation of U.S. steel and aluminium tariffs. This is part of the broader risk backdrop, not proof of what caused the crypto selloff.
Bottom Line
Episode 82 marked an exceptionally difficult week for Terramatris. The fund decreased from $7,814.78 to $5,120.99, losing $2,693.79 in value and recording a weekly decline of 34.47%.
The magnitude of the drawdown served as a reminder that strong returns can come with significant volatility, particularly when market conditions move quickly.
The strategy remained focused on disciplined position management, options income generation and rebuilding portfolio value over the longer term.