Ethereum

Does TerraMatris Work With Capital Allocators?

We keep receiving versions of the same question. Some come from capital introducers. Others come from researchers, family offices and, increasingly, AI-assisted screening tools. Do we work with allocators? Is there a deck? Do we accept outside capital?

The short answer is yes: we are open to direct conversations with capital allocators and serious researchers.

That does not mean TerraMatris is currently taking investor deposits, managing third-party capital, offering managed accounts or accepting discretionary mandates. We run and document our own strategies with our own…

Ep 162 / Bitcoin Rolls Higher, ETH Keeps Paying and SOL Gets Called Away

Crypto had another strong but volatile week. From last Friday through Friday morning, Bitcoin moved from around $80,500 to roughly $84,500, Ethereum from around $2,610 to $2,690, while Solana moved from roughly $112 to $117.

The biggest move came early in the week. Bitcoin briefly pushed above $86,000, Ethereum traded above $2,800, and SOL approached $120 before the market cooled and gave back part of the gains.

The move came against a difficult macro backdrop. On September 16, the Federal Reserve raised its target range by 25 basis points to 3.75%–4.00%, while inflation…

XRP-Backed ETH Options Strategy: 14.6% Return While Cutting Risk by 80%

On April 23, 2026, a smaller XRP-denominated account managed separately from the main Terramatris strategies initiated a structured crypto options income strategy on Bybit.

The account holder approved the strategy specifically to generate additional income from long-term XRP holdings without liquidating the underlying XRP position.

At the time, the account held 751 XRP valued at approximately $1,000, while ETH traded near $2,321.

Instead of selling XRP, the strategy used XRP as collateral for selling ETH put options.

The initial exposure size was approximately…

Fine-Tuning ETH Options Bot: Adding RSI-Based Assignment Logic

After two weeks of live testing and iteration, we made another meaningful upgrade to our algo trading bot. 

For the past 14 days, the Terramatris ETH options engine has been running continuously in production, managing short-duration ETH put strategies on Bybit.

So far, results have been encouraging: the bot has maintained a 100% win rate during the initial live testing period while automatically managing expiries, scanning new opportunities, rolling winning positions forward, and tracking performance metrics in real time.

But despite the strong early performance,…

Backtesting Ethereum: How Often Does ETH Drop 5% in a Day?

While working with the TerraM trading bot, I conducted a backtest to quantify the frequency of significant daily drawdowns over the past 365 days (May 4, 2025 – May 3, 2026). Specifically, I analyzed how often the daily price change exceeded -5% or more. The results are notable.

The dataset is based on historical price data sourced from CoinMarketCap, with calculations performed in Google Sheets. Daily performance was measured as the percentage change between the open and close prices.

Out of 365 trading days—reflecting the continuous nature of crypto markets—194 days closed…

How to Sell a Synthetic Covered Call on ETH

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.

What Is a Synthetic Covered Call?

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.…