Options Income

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.

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.…

Ep 90 / Rolling Up Strikes Into Bitcoin’s $103,000 Rebound

As of May 9, 2025, the portfolio value was $5,926.87, up 15.92% from the previous week.

The week's premium reference was $51.13.

From May 2 to May 9, 2025, Bitcoin rose from approximately $96,930 to $102,987, or about 6.25%, while Ethereum increased from roughly $1,843 to $2,345, a gain of approximately 27.26%.

Ethereum's Pectra mainnet upgrade activated on May 7 during the reporting period. ETH's outsized gain coincided with the upgrade and a broader risk-on crypto recovery. Pectra is relevant ETH-specific context but should not be presented as the proven…

Ep 89 / Buying ETH Back From Perps Into Spot

As of May 2, 2025, the portfolio value was $5,112.72, down 0.50% from the previous week.

The week's premium reference was $51.38.

From April 25 to May 2, 2025, Bitcoin increased approximately 2.35%, while Ethereum rose about 3.19%. The broader crypto market was modestly constructive, but neither BTC nor ETH experienced a major reporting-period move.

Ep 88 / Rolling Monthly Calls Into a Market Rebound

As of April 25, 2025, the portfolio value was $5,138.48, up 15.10% from the previous week.

The week's premium reference was $44.65.

From April 18 to April 25, 2025, Bitcoin rose from approximately $84,466 to $94,709, or about 12.13%, while Ethereum increased from roughly $1,589 to $1,786, or approximately 12.43%.

The reporting period therefore marked a strong recovery across both BTC and ETH. The move coincided with a broader post-tariff-pause risk recovery and substantial U.S. spot-Bitcoin ETF inflows. These are supportive conditions rather than a verified…

Ep 87 / Lowering Break-Evens as the Positions Recover

As of April 18, 2025, the portfolio value was $4,464.51, up 6.62% from the previous week.

The week's premium reference was $41.87.

From April 11 to April 18, 2025, Bitcoin rose approximately 1.30% while Ethereum gained about 1.43%. BTC and ETH therefore stabilized after the sharp volatility seen earlier in April.

This stabilization coincided with the April 9 change in U.S. tariff policy, although trade-policy uncertainty remained elevated. The policy change should not be treated as the cause of the modest crypto gains.

Ep 86 / ETH Breaks Below $1,500 as Covered Calls Lower Break-Evens

As of April 11, 2025, the portfolio value was $4,187.39, down 19.52% from the previous week.

We now stand -44.03% below our all-time high of $7,811, recorded on March 6, 2025, a sobering reminder of the persistent volatility that continues to shape the current macroeconomic landscape. YTD crypto hedge fund has dropped to -26.28%

From April 3 to April 11, 2025, Bitcoin was broadly flat on a daily-close basis, moving from approximately $83,174 to $83,380, or about +0.25%. Ethereum moved sharply in the opposite direction, falling from roughly $1,816 to $1,566, a…

Ep 85 / The Recovery Meets Another Selloff

As of April 3, 2025, the portfolio value was $5,203.01, down 15.23% from the previous week.

The week's premium reference was $52.44.

The portfolio decreased by $935.01 during the reporting period, making this one of the largest weekly setbacks recorded by the fund.

Fund value: $5,203.01
Weekly change: -$935.01
Weekly growth: -15.23%
TerraM token price: $2.65

The week highlighted the downside volatility that can accompany an options-based strategy when the underlying portfolio moves sharply against existing positions.

After ending the…

Ep 84 / A Quiet Market Extends the Post-Drawdown Recovery

As of March 27, 2025, the portfolio value was $6,138.02, up 3.95% from the previous week.

The week's premium reference was $61.33.

The portfolio increased by $233.08 during the reporting period, extending the fund’s positive momentum and keeping it firmly above the $6,000 level.

Fund value: $6,138.02
Weekly increase: $233.08
Weekly growth: 3.95%
TerraM token price: $2.52

The fund continued to follow its options-based strategy, focused on generating income while gradually increasing the value of the underlying portfolio.

Although the…

Ep 83 / Regaining Ground After the Sharp Drawdown

As of March 20, 2025, the portfolio value was $5,904.94, up 15.31% from the previous week.

The week's premium reference was $59.04.

The portfolio increased by $783.95 during the reporting period, making this one of the strongest weekly gains in the fund’s history.

Fund value: $5,904.94
Weekly increase: $783.95
Weekly growth: 15.31%
TerraM token price: $2.51

The fund continued to follow its options-based strategy, focused on generating income while benefiting from movements in the underlying portfolio.

The latest result marked a…

Ep 82 / After the Record High Comes a 34% Reversal

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.

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…

Ep 81 / Strategic Restructuring Sets a New All-Time High

As of March 6, 2025, the portfolio value was $7,814.78, up 66.17% from the previous week.

Fund value: $7,814.78
Weekly change: +$3,111.80
Weekly growth: +66.17%
ETH price: $2,202.42 (Coinbase Exchange UTC daily close)

ETH closed at $2,202.42 on the reporting date, compared with $2,305.21 a week earlier, a move of -4.46% on the same daily-close basis. The period included announcements concerning a proposed U.S. strategic crypto reserve and the implementation of 25% tariffs on Canada and Mexico. These were significant risk-market developments…

Ep 80 / Broad Crypto Selloff Triggers the Largest Portfolio Drawdown Yet

The portfolio closed at $4702.98, down $1432.79, or -23.35%, from $6135.77.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $61.36, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Feb 20–27, Bitcoin fell from roughly $98,347 to $84,625, while Ethereum declined from around $2,739 to $2,305. Both assets crossed the threshold in a severe joint sell-off.

See the Performance journal for the wider series.

Ep 79 / Modest Market Recovery Leaves the Portfolio Slightly Lower

The portfolio closed at $6135.77, down $56.40, or -0.91%, from $6192.17.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $61.92, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Feb 13–20, Bitcoin rose from roughly $96,625 to $98,347, while Ethereum moved from around $2,676 to $2,739. Neither asset crossed the threshold.

See the Performance journal for the wider series.

Ep 78 / Portfolio Rebounds as Crypto Markets Stabilize

The portfolio closed at $6192.17, up $365.82, or 6.28%, from $5826.35.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $58.26, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Feb 6–13, Bitcoin was broadly steady around $96,565–$96,625, while Ethereum remained near $2,687–$2,676. Neither asset crossed the threshold.

See the Performance journal for the wider series.

Ep 77 / Crypto Drawdown Tests the Portfolio Below $6,000

The portfolio closed at $5826.35, down $260.48, or -4.28%, from $6086.83.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $60.87, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Jan 30–Feb 6, Bitcoin fell from roughly $104,743 to $96,565, while Ethereum declined from around $3,247 to $2,687. Both assets crossed the threshold during a broad drawdown.

See the Performance journal for the wider series.

Ep 76 / Portfolio Recovers While Bitcoin Holds Above $100,000

The portfolio closed at $6086.83, up $122.00, or 2.05%, from $5964.83.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $59.65, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Jan 23–30, Bitcoin moved from roughly $103,926 to $104,743, while Ethereum eased from around $3,339 to $3,247. Neither asset crossed the threshold.

See the Performance journal for the wider series.

Ep 75 / Portfolio Holds Flat as Bitcoin Reclaims $100,000

The portfolio closed at $5964.83, down $5.14, or -0.09%, from $5969.97.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $59.70, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Jan 16–23, Bitcoin rose from roughly $99,982 to $103,926, while Ethereum was broadly steady around $3,308–$3,339. The Jan. 23 White House digital-asset working-group order provides context but is not presented as the cause of the portfolio result.

Ep 74 / Bitcoin Recovery Lifts the Portfolio Toward $6,000

The portfolio closed at $5969.97, up $176.81, or 3.05%, from $5793.16.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $57.93, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Jan 9–16, Bitcoin rose from roughly $92,547 to $99,982, while Ethereum moved from around $3,219 to $3,308. BTC’s recovery crossed the threshold.

See the Performance journal for the wider series.

Ep 73 / Ethereum Pullback Tests a Nearly Flat Portfolio

The portfolio closed at $5793.16, up $9.85, or 0.17%, from $5783.31.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $57.83, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Jan 2–9, Bitcoin eased from roughly $96,903 to $92,547, while Ethereum fell from around $3,452 to $3,219. ETH’s decline crossed the threshold.

See the Performance journal for the wider series.

Ep 72 / Ethereum Starts 2025 on Stronger Footing

The portfolio closed at $5783.31, up $112.24, or 1.98%, from $5671.07.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $56.71, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Dec 26–Jan 2, Bitcoin moved from roughly $95,669 to $96,903, while Ethereum rose from around $3,331 to $3,452. ETH outperformed BTC without crossing the threshold.

See the Performance journal for the wider series.

Ep 71 / Portfolio Absorbs a Quiet Year-End Pullback

The portfolio closed at $5671.07, down $327.77, or -5.46%, from $5998.84.

No documented premium figure survives for this week. The premium field uses a calculated/modelled reference of $59.99, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Dec 19–26, Bitcoin eased from roughly $97,372 to $95,669, while Ethereum moved from around $3,414 to $3,331. Both moves were modest.

See the Performance journal for the wider series.

Ep 70 / Fed Outlook Triggers an Ethereum Pullback

The portfolio closed at $5998.84, down $109.65, or -1.80%, from $6108.49.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $61.08, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Dec 12–19, Bitcoin eased from roughly $100,030 to $97,372, while Ethereum fell from around $3,883 to $3,414. The December 18 Fed decision projected fewer 2025 cuts, jolting broader risk markets.

TerraM was recorded at $2.16, separately from…

Ep 69 / Portfolio Extends the Rally Above $6,000

The portfolio closed at $6108.49, up $381.06, or 6.65%, from $5727.43.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $57.27, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Dec 5–12, Bitcoin rose from roughly $97,044 to $100,030, while Ethereum moved from around $3,789 to $3,883. Neither boundary-to-boundary move crossed the threshold.

TerraM was recorded at $2.01, separately from portfolio NAV.

See the Performance…

Ep 68 / Bitcoin Tests $100,000 as Ethereum Keeps Advancing

The portfolio closed at $5727.43, up $292.38, or 5.38%, from $5435.05.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $54.35, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Nov 28–Dec 5, Bitcoin moved from roughly $95,666 to $97,044, while Ethereum rose from around $3,579 to $3,789. The post-election crypto backdrop remained constructive; the BTC intraday break above $100,000 is not treated as a qualifying weekly close-to-close…

Ep 67 / Ethereum Catch-Up Extends the Post-Election Rally

The portfolio closed at $5435.05, up $250.55, or 4.83%, from $5184.50.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $51.85, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Nov 21–28, Bitcoin eased from roughly $98,439 to $95,666, while Ethereum rose from around $3,360 to $3,579. ETH’s move coincided with spot-ETH-ETF inflows and an ETH-specific rotation.

TerraM was recorded at $1.80, separately from portfolio NAV.

…

Ep 66 / Post-Election Rally Carries the Portfolio Through $5,000

The portfolio closed at $5184.50, up $495.91, or 10.58%, from $4688.59.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $46.89, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Nov 14–21, Bitcoin rose from roughly $87,340 to $98,439, while Ethereum advanced from around $3,059 to $3,360. Continued post-election regulatory optimism and expectations around the incoming administration coincided with the broad rally.

TerraM was…

Ep 65 / Bitcoin Nears $100,000 as the Portfolio Surges

The portfolio closed at $4688.59, up $350.59, or 8.08%, from $4338.00.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $43.38, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Nov 7–14, Bitcoin rose from roughly $75,920 to $87,340, while Ethereum advanced from around $2,898 to $3,059. Continued post-election regulatory optimism coincided with broad crypto risk-on sentiment.

TerraM was recorded at $1.58, separately from…

Ep 64 / Post-Election Crypto Rally Pushes Bitcoin Toward $76,000

The portfolio closed at $4338.00, up $258.82, or 6.34%, from $4079.18.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $40.79, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Oct 31–Nov 7, Bitcoin rose from roughly $70,198 to $75,920, while Ethereum climbed from around $2,515 to $2,898. The U.S. election and expectations of a more crypto-friendly policy direction were the dominant contemporaneous backdrop.

TerraM was…

Ep 63 / Election Rally Lifts Bitcoin and Ethereum

The portfolio closed at $4079.18, up $87.38, or 2.19%, from $3991.80.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $39.92, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Oct 24–31, Bitcoin rose from roughly $68,157 to $70,198, while Ethereum moved from around $2,534 to $2,515. Neither asset crossed the threshold before the election result.

TerraM was recorded at $1.47, separately from portfolio NAV.

See the…

Ep 62 / Portfolio Builds Through a Quiet Pre-Election Week

The portfolio closed at $3991.80, up $128.95, or 3.34%, from $3862.85.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $38.63, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Oct 17–24, Bitcoin moved from roughly $67,402 to $68,157, while Ethereum eased from around $2,605 to $2,534. Neither asset crossed the threshold.

TerraM was recorded at $1.47, separately from portfolio NAV.

See the Performance journal for the…

Ep 61 / Bitcoin Breaks Higher as the Portfolio Regains Momentum

The portfolio closed at $3862.85, up $196.06, or 5.35%, from $3666.79.

The original premium breakdown is not preserved. The premium field uses a calculated/modelled reference of $36.67, equal to approximately 1% of starting NAV; it is not a recorded trade result or an attribution of the weekly NAV change.

From Oct 10–17, Bitcoin rose from roughly $60,280 to $67,402, while Ethereum climbed from around $2,384 to $2,605. Both assets gained materially during the reporting period.

TerraM was recorded at $1.47, separately from portfolio NAV.

See the…

Ep 60 / Sixty Weeks of Compounding End in a Flat Market

The portfolio closed at $3,666.79, up $5.27, or 0.14%. The useful milestone was the completion of sixty weekly observations, not the very small weekly change.

From Oct 3–10, Bitcoin moved from roughly $60,745 to $60,280, while Ethereum rose from around $2,350 to $2,384. Both assets were broadly stable.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.47, separately from portfolio NAV.

See the…

Ep 59 / Middle East Risk Pulls Crypto Lower

The portfolio closed at $3,661.52, down $44.72, or 1.21%. The smaller drawdown relative to BTC and ETH was the relevant resilience point.

From Sep 26–Oct 3, Bitcoin fell from roughly $65,177 to $60,745, while Ethereum declined from around $2,633 to $2,350. The selloff followed heightened Israel–Iran tension and weaker risk appetite.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.47, separately from…

Ep 58 / Portfolio Recovery Resumes After the Fed-Led Rally

The portfolio closed at $3,706.24, up $174.19, or 4.93%. The result restored the portfolio after the prior week’s divergence.

From Sep 20–26, Bitcoin rose from roughly $63,211 to $65,177, while Ethereum moved from around $2,562 to $2,633. Neither asset crossed the threshold.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.47, separately from portfolio NAV.

See the Performance journal for the wider…

Ep 57 / Fed Cut Rally Leaves the Portfolio Behind

The portfolio closed at $3,532.05, down $89.22, or 2.46%. The contrast with a strong crypto rally is the important journal question; the record does not provide enough detail to allocate the divergence to individual positions.

From Sep 12–20, Bitcoin rose from roughly $58,138 to $63,211, while Ethereum climbed from around $2,362 to $2,562. The September 18 50-basis-point Fed cut and improved risk appetite coincided with the rally. The Friday reporting date creates an eight-day interval.

The available journal figures do not provide a complete split between options…

Ep 56 / Options Strategy Holds Ground in a Mixed Market

The portfolio closed at $3,621.27, up $42.80, or 1.20%. The quiet mixed market made this a measured strategy week rather than a market-beta result.

From Sep 5–12, Bitcoin rose from roughly $56,157 to $58,138, while Ethereum was broadly stable around $2,368–$2,362. Neither asset crossed the threshold.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.48, separately from portfolio NAV.

See the…

Ep 55 / September Risk-Off Tests the Portfolio

The portfolio closed at $3,578.47, down $75.92, or 2.08%. The smaller portfolio decline relative to the underlying market was the relevant observation.

From Aug 29–Sep 5, Bitcoin fell from roughly $59,364 to $56,157, while Ethereum declined from around $2,528 to $2,368. Weak employment data and rate-path uncertainty were part of the early-September risk-off backdrop.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded…

Ep 54 / A Quiet Week Preserves the August Recovery

The portfolio closed at $3,654.39, up $20.41, or 0.56%. The week was quiet, but it preserved the recovery rather than forcing a new risk-taking story.

From Aug 22–29, Bitcoin moved from roughly $60,383 to $59,364, while Ethereum eased from around $2,623 to $2,528. Neither asset crossed the threshold.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.61, separately from portfolio NAV.

See the…

Ep 53 / Portfolio Recovery Extends in a Quiet Market

The portfolio closed at $3,633.98, up $225.68, or 6.62%. After August’s shock, the gradual recovery mattered more than the exact closing value.

From Aug 15–22, Bitcoin rose from roughly $57,544 to $60,383, while Ethereum moved from around $2,571 to $2,623. Neither asset crossed the threshold.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.61, separately from portfolio NAV.

See the Performance…

Ep 52 / Portfolio Recovers Through August Volatility

The portfolio closed at $3,408.30, up $212.66, or 6.65%. The recovery was notable because it came while Bitcoin continued lower.

From Aug 8–15, Bitcoin fell from roughly $61,706 to $57,544, while Ethereum moved from around $2,684 to $2,571. Markets were still digesting the earlier liquidation event.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated above.

TerraM was recorded around $1.37, separately from portfolio NAV.

See the Performance…

Ep 51 / Options Premium Cushions an August Crypto Selloff

The portfolio closed at $3,195.64, down $212.66, or 6.32%. The journal records $43.77 in options premium, which cushioned but did not eliminate the market-driven drawdown.

From Aug 1–8, Bitcoin fell from roughly $65,288 to $61,706, while Ethereum declined from around $3,201 to $2,684. The interval included the August 5 global risk-off shock, yen strength, carry-trade unwinding and recession concerns.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a documented premium figure is stated…

Ep 50 / Options Income Carries the Portfolio Past $3,400

The portfolio closed at $3,411.24, up $22.19, or 0.65%. The journal explicitly records $22.19 in options income, making the first move above $3,400 a documented income-led milestone.

From Jul 25–Aug 1, Bitcoin moved from roughly $65,777 to $65,358, while Ethereum rose from around $3,174 to $3,202. Both assets were broadly stable.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.48, separately from portfolio…

Ep 49 / Ethereum ETF Launch Volatility Meets a Strong Week

The portfolio closed at $3,389.05, up $264.96, or 8.48%. The result stood out because it came while Ethereum absorbed early spot-ETF-launch volatility.

From Jul 18–25, Bitcoin rose from roughly $63,974 to $65,777, while Ethereum fell from around $3,426 to $3,174. After spot-ETH ETFs began trading on July 23, substantial ETHE outflows were a credible contemporaneous pressure point.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM…

Ep 48 / Portfolio Passes $3,000 During a Crypto Recovery

The portfolio closed at $3,124.09, up $227.82, or 7.87%. Passing $3,000 during the broader recovery made this a genuine milestone week.

From Jul 11–18, Bitcoin rose from roughly $57,345 to $63,974, while Ethereum climbed from around $3,100 to $3,426. The sharp recovery coincided with higher perceived odds of a Trump victory after July 13.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.33, separately from…

Ep 47 / Options Strategy Adds Capital in a Quiet Market

The portfolio closed at $2,896.27, up $51.00, or 1.79%. After two unsettled weeks, a modest gain in a quiet market was a useful return to measured progress.

From Jul 4–11, Bitcoin moved from roughly $56,978 to $57,345, while Ethereum rose from around $3,055 to $3,100. Both assets were broadly stable.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.23, separately from portfolio NAV.

See the Performance…

Ep 46 / Portfolio Holds Firm Through a July Crypto Selloff

The portfolio closed at $2,845.27, up $6.36, or 0.22%. Holding broadly flat through a market-wide selloff was the meaningful resilience observation.

From Jun 27–Jul 4, Bitcoin fell from roughly $61,605 to $56,978, while Ethereum declined from around $3,445 to $3,055. The selloff coincided with Mt. Gox supply concerns and election-related risk reduction.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.23,…

Ep 45 / A Flat Week Tests the Value of Patience

The portfolio closed at $2,838.91, up $7.87, or 0.28%. The quiet week was a reminder that preserving capital and waiting for a better setup are also part of the journal.

From Jun 20–27, Bitcoin eased from roughly $64,829 to $61,605, while Ethereum moved from around $3,511 to $3,445. BTC was down 4.97%, just below the threshold on the selected methodology.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.23,…

Ep 44 / Portfolio Rebounds After the June Pullback

The portfolio closed at $2,831.04, up $195.27, or 7.41%. The recovery after the previous week’s drawdown was the story, not the exact closing number.

From Jun 13–20, Bitcoin moved from roughly $66,756 to $64,829, while Ethereum rose from around $3,469 to $3,511. Neither asset crossed the threshold.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.11, separately from portfolio NAV.

See the Performance…

Ep 43 / Fed Outlook Pulls Crypto Lower

The portfolio closed at $2,635.77, down $113.45, or 4.13%. The pullback showed again that options income and underlying exposure must be treated as separate sources of weekly change.

From Jun 6–13, Bitcoin fell from roughly $70,757 to $66,756, while Ethereum declined from around $3,812 to $3,469. The final leg followed the Fed’s June 12 projection of only one 2024 rate cut, reversing the post-CPI crypto rally.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is…

Ep 42 / Portfolio Builds on $2,500 in a Steady Market

The portfolio closed at $2,749.22, up $170.68, or 6.62%. The result extended the run above $2,500 without requiring a major BTC or ETH move.

From May 30–Jun 6, Bitcoin rose from roughly $68,365 to $70,757, while Ethereum moved from around $3,747 to $3,812. Neither asset crossed the threshold.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.23, separately from portfolio NAV.

See the Performance journal…

Ep 41 / Portfolio Holds Above $2,500 in a Quiet Week

The portfolio closed at $2,578.54, up $45.93, or 1.81%. Holding above $2,500 was the useful milestone in an otherwise quiet market.

From May 23–30, Bitcoin moved from roughly $67,930 to $68,365, while Ethereum eased from around $3,777 to $3,747. Both assets were broadly stable.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, unless a specific premium figure is stated above.

TerraM was recorded around $1.13, separately from portfolio NAV.

See the Performance journal for the wider…

Ep 40 / Ethereum ETF Breakthrough Lifts a Strong Week

The portfolio closed at $2,532.61, up $228.81, or 9.93%. Ethereum’s ETF breakthrough, not the exact NAV, made the week memorable.

From May 16–23, Bitcoin rose from roughly $65,252 to $67,940, while Ethereum climbed from around $2,945 to $3,781. ETH’s exceptional move coincided with rising spot-ether-ETF expectations and the SEC’s May 23 exchange-rule approval.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM was recorded…

Ep 39 / Portfolio Passes $2,300 in a Steady Market

The portfolio closed at $2,303.80, up $119.89, or 5.49%. Passing $2,300 was the genuine milestone in an otherwise steady market.

From May 9–16, Bitcoin rose from roughly $63,074 to $65,252, while Ethereum eased from around $3,036 to $2,945. Neither asset moved by about 5%.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM was recorded around $1.23, separately from portfolio NAV.

See the Performance journal for the…

Ep 38 / Bitcoin Recovery Restores the Portfolio’s Momentum

The portfolio closed at $2,183.91, up $154.73, or 7.63%. The recovery restored momentum after the prior week’s market stress.

From May 2–9, Bitcoin rose from roughly $59,072 to $63,074, while Ethereum moved from around $2,986 to $3,036. Bitcoin recovered part of the preceding macro- and ETF-flow-driven selloff; no single catalyst is assigned.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM was recorded around $1.23,…

Ep 37 / Portfolio Holds Near $2,000 During a Crypto Selloff

The portfolio closed at $2,029.18, down only $21.23, or 1.04%. Holding near $2,000 while BTC and ETH sold off materially was the relevant resilience test.

From Apr 25–May 2, Bitcoin fell from roughly $64,484 to $59,072, while Ethereum declined from around $3,155 to $2,986. The selloff coincided with profit-taking, a tougher Fed-rate outlook, and heavy spot-Bitcoin-ETF outflows.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

…

Ep 36 / Portfolio Rebounds Above $2,000

The portfolio closed at $2,050.41, up $175.68, or 9.37%. Regaining $2,000 after the prior drawdown was more meaningful than the quiet BTC/ETH week alone.

From Apr 18–25, Bitcoin moved from roughly $63,514 to $64,484, while Ethereum rose from around $3,066 to $3,155. Both assets were comparatively stable.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM was recorded around $1.23, separately from portfolio NAV.

See the…

Ep 35 / Market Stress Erases a Week of Gains

The portfolio closed at $1,874.73, down $205.23, or 9.87%. The drawdown was the story: options income can support a portfolio, but it does not remove exposure to a rapid underlying-market repricing.

From Apr 11–18, Bitcoin fell from roughly $70,021 to $63,514, while Ethereum declined from around $3,503 to $3,066. The broad selloff overlapped with Iran’s April 13 direct attack on Israel and associated risk-off conditions.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is…

Ep 34 / Portfolio Passes $2,000 as Ethereum Rebounds

The portfolio closed at $2,079.96, up $84.29, or 4.22%. Passing $2,000 was a meaningful milestone, while Ethereum’s recovery provided the week’s market backdrop.

From Apr 4–11, Bitcoin moved from roughly $68,525 to $70,021, while Ethereum rose from around $3,329 to $3,503. ETH gained just over 5% alongside a surge in short-liquidation activity.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM was recorded around $0.86,…

Ep 33 / Ethereum ETF Uncertainty Tests a Strong Week

The portfolio closed at $1,995.67, up $187.31, or 10.36%. The result came during an ETH pullback, so the documented total should not be simplified into an underlying-market gain.

From Mar 28–Apr 4, Bitcoin eased from roughly $70,801 to $68,525, while Ethereum fell from around $3,561 to $3,329. Ether’s decline coincided with uncertainty around U.S. spot-ether-ETF applications.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM…

Ep 32 / Bitcoin ETF Inflows Fuel a Quick Recovery

The portfolio closed at $1,808.36, up $85.82, or 4.98%. The more interesting development was the market’s quick recovery after the prior week’s ETF-flow-driven pullback.

From Mar 21–28, Bitcoin rose from roughly $65,485 to $70,801, while Ethereum moved from around $3,492 to $3,561. Bitcoin’s rebound coincided with renewed net inflows to U.S. spot-Bitcoin ETFs.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

TerraM was recorded…

Ep 31 / ETF Outflows Test the Portfolio After Bitcoin’s Record Run

The portfolio closed at $1,722.54, up $83.47, or 5.09%. The key test was whether the strategy could keep progressing after the market’s first major pullback from record levels.

From Mar 14–21, Bitcoin fell from roughly $71,365 to $65,485, while Ethereum declined from around $3,880 to $3,492. The post-record pullback coincided with spot-Bitcoin-ETF outflows and heavy GBTC redemptions.

The available journal figures do not provide a complete split between options income and changes in underlying holdings, so the weekly result is retained as the documented total.

Ep 30 / Bitcoin Sets New Highs as Options Income Builds

On March 14, 2024, the portfolio closed at $1,639.07, up $232.12, or 16.50%. The journal records approximately $55.33 in options income.

Bitcoin’s move to new highs made the week notable. The recorded premium supported the result, while the larger portfolio change also reflected underlying holdings and should not be described as options income alone.

From March 7 to March 14, Bitcoin rose from roughly $66,925 to $71,397, while Ethereum was broadly steady around $3,874–$3,883. Bitcoin reached new highs as demand for U.S. spot-Bitcoin ETFs remained strong and…

Ep 29 / Ethereum Rally Extends the Portfolio Run

On March 7, 2024, the portfolio closed at $1,406.95, up $191.71, or 15.78%. The journal records $41.77 in options income.

Ethereum’s market strength was the week’s defining development. The premium figure is documented, but it does not explain the full NAV increase on its own.

From February 29 to March 7, Bitcoin climbed from roughly $61,198 to $66,925, while Ethereum rose from around $3,342 to $3,874. The advance came alongside sustained ETF inflows, Dencun-upgrade anticipation, and broad crypto risk appetite.

TerraM remained separately tracked around $0.86…

Ep 28 / Bitcoin Breaks $60,000 as the Portfolio Passes $1,200

On February 29, 2024, the portfolio moved from $1,005.55 to $1,215.24, up $209.69, or 20.85%. The journal records $59.59 in options income.

The TerraM token was priced at $0.86 during the week, separate from the $1,215.24 portfolio NAV.

Bitcoin’s break above $60,000 and the first close above $1,200 made this more than a routine growth week. The documented premium was one component; the full NAV increase also reflects the much stronger underlying market.

The $59.59 premium was a documented component of the week, while the larger NAV increase occurred alongside a pronounced…

Ep 27 / Portfolio Passes $1,000 After a 7.07% Week

On February 22, 2024, the portfolio closed at $1,005.55, up $66.40, or 7.07%. The journal records $66.40 in options income.

Crossing $1,000 was a meaningful milestone after the earlier small-account phase. The milestone is more useful than comparing the week mechanically with the larger preceding percentage gain.

From February 15 to February 22, Bitcoin was broadly steady around $51,939–$51,305, while Ethereum rose from around $2,824 to $2,971. ETH gained just over 5% as the market remained constructive after the preceding Bitcoin rally.

TerraM remained…

Ep 26 / Bitcoin ETF Inflows Drive a Crypto Rally

On February 15, 2024, the portfolio closed at $939.15, up $152.53, or 19.39%, from $786.62. The journal records $52.53 in options income.

The distinction mattered: options income was documented, while the balance of the weekly increase reflected a much stronger crypto market and cannot be called premium income.

From February 8 to February 15, Bitcoin rose from roughly $45,302 to $51,939, while Ethereum advanced from around $2,420 to $2,824. The rally came alongside accelerating spot-Bitcoin-ETF inflows and broader risk-on demand.

The TerraM token was priced…

Ep 24 / Portfolio Passes $700 After a Bitcoin Recovery

On February 1, 2024, the portfolio closed at $712.45, up $190.20, or 36.42%, from $522.25.

Passing $700 was a material milestone after the previous week’s more cautious market. The record documents the weekly total but does not support attributing all of it to premium income.

From January 25 to February 1, Bitcoin recovered from roughly $39,934 to $43,076, while Ethereum rose from around $2,218 to $2,304. The BTC rebound came as the post-launch ETF selloff eased and markets reassessed demand for the new products.

TerraM remained around $0.86, outside the…

Ep 23 / Ethereum Selloff Slows the Portfolio at $522.25

On January 25, 2024, the portfolio closed at $522.25, up $19.14, or 3.80%.

Ethereum’s selloff made this a more cautious week than the preceding run above $500. The smaller positive result mattered more as evidence of restraint than as a new headline percentage.

From January 18 to January 25, Bitcoin eased from roughly $41,262 to $39,934, while Ethereum fell from around $2,467 to $2,218. ETH’s decline was part of the continuing post-ETF selloff; the journal figures do not provide a complete premium-versus-underlying breakdown.

TerraM remained around $0.86,…

Ep 22 / Portfolio Passes $500 During a Bitcoin Pullback

For the week ending January 18, 2024, the portfolio closed at $503.11, up $33.52, or 7.14%.

Passing $500 was a genuine journal milestone, especially because it happened during a sharp Bitcoin pullback rather than a uniformly helpful market.

From January 11 to January 18, Bitcoin fell from roughly $46,369 to $41,262, while Ethereum declined from around $2,620 to $2,467. The pullback followed the launch of U.S. spot-Bitcoin ETFs as markets digested early flows and post-approval profit-taking.

The TerraM token was priced at $0.86 during the week, separate from…

Ep 21 / Ethereum Leads a Strong Start to ETF Approval Week

On January 11, 2024, the portfolio closed at $469.59, up $67.09, or 16.67%, from $402.50.

The notable market story was Ethereum’s strength as the U.S. spot-Bitcoin-ETF approval arrived. The journal records the portfolio result as a total and does not provide a complete split between options income and underlying movement.

From January 4 to January 11, Bitcoin rose from roughly $44,180 to $46,369, while Ethereum climbed from around $2,269 to $2,620. ETH’s advance coincided with the final approach to U.S. spot-Bitcoin-ETF approval.

TerraM remained around $0.86…

Ep 9 / Options Income Takes the Portfolio Above $100

On October 19, 2023, the portfolio crossed $100 for the first time, reaching $102.68. It was up $9.82 from $92.86, a reported change of 10.58%. The $9.82 was recorded as options income.

Passing $100 is a small milestone, but I am not treating it as a finish line. The portfolio started with $5.38, so the change is visible. It does not change the risk in the options positions or make a double-digit week normal.

From October 12 to October 19, Bitcoin rose from roughly $26,760 to $28,720, a gain of about 7%, while Ethereum moved from around $1,540 to $1,567.…

Ep 8 / Portfolio Passes $90 With Another Options Week

On October 12, 2023, the portfolio moved from $80.43 to $92.86. The reported change was 15.45%, with $12.43 in options income.

Another positive week does not make the risk disappear. Premium can look easy right before conditions change, so I am keeping the same attention on the next decision.

From October 5 to October 12, Bitcoin eased from around $27,400 to $26,760, while Ethereum declined from roughly $1,611 to $1,540. The market softened during the week, but the ETH move remained just below the threshold for a major weekly market move.

I am happy with…

Ep 7 / Options Income and Underlying Gains Lift Portfolio to $80.43

On October 5, 2023, the portfolio reached $80.43, a reported gain of 25.26%. Options income came to $16.22.

The result reflects both continued options income and better movement in the underlying positions. That is encouraging, but it is not a reason to forget how thin the market still feels. When liquidity is light, a position can become harder to adjust exactly when a trade stops behaving.

From September 28 to October 5, Bitcoin moved from roughly $27,020 to $27,400, while Ethereum eased from around $1,653 to $1,611. The market was mixed rather than…

Ep 6 / ETH Options Income Lifts the Portfolio to $64.21

On September 28, 2023, the portfolio reached $64.21. That is a 22.33% increase from last week's $52.49, with $11.72 in options premium collected.

The weekly result came from options premium. I am trying to build the account through repeated, controlled decisions rather than one oversized bet.

From September 21 to September 28, Bitcoin rose from roughly $26,570 to $27,020, while Ethereum recovered from around $1,584 to $1,653. Both moves were constructive but remained below the threshold for a major weekly market move.

It is tempting to look at a 22% week…

Ep 5 / Options Premium Pushes the Portfolio to $52.49

On September 21, 2023, the portfolio closed the week at $52.49, up $12.12 from $40.37. The reported weekly change was 30.02%, and the increase came from options premium collected during the period.

That is a good result, but the account is still small enough that twelve dollars can make a big percentage difference. I am keeping the focus on the actual cash added to the portfolio and on whether the next setup is worth taking.

From September 14 to September 21, Bitcoin was broadly stable around $26,540–$26,570. Ethereum eased from roughly $1,627 to $1,584. The…

Ep 2 / Ethereum Options Income Takes the Portfolio to $33.66

On August 31, 2023, the second week moved the portfolio from $5.38 to $33.66. That is an increase of $28.28, or 525.7%. The percentage looks wild because the starting balance was $5.38. The dollar amount is the more useful number.

Most of the week came from short-dated Ethereum options premium. I was actively managing the positions behind that premium, not treating it as automatic income. It was compensation for taking risk, and I wanted to keep the decisions measured.

From August 24 to August 31, Bitcoin eased from roughly $26,200 to $25,900, while Ethereum…

Ep 1 / Starting the Crypto Options Journal With $5.38

I started the crypto options journal on August 23, 2023. The first week was small, which was exactly the point: start with real capital, make the decisions visible, and see whether an options approach can build a base over time.

By August 24, 2023, the portfolio showed $5.38 in income. It is not a number to celebrate too hard, but it is a real first entry. I was more interested in keeping the first step controlled than in forcing a larger result.

At launch, Bitcoin traded around $26,200 and Ethereum around $1,660. The market was relatively subdued over the…