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 traded from roughly $75,000 to above $79,000, Ethereum briefly moved above $2,600 before falling below $2,400, and Solana dropped toward $96 before recovering above $105.
With that, let’s look at how each strategy performed this week.
Ethereum Strategy
The Ethereum strategy continued its structured short-put income cycle, with the focus remaining on premium generation and gradual accumulation of ETH.
Our previous 1.4 ETH short put position expired worthless, allowing us to retain the premium without taking assignment. We then opened the next cycle:
- 1.4 ETH September 25, 2026 $2,400 cash-secured puts
- Premium: $26.20 per ETH
Total weekly options premium was approximately $35. With ETH trading higher around expiry, we increased the strike by $50 from the previous week to maintain a reasonable premium while staying within the strategy’s current risk range.
Current notional exposure is approximately $3,360.
Cumulative premium income in the current cycle has reached $300.07, equivalent to approximately 8.93% of current notional exposure over 63 days if the current puts expire worthless.
The target remains $400 in cumulative cycle premium. At the recent pace, that could be reached in roughly three weeks, although assignment, volatility and option pricing may change the timeline. Once the cycle is completed, 50% of realized cycle profits are planned for TerraM token liquidity and buybacks.
The new puts were opened at approximately -0.26 delta. Delta provides a useful indication of option sensitivity and potential assignment risk, but should not be interpreted as a precise probability forecast.
We also reinvested part of the week’s premium into 0.01432 ETH, increasing our long-term spot holdings to approximately 0.145 ETH. Combined exposure is now approximately 1.55 ETH, including the 1.4 ETH represented by short puts.
If the puts are assigned, we are prepared to take delivery of the ETH and transition the 1.4 ETH position into covered calls. Until then, the existing spot ETH remains uncapped.
Solana Strategy
Solana had a volatile but positive week, rising from approximately $102.4 on September 11 to $105–106 on September 18. SOL briefly fell toward the $96 area before recovering strongly into the end of the period.
Our Solana strategy finished the week at $0.48 NAV per unit, representing a weekly gain of 4.39%.
No new options trades were executed this week, resulting in $0 of new options premium. Activity should increase as the existing month-end positions approach expiry and we prepare the next cycle.
The objective remains unchanged: monetize SOL volatility through disciplined option selling while retaining meaningful upside exposure.
Bitcoin Strategy
Bitcoin also experienced a volatile week. BTC started the period around $77,200, dropped toward $75,000 midweek and had recovered to approximately $78,100 at the time of writing.
Our recently re-established Bitcoin strategy continued its weekly covered-call cycle. After the previous $80,000 call expired worthless, we opened another call with next week’s expiry:
- Sold: September 25, 2026 $80,000 covered call
- Premium received: approximately $4.70 on the position, equivalent to roughly $470 per BTC
According to our strategy tracking, the position’s current break-even is approximately $76,689 after collected option premium.
If Bitcoin is above the $80,000 strike at expiry and the covered position is called away, the cycle is currently tracking a potential return of approximately 4.18% over 17 days. If BTC remains below the strike, we retain the position and can continue selling calls against it.
Part of the latest premium was reinvested into an additional 0.000057 BTC, increasing total spot holdings to 0.01022785 BTC.
The longer-term objective remains to build toward approximately 0.1 BTC within one year, using a combination of capital accumulation and reinvested option income.
TerraM Multi Asset
It was a constructive week for the TerraM Multi Asset portfolio, which gained 2.25% to approximately $4,550.
Despite the improvement, the portfolio remains in recovery mode at approximately -15.5% YTD and -62.03% below its September 2025 all-time high.
Combined weekly options premium generation reached $40.11. With Ethereum, Bitcoin and the automated 1-DTE strategy now contributing independently, the income engine is becoming more diversified again.
The priority remains straightforward: protect capital, maintain strategy discipline and allow option income and asset accumulation to compound over time.
TerraM Token
TerraM remained relatively stable around the $0.77 level, with no significant trading activity recorded this week.
The next planned treasury operation is tied to completion of the current Ethereum income cycle. Once cumulative premium reaches the $400 target, our plan is to direct 50% of completed cycle profits toward TerraM liquidity and token buybacks.
At the current pace, that milestone could be reached within approximately three to four weeks, although the timing will depend on option premiums and whether the ETH position is assigned.
1-DTE ETH Trading Bot
Our 1-DTE Ethereum trading bot reached another milestone this week: 77 completed trading days without a losing day recorded.
Based on results recorded so far, the strategy is running at an annualized return pace of approximately 22.0%. This is based on the current 77-day sample and should not be interpreted as a forecast of future returns.
During the latest week, the bot generated approximately $0.74 in premium income while trading 0.1 ETH short puts with a delta threshold below -0.06.
Despite the strong record, we are keeping position sizing unchanged until the strategy completes its initial 100-trading-day validation period. The most important unresolved test remains performance during a severe volatility spike or sharp ETH decline.
This week also marked an important next step: we opened the TerraM Bot public beta to external users.
The beta is primarily intended for traders already familiar with Bybit, Ethereum options and short-premium strategies. The bot connects to the trader’s own Bybit account through API access and automates the strategy while funds remain with the exchange.
You can read the setup guide here: How to Connect TerraM Bot to Bybit for the Ethereum 1 DTE Strategy.
For now, the objective is deliberately small: introduce the system to a limited number of external users, collect practical feedback on execution and risk controls, and continue validating the strategy before considering broader adoption.
Current risk rules are designed so that if assignment risk materially increases, the strategy can transition into a long ETH position rather than repeatedly selling puts into a declining market.
Bottom Line
Overall, this was a constructive week for TerraMatris. The Multi Asset portfolio gained 2.25% to approximately $4,550, weekly options premium reached $40.11, and the 1-DTE bot extended its record to 77 trading days without a recorded losing day.
At the same time, the portfolio remains approximately -15.5% YTD and well below its September 2025 peak. The objective is therefore not to accelerate risk in an attempt to recover faster.
The focus remains on disciplined option selling, controlled exposure, premium reinvestment and gradual accumulation of ETH, BTC and SOL.
Focus for Next Week
For Ethereum, we will monitor the September 25 $2,400 puts and continue working toward the $400 cycle premium target. Assignment would move the strategy into its covered-call phase.
For Bitcoin, attention will be on the September 25 $80,000 covered call. An expiry above the strike could complete the first full buy-write cycle since the strategy was restarted; an expiry below it would leave us holding BTC and able to sell another call.
For Solana, the focus shifts toward managing the existing month-end options positions and preparing the next premium-selling cycle.
The 1-DTE ETH bot will continue with unchanged risk parameters as it moves toward the 100-day validation milestone. In parallel, we will begin learning from the first users of the TerraM Bot public beta.
Across the portfolio, the principle remains the same: separate strategies, separate rules, measurable performance — and let compounding do the work.