Trading Journal

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…

Ep 161 / TerraM Bot Opens to Public Beta as Multi-Asset Strategy Gains 2.25%

Another volatile but ultimately constructive week across crypto markets.

At the time of writing, Bitcoin was trading around $78,100, up roughly 1.1% from previous report. Ethereum was near $2,490, approximately 1% lower over the same period, while Solana was the strongest of the three, rallying from about $102.4 to $105–106.

Macro developments remained an important driver. The Federal Reserve raised interest rates by 25 basis points, bringing the federal funds target range to 3.75–4.00%, while reiterating that inflation remains elevated.

Volatility remained high. Bitcoin…

Ep 160 / Bitcoin Buy-Write Returns to TerraM Multi Asset as Ethereum Options Strategy Rebuilds

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.

…

Ep 159 / ETH Options Cycle Generates $225 and 6.7% Potential Income in 49 Days

As of September 4, 2026, our Ethereum strategy portfolio was valued at $3,674, up 0.5% week over week. Despite the continued recovery, the portfolio remains down -31.76% year to date and -68.64% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy continues to underperform Ethereum itself, which is down approximately -15.50% year to date.

ETH spent most of the week trading around the $2,400-$2,500 area before reclaiming $2,500 late in the week. The broader crypto market also strengthened as bond yields eased and expectations for…

Ep 158 / ETH Strategy Up 5.31% as SOL Fund Surges 19.87%

As of August 28, 2026, our Ethereum strategy portfolio was valued at $3,656, up 5.31% week over week. Despite the strong weekly recovery, the portfolio remains down -32.25% year to date and -68.8% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy continues to underperform Ethereum itself, which is down approximately -15.97% year to date.

Last week, ETH broke above $2,500 before retreating slightly. That still leaves it at roughly half the level it traded at about a year ago, when ETH was close to $5,000.

As our spot…

Ep 157 / Ethereum Strategy Up 2.45% — 5.13% Potential Return & 49/49 Bot Wins

As of August 21, 2026, our Ethereum strategy portfolio was valued at $3,471, up 2.45% week over week. Despite the weekly recovery, the portfolio remains down -35.53% year to date and -70.37% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is underperforming Ethereum itself, which is down approximately -20.56% year to date.

Last week, ETH recovered above $2,300, although the move appears to have been driven more by mechanical factors than a fundamental shift in Ethereum’s outlook. A significant part of the rally was likely…

Ep 156 / ETH Cash-Secured Put Strategy Targets 5.01% Return in 28 Days

As of August 14, 2026, our Ethereum strategy portfolio was valued at $3,388, up 0.35% week over week. Despite the weekly recovery, the portfolio remains down -37.07% year to date and -71.08% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -36.46% year to date.

For the past couple of weeks, ETH has been trading sideways in the $1,800–$1,900 range. From a classical technical-analysis perspective, we cannot rule out that the market is in a consolidation phase…

Ep 155 / Targeting 4% in 21 Days With ETH Cash-Secured Puts

As of August 7, 2026, our Ethereum strategy portfolio was valued at $3,377, up 0.6% week over week. Despite the weekly recovery, the portfolio remains down -37.29% year to date and -71.18% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -35.89% year to date.

With less than five months remaining in the year, our goal is to bring the portfolio back to 0% YTD performance. From the current level, this would require approximately $1,600 in additional growth.…

Ep 154 / Ethereum Cash-Secured Puts Target 2.94% Return in 14 Days

As of July 31, 2026, our Ethereum strategy portfolio was valued at $3,357, up 1.7% week over week. Despite the weekly recovery, the portfolio remains down -37.66% year to date and -71.35% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -35.77% year to date.

Last week, we closed our covered-call position at a profit and switched back to selling cash-secured puts. After the previous puts expired worthless, we opened a new position…

Ep 153 / ETH Covered Call Closed for 26.39% Profit as New Put Trade Opens

As of July 24, 2026, our Ethereum strategy portfolio was valued at $3,330, up 1.59% week over week. Despite the weekly recovery, the portfolio remains down -38.70% year to date and -71.83% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -36.36% year to date.

This week, ETH reached and exceeded our $1,875 strike price. Instead of rolling the covered call forward and higher, we decided to close the…

Ep 152 / ETH Covered Call Rolled Forward: 26.39% Potential Return in 49 Days

As of July 17, 2026, our Ethereum strategy portfolio was valued at $3,249, up 1.38% week over week. Despite the weekly recovery, the portfolio remains down -39.66% year to date and -72.27% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -38.22% year to date.

On July 14, just a few days before expiry, we decided to roll our 1.3 ETH covered call position forward. For a brief moment, ETH traded above $1,900, which was encouraging…

Ep 151 / Rolling ETH Covered Calls for a 25.35% Potential Return in 42 Days

As of July 10, 2026, our Ethereum strategy portfolio was valued at $3,205, up 5.4% week over week. Despite the weekly recovery, the portfolio remains down -40.48% year to date and -72.65% below the all-time high reached in September 2025.

Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately 40.30% year to date.

On July 7, just a few days before expiry, we decided to roll our 1.3 ETH covered call position up and forward.

We bought back the $1,850 call for $13.40 and sold the…

Ep 150 / Rolling ETH Covered Calls Toward a 19.02% Return in 35 Days

As of July 3, 2026, our Ethereum strategy portfolio was valued at $3,941, up 3.15% week over week. However, the portfolio remains down 43.52% year-to-date and is still significantly below its all-time high, down 74.05% from the record level reached in September 2025.

Our strategy is slightly underperforming Ethereum itself, which is down 42.86% year-to-date.

During the week, we rolled our 1.3 ETH position forward and down. One of our weekly options premium goals is to keep the delta below -0.15, and for this week we chose the $1,800 strike.

…

Ep 149 / Rolling Ethereum Covered Calls for a Potential 20.69% Return in 28 Days

As of June 26, 2026, our Ethereum strategy portfolio was valued at $2,948, down 45.25% year-to-date. The recent crypto selloff has been massive - painful, but not exactly unusual for this market.

Compared with Ethereum itself, the portfolio has performed almost identically, with ETH down approximately 48.54% over the same period. In other words, the portfolio has largely tracked its core underlying asset, while still generating option premium along the way.

If there is one lesson to take from this market, it is this: stay away from leverage.

Because we are running spot-…

Ep 148 / 18% Potential Return in 21 Days From Rolling a Single ETH Covered Call

As of June 19, 2026, our Ethereum strategy portfolio was valued at $3,116, down 42.15% year-to-date. While that number is never pleasant to see, periods like this are part of investing in both crypto and options.

Rather than chasing risky trades to recover losses quickly, we continue to focus on a disciplined strategy built around generating option premium, managing risk, and gradually lowering our effective cost basis.

Compared with Ethereum itself, the portfolio has performed almost identically, with ETH down approximately 41.54% over the same period. In other words, the…

Ep 147 / Why We're Abandoning Long/Short Trading for Ethereum Covered Calls

At the beginning of June, we reached a turning point.

Once again, we experienced a scenario that has hurt our portfolio several times over the years. We were holding profitable long positions while simultaneously opening additional short positions using borrowed funds. The idea was to hedge risk and generate returns from both sides of the market.

Instead, the market moved sharply against us.

As Ethereum fell toward $1,500, tail risk increased dramatically. Our long positions lost value, while our short positions also became problematic due to the structure and leverage…

Ep 146 / Ethereum Below $1,700: Bottom Signal or Another Leg Down?

Welcome to another hectic week (#146) in digital assets.

Last week was yet another brutal one for crypto traders, including options sellers. With Ethereum dipping under $1,700 without any obvious fundamental catalyst (except bitcoin selloff), reinforcing a lesson we’ve learned many times before: crypto markets should not always be approached through a traditional valuation lens. Price action is often driven less by fundamentals and more by volatility, leverage, liquidity, and positioning.

What we witnessed last week appears to have been a significant leverage washout, which…

Ep 145 / How We Reduced ETH Put Exposure by 14% During the Latest Selloff

Last week was quite hectic for ETH and Ethereum options sellers. With ETH sliding below $2,000, we simulated several scenarios to adjust this week’s positions and ultimately decided on a more defensive but flexible approach.

That said, welcome to Weekly Update #145 covering the latest developments and positioning adjustments inside the Terramatris ETH options portfolio.

Going into expiry, we were holding 1.7 covered calls with a $2,100 strike price and 2 short puts at the $2,250 strike. We didn’t wait until expiry on Friday morning, but instead managed all positions already on…

Ep 144 / ETH Recovery or Further Pain? Managing Covered Calls, Puts and Assignments

Despite one of the weakest premium-selling weeks (#144) in months, the fund made one of its most important strategic transitions yet: moving toward a margin-free structure while continuing to accumulate long-term ETH and SOL exposure during a deeply unfavorable market environment.

Ethereum short puts moved into the money as ETH briefly fell below $2,130, forcing a series of active position management decisions involving rolls, assignments, perpetual futures, and covered calls. At the same time, the fund secured additional liquidity through an internal 0% interest loan, allowing us to…

Ep 143 / TerraM Token Reaches $2.22 as Fund Focuses on Risk Reduction

On May 15th, 2026, the TerraM token traded at $2.22, up +4.75% week over week. On-chain activity was minimal, with two buys and one sell.

The treasury operations increased current liquidity on the Raydium AMM pool (TerraM:USDC) to 4.61% of total token circulation. While this week’s increase was modest, we remain optimistic about reaching 5% liquidity by the end of the month.

We expect the TerraM token to reach the $2.20–$2.30 range by month-end, supported by ongoing weekly buybacks from the fund and continued liquidity injections. With $2.20 already achieved, a move toward $2.…

Ep 142 / Ethereum Options Strategy Generates $129 Premium as TerraM Expands Liquidity

On May 8th, 2026, the TerraM token traded at $2.12, up +4.95% week over week. On-chain activity was minimal, with two buys and one sell.

The treasury operations increased current liquidity on the Raydium AMM pool (TerraM:USDC) to 4.56% of total token circulation. While this week’s increase was modest, we remain optimistic about reaching 5% liquidity by the end of the month.

We expect the TerraM token to reach the $2.20–$2.30 range by month-end, supported by ongoing weekly buybacks from the fund and continued liquidity injections.

An interesting pattern is forming on the…

Ep 141 / TerraM Token Defends $2—Is the Trading Bot the Next Catalyst?

On May 1st, 2026, the TerraM token traded at $2.02, down -6.48% week over week. On-chain activity was minimal, with two buys and one sell.

The sell-off actually improved liquidity in the pool, and through active treasury operations we managed to keep the TerraM token above $2, which is a strong outcome.

If selling pressure remains limited in the coming weeks, we expect the TerraM token to reach the $2.20–$2.30 range by month-end, supported by ongoing weekly buybacks from the fund and continued liquidity injections.

During the week total TerraM liquidity on the Raydium…

Ep 140 / TerraM Hits $2.16: Liquidity Expands as ETH Options Strategy Deliver

On April 24, 2026, the TerraM token traded at $2.16, up +5.36% week over week. On-chain activity was minimal, with two buys and no sells. The token has moved comfortably above $2 and we expect it staying so, unless some black swan event happens.

During the week total TerraM liquidity on the Raydium pool increased to 3.80% of total supply.

Our broader objective remains to expand liquidity coverage to 10%, with a near-term milestone of reaching 4%. We expect cracking 4% milestone next week and are quite optimistic reaching 5% level by the end of May.

Week…

Ep 139 / TerraM Surges +5% WoW as ETH Rally Lifts Fund Performance

On April 17, 2026, the TerraM token traded at $2.05, up +5.12% week over week. On-chain activity was minimal, with two buys and no sells. The token has moved back above $2 and could end April in the $2.20–$2.30 range. Still, with about two weeks remaining, it’s too early to draw firm conclusions.

During the week total TerraM liquidity on the Raydium pool increased to 3.72% of total supply.

Our broader objective remains to expand liquidity coverage to 10%, with a near-term milestone of reaching 4%.

Until liquidity deepens further, elevated slippage should be expected.

Ep 138 / TerraM Price Jumps 5.4% WoW — Can It Break $2 in April?

On April 10, 2026, the TerraM token traded at $1.95, up +5.4% week over week. On-chain activity was limited during the period, with two buys and no sells. We’re back on a growth trajectory toward the $2 per token target and may finish April in the $2.20–$2.30 range. However, with roughly three weeks still remaining, it’s too early to draw firm conclusions.

During the week total TerraM liquidity on the Raydium pool increased to 3.63% of total supply.

Our broader objective remains to expand liquidity coverage to 10%, with a near-term milestone of reaching 4%.

Until…

Ep 137 / TerraM Eyes $2 as Liquidity Builds and Buybacks Continue

On April 3, 2026, the TerraM token traded at $1.85, down -8.4% week over week. On-chain activity was limited during the period, with two buys and one sell. The sell order pushed the price down but also increased pool liquidity; with a small buyback, we were able to stabilize the token.

During the week total TerraM liquidity on the Raydium pool increased to 3.63% of total supply.

Our broader objective remains to expand liquidity coverage to 10%, with a near-term milestone of reaching 4%. With continued buybacks in place, we expect TerraM to reach the $2–$2.2 range by the end of…

Ep 136 / TerraM Token Breaks $2 Again as Fund Continues Recovery Phase

On March 27, 2026, the TerraM token traded at $2.02, up 5.2% week over week. On-chain activity was limited during the period, with two buys and no sells. We’re genuinely excited to see the token break $2 again, though we expect continued volatility ahead.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 3.35% of total supply. As a result, total market capitalization increased by approximately $1,000, reaching $20,240.

Our broader objective remains to expand liquidity coverage to 10%, with a…

Ep 135 / TerraM Token Hits $1.92 (+4.94% WoW): Liquidity Expansion Targets $2 Breakout

On March 20, 2026, the TerraM token traded at $1.92, up 4.94% week over week. On-chain activity was limited during the period, with two buys and no sells. We expect trading activity to pick up once the token price moves above $2 and on-chain liquidity improves. This should particularly drive automated trading, with bots continuously scanning liquidity pools and exploiting arbitrage opportunities.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 3.3% of total supply.

Our broader objective…

Ep 134 / Ethereum Options Strategy Generates $112 as Crypto Market Recovers

On March 13, 2026, the TerraM token traded at $1.83, up 3.97% week over week. On-chain activity was limited during the period, with two buys and no sells.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 3.29% of total supply.

Our broader objective remains expanding liquidity coverage to 10%, while the next short-term milestone is reaching 4%, which we expect to achieve by the end of the month, with continued buybacks in operation we also expect token price to stabilize around $2 by that time…

Ep 133 / TerraM Liquidity Expands After Selloff — Can the Token Return to $2?

On March 6, 2026, the TerraM token traded at $1.76, down 10.65% week over week. On-chain activity was limited during the period, with two buys and one sell.

The sell order was large enough to push the price down significantly. The positive side is that it increased overall liquidity. With a few additional buybacks, the price could recover on a stronger liquidity base. That’s positive.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 3.25% of total supply.

Because of the selloff in the…

Ep 132 / TerraM token at $1.97, Liquidity Expands, Market Cap Nears $20K

On February 27, 2026, the TerraM token traded at $1.97, up 4.23% week over week. On-chain activity was limited during the period, with two buys and no sells. For a nano crypto fund like ours, every on-chain transaction is an event worth noting.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 2.98% of total supply. As a result, total market capitalization, if fully distributed, increased by approximately $800, reaching $19,700 week over week. $20K feels within reach. Let’s aim to break above that…

Ep 131 / TerraM Liquidity Nears 3% Milestone as ETH Options Generate $99 Premium

On February 20, 2026, the TerraM token traded at $1.89, up 3.84% week over week. On-chain activity was limited during the period, with two buys and no sells, which is a positive signal.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 2.95% of total supply. As a result, total market capitalization increased by approximately $700, reaching $18,900 week over week.

Our broader objective remains expanding liquidity coverage to 10%, with the next milestone set at 3%. We expected to reach this minor…

Ep 130 / TerraM Token Rises 2.8% as ETH Strategy Gains 9%

On February 13, 2026, the TerraM token traded at $1.82, up 2.82% week over week. On-chain activity was limited during the period, with two buys and no sells, which is a positive signal.

During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 2.90% of total supply. As a result, total market capitalization increased by approximately $500, reaching $18,200 week over week.

Our broader objective remains expanding liquidity coverage to 10%, with the next milestone set at 3%. We expect to cross this…

Ep 129 / Capitulation, Reset, and a Return to Spot-First Discipline

This week marked one of the most difficult moments in Terramatris’ history. The crypto market experienced a sharp and disorderly sell-off, and our portfolio entered what can only be described as a leverage-driven death spiral. At the peak of exposure, we were effectively controlling roughly 6 ETH with an average entry price above $3,500. Most of this exposure was expressed through perpetual futures and short put options, both of which moved deeply underwater as ETH collapsed. When Ethereum dipped below $2,000, the math stopped working.

At that point, we made a hard but necessary…

Ep 128 / TerraM Token Rises to $2.83 (+2.9%) Despite Massive Crypto Selloff

On January 30, 2026, the TerraM token traded at $2.83, up 2.9% week over week. Trading activity increased following the launch of a 1 TerraM token weekly reward for liquidity staking. Automated trading bots quickly identified the incentive and began purchasing and staking TerraM tokens.

For most of the week, TerraM traded tightly around $2.90, before slipping to $2.83 on Friday morning amid short-term profit-taking by trading bots.

This bot trading development is positive. We estimate that 70–90% of DeFi activity is bot-driven, and as long as these bots are deploying real…

Ep 127 / TerraM Token Growth to $2.75 Despite Fund Drawdowns

On January 23, 2026, the TerraM token traded at $2.75 (+2.23%). Trading activity remained modest, with transactions skewed mostly toward buys. During the week, we increased liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 1.48% of total supply bringing our total market cap to $27,500 (+$600).

Our larger objective is to expand the liquidity pool to 10%, but the next key milestone is getting past 2%. We anticipate achieving this within 4–5 weeks. Until liquidity improves, slippage will continue to be significant.

…

Ep 126 / TerraM Token and Multi-Asset Fund Update: Liquidity, Buyback Plans, and 9.45% Weekly Gain

On January 16, 2026, the TerraM token traded at $2.69. Trading activity remained modest, with transactions skewed mostly toward buys. During the week, we also added liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 1.35% of total supply bringing our total market cap to $26,900.

Slippage remains elevated due to shallow liquidity. This is not ignored—we are actively working on liquidity depth, pool balance, and execution efficiency as part of the broader TerraM token mechanics.

Our CEO announced his intention to initiate a 52-week TerraM…

Ep 125 / TerraM Fund Update: +4.73% Weekly Gain, but Drawdown Still −51% From ATH

As of January 9, 2026, the TerraM Multi-Asset Crypto Options Fund is up +4.73% week-over-week, marking the second consecutive week of gains in 2026. Broader crypto market conditions remain constructive, though this outlook remains subject to invalidation.

TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –51.47%. While YTD fund is up 6.14%, outperforming Bitcoin (+3.81%) and ETH (+4.55%).

Bitcoin has finally broken above its 50-day moving average, trading at $90,600 as of writing this article. While a short-term pullback has…

Ep 124 / TerraM Multi-Asset Crypto Options Fund: +7.57% Weekly Gain to Start 2026

Greetings in 2026. The Terramatris team has traveled to the beautiful Palolem Beach in Goa, India, and with great excitement we are preparing the first weekly review of the new year. We wish everyone a strong and successful start to 2026.

As of January 2, 2026, the TerraM Multi-Asset Crypto Options Fund is up +7.57% week-over-week, encouraging start of the new year. While the crypto market remains in a consolidation phase, still trying to decide its next move, last week was relatively calm, with most gains coming from expiring options positions.

TerraM Multi-Assets Fund…

Ep 123 / How TerraM Generated 5.4% Weekly Returns Using In-the-Money Covered Calls

As of December 26, 2025, the TerraM Multi-Asset Crypto Options Fund is up +13.77% week-over-week, encouraging result after previous weeks sharp drop. With only a few days left in 2025, crypto appears to be searching for a footing as it heads into 2026.

TerraM Multi-Assets Fund drawdown from all time high back in September is –56%. While Year-to-date, our Fund is down –11.12%, underperforming Bitcoin (–4.57%) and ETH (–10.59%).

This week, the TerraM Multi-Asset Fund generated $276 in options premiums, what is impressive 5.4% weekly return on capital. The increase…

Ep 122 / TerraM Multi-Asset Crypto Options Fund Down 24.86% WoW as ETH Weakness Persists

As of December 19, 2025, the TerraM Multi-Asset Crypto Options Fund is down (again) -24.86% week-over-week, discouraging result after brief relief for the past few weeks. Apparently the worst is not over. Unless momentum shifts, ETH likely revisits sub-$2,500 levels before any real recovery.

Overall drawdown is –62%. Year-to-date, the Fund is down –21.87%, underperforming Bitcoin (–6.97%) and ETH (–12.47%). This confirms our returns are still highly directional and closely correlated with the broader market—largely riding the wave, while aiming to add incremental income through our…

Ep 121 / Crypto Options Fund Up 3.94% $170 Premiums This Week

As of December 12, 2025, the TerraM Multi-Asset Crypto Options Fund is up +3.94% week-over-week, encouraging result after the steep drawdown just a few weeks ago.

Our overall drawdown stands at –49%, while YTD Fund value is up +3,98%, slightly outperforming Bitcoin (–1.29%) and ETH (–2.65%). This highlights that our returns remain highly directional and strongly correlated with the broader market - largely “riding the wave” while seeking to extract incremental income through our yield/option overlays.

This week, the TerraM Multi-Asset Fund generated $170 in…

Ep 120 / Rolling Up, Collecting Credit: TerraM Earns $231 Options Premium as Fund Jumps +9.87%

As of December 5, 2025, the TerraM Multi-Asset Crypto Options Fund is up +9.87% week-over-week, giving as a hope that the worst is behind us, and we should focus on growth.

Our overall drawdown has now improved to –51%, a meaningful recovery, though still well below the fund’s mid-September all-time high. Year-to-date, we are up +0.04%, slightly outperforming Bitcoin (–1.63%) and modestly outperforming ETH (–5.32%). This highlights that our returns remain highly directional and strongly correlated with the broader market—largely “riding the wave” while seeking to extract incremental…

Ep 119 / +48.85% Rebound, Drawdown Recovery, and Options Income Surge

As of November 28, 2025, the TerraM Multi-Asset Crypto Options Fund is up +48.85% week-over-week, marking our strongest weekly gain to date. However, this surge is largely a retracement following last week’s –40% drawdown, rather than new growth.

Our overall drawdown has now improved to –55.87% - a meaningful recovery, though still far from the fund’s all-time high reached in mid-September. This past week offered welcome relief, and we hope the positive momentum continues, but we remain cautious and do not rule out the possibility of another sharp decline.

It has now been more…

Ep 118 / TerraM Fund Reports Record –40% Weekly Loss as Drawdown Reaches –70%

As of November 21, 2025, the TerraM Multi-Asset Crypto Options Fund is down –40.00% week-over-week, marking our worst weekly result to date. The overall drawdown has deepened to –70.35%, placing the fund firmly in distressed territory. The crypto bear market has hit us hard, and leverage remains the primary problem. Core positions are still intact, but another week of similar magnitude could put us at serious risk without additional external capital.

Last week’s outlook turned out correct: BTC slipped toward the previously noted $84,000 level. While we’re not issuing price…

Ep 117 / Bitcoin Death Cross Worries Grow as TerraM Fund Drops Further

As of November 14, 2025, the value of the TerraM Multi-Asset Crypto Options Fund has declined by another -11.97%. Our drawdown has reached a new low of –50.58% in just a few weeks- a striking reminder of how quickly conditions can deteriorate. Even though most indicators are washed out and a recovery could be near, we remain cautious and do not rule out further downside. We still hope to be wrong.

There is one major event worrying us: a death cross on the Bitcoin chart. In fact, it’s not just potential it’s looking increasingly inevitable.

A death cross occurs when the 50-day…

Ep 116 / Volatile Week in Crypto: TerraM Fund Drops 31%, Solana Fund Down 8%

As of November 7, 2025, the value of the TerraM Multi-Asset Crypto Options Fund has declined by -31.12%. While this may appear to be our worst week-over-week result, it is not unprecedented — on March 13, 2025, the fund experienced an even steeper drop of -34%.

Let’s hope it stays that way, as there’s no reason to challenge that record. The current decline stems from a broad weakening in the crypto market and the fact that several positions remain leveraged.

We’ve been actively reducing leverage over the past few weeks, and despite the market stress, the fundamentals remain…

Ep 115 / TerraM Multi-Asset Crypto Options Fund Gains +2.42% While Solana Covered Call Slips –1.52%

As of October 31, 2025, the TerraM Multi-Asset Crypto Options Fund achieved another week-over-week gain of +2.42%.

Meanwhile, the Solana Covered Call Growth Fund maintained its consistent performance, generating steady options income that was fully reinvested into SOL to strengthen the fund’s core long position. The NAV per unit closed at $0.88, reflecting a modest -1.52% weekly decline.

Activity around the TERRAM token increased notably this week, with the price stabilizing at $3.13 by week’s end. Trading bots have begun interacting with the token — a positive sign, as these…

Ep 114 / TerraM Fund Rebounds; SOL Fund Surpasses 1% Weekly Income

As of October 24, 2025, the TerraM Multi Asset Crypto Options Fund reported a net asset value of $9,325, showing decent recovery of +7.67% from the previous week.

The past few weeks have been characterized by significant volatility, with the market showing no clear directional bias. As option sellers, we remain aware of the possibility of a substantial correction before any sustained recovery occurs. Current conditions remain choppy, though we certainly hope this cautious outlook proves unnecessary.

The Solana Covered Call Growth Fund continued its steady performance,…

Ep 113 / TerraM Crypto Fund Suffers -22% Weekly Drop, NAV Falls to $8,661

As of October 17, 2025, the TerraM Crypto Fund reported a net asset value of $8,661, representing another massive -22.08% decline from the previous week. This seems to be our biggest drawdown so far in 2025 — let’s hope it stays that way.

Wow, what a week — from the dramatic drop following last Friday’s announcement of a 100% tariff on China, to quickly recover by Monday, and then yet another decline even more harsh than last week.

As mentioned earlier, the crypto market has entered a rather choppy phase, and we are not excluding the possibility of further drawdowns. We believe…

Ep 112 / Crypto Market Turns Choppy: TerraM Fund Maintains Discipline, Records 1.87% Weekly Gain on Options Premiums

As of October 10, 2025, the TerraM crypto fund value stood at $11,115 what is a slight decrease of -0.42% if compared to the last week.

When analyzing the overall crypto market, it appears we are entering a choppy phase — characterized by sharp drops, quick recoveries, and even sharper subsequent declines. History shows we’ve been here before. Looking at current trading charts, the probability of large downside moves ahead cannot be excluded.

In such an environment, traders should focus less on chasing short-term swings and more on risk management and protection strategies.…

Ep 111 / TerraM Fund’s Strong Recovery Marks 15.66% Weekly Gain and 96.53% YTD Growth

As of October 3, 2025, the TerraM crypto fund value stood at $11,162 what is an increase of 15.66% or +$1,511 in dollar terms when compared to the last week. That comes as a strong relief recovery after a sharp decline last week.

We’re still puzzled about what exactly happened last week, aside from it being quarter-end. We’re now using this comeback to strengthen our positions, reduce leverage, and ensure that when the next market selloff arrives, we’ll be better prepared.

From the previous all time high we are still -4.75% away, while YTD funds value has been at 96.53%.

Ep 110 / TerraM Fund Sees Worst Week of 2025, Yet Holds +69.92% YTD Gain

As of September 26, 2025, the TerraM crypto fund value stood at $9,651 what is a decrease of -17.64% or -$2,067 in dollar terms when compared to the last week.

That was definitely one of the worst-performing weeks of the year, rivaling late March/early April when our fund dropped by a similar percentage. Back then, however, the pain felt more. Lessons learned.

Because we use only a very small amount of leverage, we are indeed affected by market moves—but we move together with the broader market.

Certainly such massive move stings for small-sized funds like ours, but it…

Ep 109 / TerraM Fund Weekly Report – Value at $11,719, +2.25% Weekly, +106% YTD

As of September 19, 2025, the TerraM crypto fund value stood at $11,719 what is an increase of +2.25% or +$257 in dollar terms when compared to the last week. Absolutely brilliant!

Last few weeks have been quite rewarding in crypto markets, with some type of consolidation forming.

As put sellers, we remain cautious, while maintaining an opportunistic outlook.

YTD our main TerraM fund is +106.33%. If the yearly pattern holds, we may be at the beginning of a run heading into Q4 2025. That said, we remain grounded and cautious.

We sell weekly options…

Ep 108 / Fund Surges +7.69% This Week, Doubling Value in Under 9 Months

As of September 12, 2025, the Terramatris crypto hedge fund value stood at $11,461 what is an increase of +7.69% or +$818 in dollar terms when compared to the last week. Absolutely brilliant!

The week turned out better than expected, with bold moves - particularly in Solana. Most cryptocurrencies are trending higher, and to our surprise, the small position we began building in Plume just a few weeks ago is already up 40%.

As put sellers, we remain cautious, while maintaining an opportunistic outlook.

YTD our crypto hedge fund is +101.79%. Absolutely remarkable - we’ve…

Ep 107 / Fund Grows 1.86% | New Solana Covered Call Fund & JUP Staking

As of September 5, 2025, the Terramatris crypto hedge fund value stood at $10,643 what is an increase of +1.86% or +$194 in dollar terms when compared to the last week. Also we have set another all time high. Awesome!

The past week started with some active moves — we even adjusted one ETH position by rolling it down and forward. However, as the days progressed, market activity slowed, and the week ended relatively calm, with little movement in crypto markets.

At this point, we might be entering a consolidation phase, setting the stage for a binary outcome — either the start of…

Ep 106 / Ethereum Nears $5K as Terramatris Fund Surges +83.97% YTD

As of August 29, 2025, the Terramatris crypto hedge fund value stood at $10,448 what is an increase of +3.02% or +$306 in dollar terms when compared to the last week. Also we have set another all time high. Awesome!

Just like the previous week, this one was also marked by significant volatility. Ethereum (our bread and butter) surged to nearly $5,000 — a new all-time high — before pulling back to $4,360at the time of writing. We believe that if ETH breaks above $5,000, another major rally could follow — perhaps toward $7,000? That’s just speculation, of course. Nevertheless, as put…

Ep 105 / ETH Volatility, Options Income of $170, and New Plume Position

As of August 22, 2025, the Terramatris crypto hedge fund value stood at $10,142 what is a decrease of -1.37% or -$140 in dollar terms when compared to the last week.

The past week has been quite turbulent, with Ethereum fluctuating between 4,600 and 4,000. At one point, we even considered hedging by shorting part of our position with perpetual contracts, but ultimately decided against it. The week ended on a positive note, as all of our weekly options expired worthless. The decline in portfolio value mainly came from the depreciation of our long-term holdings.

Despite negative…

Ep 104 / Wyoming LLC Launch, Ethereum Rally & $137 Weekly Income

As of August 15, 2025, the Terramatris crypto hedge fund value stood at $10,283 what is a decrease of -0.11% or -$10 in dollar terms when compared to the last week. As we had some small business expenses last week (Registered agent service fee – Wyoming LLC incorporation), for which we used part of our fund’s capital, we still consider it another stellar week.

We are still just a few dollars shy of our all-time high recorded earlier this summer—an encouraging sign of the fund’s resilience and upward momentum.

YTD our crypto hedge fund is +81.06%.

Ep 103 / Crypto Hedge Fund Update: $10,294 Value, SOL Strategy Shift, and TerraM Airdrop

Greetings from Thessaloniki, Greece

This week, the Terramatris team has traveled to beautiful Thessaloniki to celebrate a special occasion—our CEO’s 40th birthday!

With fresh sea breezes, delicious local cuisine, and surprisingly excellent bulk wine, this coastal city has proven to be a true hidden gem in the heart of Europe. Thessaloniki offers a perfect balance between modern energy and historic charm, and it’s been the ideal backdrop for both celebration and exploration.

As we've immersed ourselves in the culture, we've also taken note of the local financial landscape…

Ep 102 / Options Premiums Hit $125 This Week – 1.29% Weekly Return for Crypto Fund

As of August 1, 2025, the Terramatris crypto hedge fund value has dropped to $9,673 what is a decrease of -4.59% or -$465 in dollar terms when compared to the last week. Considering we returned more than $500 in loan capital last week, the performance remains encouraging.

YTD our crypto hedge fund is +70.31%.

As long as SOL stays above 168 by next Friday's expiry we will be break even on…

Ep 101 / Crypto Fund Hits Record Options Premium Week with $418 Earned

As of July 25, 2025, the Terramatris crypto hedge fund value was $10,138 what is a slight decrease of -1.61% or -$166 in dollar terms when compared to the last week. A healthy pullback after few strong weeks. YTD our crypto hedge fund is +78.50%. Awesome!

We sell weekly options every Friday, which is why this update is published at the end of the week.

This week, in total, we earned $418…

Ep 100 / $10K Achieved! Terramatris Crypto Fund Celebrates Week 100 with Strong Gains

Welcome to Episode 100 – A Historic Milestone!

On this special 100th episode dated July 18, 2025, we’re thrilled to announce that the Terramatris Crypto Hedge Fund has reached a major milestone: $10,304 total fund value, breaking the $10K barrier for the first time ever!

This week alone, we posted a strong +14.04% gain, or +$1,268 in dollar terms. Absolutely awesome!

It took us exactly 100 weeks to grow to $10,000, and while the first ten grand was a grind, we’re optimistic the next $10K won’t take nearly as long. In fact, we’re aiming to double the fund’s value within a…

Ep 99 / Terramatris Crypto Fund Weekly Report: +$963 Growth, ETH Rally, and New Synthetic Covered Calls

As of July 11, 2025, the Terramatris crypto hedge fund value has grown to $9,036 showing very strong weekly growth of +11.93% or +$963 in dollar terms. Week after week, we continue breaking milestones — and this week, we’ve set a new all-time high. Absolutely awesome! As we’ve just crushed several of our key milestones, another TerraM token buyback and liquidity boost is now in the pipeline.

…

Ep 98 / TerraM Token Stable at $2.74, Fund Earns $133 in Options as Q3 Begins

As of July 4, 2025, the Terramatris crypto hedge fund value has grown to $8,073, slightly dipping by 0.66% (-54$ in dollar terms) weekly over week. Never less, last week we returned loan of almost $500, and we believe the result is decent.

We sell weekly options every Friday, which is why this update is published at the end of the week.

This week, in total, we earned $133.40 from…

Ep 97 / Nano-Cap, Major Moves: TerraM Token $2.74 while Crypto Fund Hits $8,127

As of June 27, 2025, the Terramatris crypto hedge fund value has grown to $8,127 showing yet another weekly growth of +1.02% or +$81 in dollar terms. Week after week, we continue breaking milestones — and this week, we’ve set a new all-time high. Absolutely awesome!

We sell weekly options every Friday, which is why this update is published at the end of the week.

This week, in total, we…

Ep 96 / Crypto Hedge Fund Hits $8K Milestone — Weekly Options Yield 1.25% Return

As of June 20, 2025, the Terramatris crypto hedge fund value has grown to $8,045 showing yet another weekly growth of +3.8% or +$294 in dollar terms. Also for the first time since inception we have cracked $8,000 officially, and that mean just one - increased liquidity and buyback for our native TerraM token. More on that bellow

We sell weekly options every Friday, which is why this update is…

Ep 95 / Crypto Fund Earns 1.85% Weekly ROI Through Options Premiums

As of June 13, 2025, the Terramatris crypto hedge fund value stood at $7,750 showing yet another weekly growth of +2.71% or +$204 in dollar terms.

Just like the previous week, our fund’s value remained well above $8,000 for most of the time. However, a slip occurred once again, and at the time of writing this article, we’ve fallen below that threshold.

Despite the growth, we are still -0.82% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +36.46%

Ep 94 / Crypto Fund Surges 10.76% Weekly / XRP Backed Loan

As of June 6, 2025, the Terramatris crypto hedge fund value stands at $7,546 showing very strong weekly growth of +10.76% or +$733 in dollar terms.

At one point during the week, the fund briefly exceeded the $8,000 mark, setting a new all-time high. Unfortunately, by week’s end, its value experienced a pullback.

Nevertheless, it was an impressive and encouraging week overall.

The growth primarily stems from securing an XRP-backed loan, which we are using as collateral to generate yield by selling options on ETH. We are still evaluating the impact and structure of this…

Ep 93 / Crypto Fund Grows to $6,812 (+2.59%) as Crypto Markets Surge in May 2025

As of May 30, 2025, the Terramatris crypto hedge fund value stands at $6,812, showing another strong weekly growth of +2.59% or +209 in dollar terms.

That still puts as -12.82% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +19.95%. The past few weeks have been very strong for crypto markets and right now we are not excluding some pullback, consolidation before next move, despite overall optimism, we are concerned about - Sell the May and go Away phenomena, meaning next few months might be challenging. We hope to be wrong…

Ep 92 / Crypto Fund Grows 5.69% Weekly / TerraM token Staking Opportunity Ahead

As of May 23, 2025, the Terramatris crypto hedge fund value stands at $6,640, showing another strong weekly growth of +5.69% or +$357 in dollar terms.

Despite the strong market recovery, we are still -15.02% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +16.92%. The past few weeks have been very strong for crypto markets and also for our fund.

Anyhow, despite strong growth we are not opening new put positions until our fund is reaching at least $8,000 in value, in optimistic scenario we hope to get there in the next…

Ep 91 / Crypto Fund Climbs to $6,283, Surging +6.02% This Week

As of May 16, 2025, the Terramatris crypto hedge fund value stands at $6,283, reflecting another weekly increase of +6.02% or +$356 in dollar terms. Nice. The boost comes from strong gains in crypto prices and expired options premiums today.

Though we are still -19.59% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +10.63%.

We’re continuing our strategy to gradually unwind underperforming positions, aiming to buy back a bit each month. The goal is to eventually close or break even on them. In the meantime, we're…

Ep 90 / Portfolio Rebounds as Crypto Markets Recover

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 / Portfolio Holds Nearly Flat After the Recovery

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 / Crypto Recovery Lifts the Portfolio Back Above $5,000

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 / Portfolio Recovery Follows the April Drawdown

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 / Crypto Hedge Fund Falls to $4,187.39 After another - 19.52% Weekly Drop

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 / Fund Value Falls to $5,203.01 After 15.23% Weekly Decline

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 / Fund Value Reaches $6,138.02 After 3.95% Weekly Growth

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 / Fund Value Surges to $5,904.94 After 15.31% Weekly Growth

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 / Fund Value Plunges to $5,120.99 After 34.47% Weekly Decline

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 / Terramatris Portfolio Rises 66.17%; Trade-Level Attribution Requires Review

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.

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