Paradigm Edge

Paradigm Session Recap – July 23 Spot is down, with BTC at $64,900 and ETH at $1,900 as of this writing. Tesla shed $214.5B in market capitalization, marking the largest one-day market cap loss in the company's history. Intel shares rallied in after-hours trading following stronger-than-expected quarterly results. BTC …

Paradigm Session Recap - July 2 7 • BTC spot closed at $63,820; 2.48% down; DVOL is flat at 37pp • ETH spot closed at $1,890; 3.34% down; DVOL is flat at 51.9pp Today two factors scared the market: • Rate hike odds on FedWatch are at 38%, the higher it has been in a long time • News on China's first mass-production of …

Paradigm Session Recap - July 2 8 • BTC is flat at $63,880; DVOL is also flat at 37.25pp • ETH spot closed at $1,921; up 1.58%; DVOL is up 1pp at 52.9 Frontend volatility in BTC and ETH is trading rich relative to the 1M tenor, with the term structure inverted through late July and early August as markets price in unce…

Paradigm Session Recap - July 2 9 • BTC is flat at $63,881; DVOL is also flat at 37.48 • ETH is flat at $1,903; DVOL is also flat at 52.61 The FED kept rates unchanged on a 9-3 vote. It was the first time since 2016 that there were three dissents in the same direction The bond market didn't like Warsh's press conferenc…

Paradigm Session Recap - July 30 • BTC is up 1.27% at $64,754; DVOL is down 2pp at 35.52 • ETH is up 1.36% at $1,933; DVOL is down 1.5pp at 50.9 The frontend of the curve got crushed by as much as 10v after the FOMC, with tomorrow's July 31 expiry falling 10.1v for BTC and 13.2v for ETH. The curve is now in contango fr…