Trading Journal

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

As of April 11, 2025, the fund’s value has declined to $4,187.39, marking a -19.52% drop week-over-week, equivalent to a -$1,015 decrease in dollar terms. This marks the second consecutive week of losses, further highlighting the ongoing instability in the broader market.

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%

This week’s downturn was largely driven by escalating geopolitical…

Ep 50 / TerraM Fund Reaches $3,411.24 After Another Profitable Week

As of August 1, 2024, the TerraM fund reached a value of $3,411.24, recording weekly growth of 0.65%.

During the week, the fund generated $22.19 in options income, providing another modest contribution to the portfolio’s long-term growth.

Although the weekly increase was relatively small, the result marked another profitable period for the strategy. Consistent options income remained an important part of the fund’s approach, helping offset market fluctuations and gradually increase the portfolio’s…

Ep 17 / Crypto Hedge Fund Reaches $314.91 Following an 8.54% Weekly Gain

On December 14, 2023, the Terramatris fund closed the week with a total value of $314.91.

The portfolio increased by $24.77 during the week, representing growth of 8.54% from the previous reporting period.

The result extended the fund’s positive momentum during the closing weeks of 2023. Although the percentage gain was lower than the 16.17% recorded one week earlier, the portfolio continued to expand at a strong pace.

Part of the weekly increase may have come from options income, while…

Ep 16 / Crypto Fund Reaches $290.14 After a 16.17% Weekly Gain

On December 7, 2023, the Terramatris fund closed the week with a total value of $290.14, representing a weekly gain of $40.39, or 16.17%.

Of the total weekly increase, approximately $13.39 came from options income, while the remaining growth was driven by changes in the value of the fund’s underlying crypto holdings.

The result marked another strong week in the early development of Terramatris. The combination of options premium and gains in the…

Ep 15 / Terramatris Fund Reaches $249.75 After an 11.28% Weekly Gain

As of November 30, 2023, the Terramatris fund reached a value of $249.75, continuing the strong growth recorded during the early months of the strategy.

During the week, the fund generated $25.31 in options income, contributing to an overall weekly increase of 11.28%.

The latest result marked another positive week for the fund, with options premium remaining the primary driver of portfolio growth.

At this stage, the strategy was still operating with relatively…

Ep 14 / Crypto Fund Reaches $224.44 After a 19.49% Weekly Gain

As of November 23, 2023, the TerraMatris fund reached a value of $224.44, marking another strong week of growth for the experimental options-income strategy.

During the week, the fund generated $36.61 in options income, contributing to a weekly portfolio increase of 19.49%.

This was one of the strongest income-generating weeks since the strategy was launched. The $36.61 collected from options represented a significant contribution relative to the total size of the fund.

The portfolio had…

Ep 13 / Crypto Fund Reaches $187.83 After Another Strong Week

As of November 16, 2023, the Terramatris crypto hedge fund reached a total value of $187.83, continuing its strong growth during the early months of the strategy.

During the week, the fund generated $24.61 in options income, helping increase the portfolio value by 15.08% compared with the previous reporting period.

The latest results demonstrate the potential of actively managing cryptocurrency positions through options strategies rather than relying exclusively on increases…

Ep 12 / TerraM Fund Reaches $163.22 After 16.06% Weekly Growth

As of November 9, 2023, the TerraM fund reached a value of $163.22, representing weekly growth of 16.06%.

During the week, the strategy generated $22.58 in options income, providing another meaningful contribution to the fund’s expanding capital base.

The latest result marked another strong week for the portfolio. Options premiums continued to play an important role in the fund’s growth, with income reinvested into future trading opportunities.

The fund…

Ep 11 / TerraM Fund Reaches $140.64 as Options Income Adds $16.62

As of November 2, 2023, the TerraM fund reached a value of $140.64, representing weekly growth of 13.40%.

The portfolio’s continued expansion was supported by another productive week of options trading. During the period, the strategy generated $16.62 in options income, which was added to the fund and reinvested into future trading opportunities.

The latest result demonstrates how recurring options premiums can contribute to portfolio growth over time. Although weekly…

Ep 10 / Fund Value Reaches $124.02 After 20.78% Weekly Growth

On October 26, 2023, the Terramatris fund reached a value of $124.02, delivering another strong week of growth.

During the reporting period, the fund generated $21.34 in options gains, resulting in a weekly increase of 20.78%.

The fund increased from $102.68 to $124.02 during the week, supported primarily by income generated from options trading.

This was one of the strongest weekly results recorded during the early development of the Terramatris strategy. The portfolio…

Ep 9 / Fund Value Passes $100 After 10.58% Weekly Growth

On October 19, 2023, the Terramatris fund reached a value of $102.68, crossing the $100 milestone for the first time.

During the week, the fund generated $9.82 in options income, contributing to weekly growth of 10.58%.

The fund continued to grow through its options-based income strategy, with collected premiums supporting the gradual expansion of the portfolio.

Although the percentage return was lower than in the previous week, the result remained strong and pushed the…

Ep 8 / Fund Value Reaches $92.86 After 15.45% Weekly Growth

On October 12, 2023, the Terramatris fund reached a total value of $92.86, representing weekly growth of 15.45%.

The increase was supported by another profitable week of options trading, with $12.43 in options income generated during the reporting period.

The fund continued to benefit from its options-based strategy, which focuses on generating regular premium while gradually increasing the underlying portfolio value.

While weekly performance can vary significantly, the…

Ep 7 / Terramatris Fund Reaches $80.43 After 25.26% Weekly Gain

On October 5, 2023, the Terramatris fund reached a value of $80.43, marking another strong week of growth during the early development of the strategy.

The portfolio gained 25.26% week over week, supported by both the appreciation of the underlying positions and continued income from options trading.

Options income reached $16.22 during the week, representing a meaningful contribution relative to the size of the portfolio at the time.

The result demonstrated how options…

Ep 6 / Fund Value Reaches $64.21 Following 22.33% Weekly Growth

Portfolio Value: $64.21
Weekly Change: +22.33%
Options Premium Collected: $11.72
TerraM Token Price: $0.86

As of September 28, 2023, the Terramatris portfolio increased to $64.21, delivering a 22.33% weekly return. The growth was primarily driven by disciplined options trading, with $11.72 in options premium collected during the week.

While the portfolio was still in its early stages, the objective remained the same as it is today: systematically accumulate capital through high-probability options strategies while carefully managing downside risk.

Ep 5 / Terramatris Fund Value Reaches $52.49 After a 30% Weekly Gain

On September 21, 2023, the Terramatris crypto hedge fund reached a total value of $52.49.

This represents a weekly increase of $12.12, or 30.02%, compared with the fund value of $40.37 recorded on September 14, 2023.

The entire weekly increase came from options premium collected during the period.

The TerraM token price remained unchanged at $0.86.

Although the percentage growth looks unusually high, the fund was still operating with a very small starting…

Ep 4 / Terramatris Fund Grows 12.48% to $40.37

As of September 14, 2023, the Terramatris fund value reached $40.37.

This represented a weekly increase of $4.48, or approximately 12.48%.

The strong weekly growth continued the fund’s early development following its launch in August 2023. At this stage, most of the portfolio’s growth came from options premium generated through our Ethereum trading strategy.

Although the fund remained very small in absolute terms, the weekly result demonstrated how consistently reinvested options income could gradually increase the portfolio value.

Ep 3 / Fund Grows 6.63% in One Week to $35.89

As of September 7, 2023, the TerraMatris fund was valued at $35.89, representing a weekly increase of $2.23, or approximately 6.63%.

The latest result continued the fund’s gradual growth during its first weeks of operation. TerraMatris was launched in August 2023 with the objective of generating recurring income through actively managed cryptocurrency strategies.

During the week ending September 7, the fund value increased from approximately $33.66 to $35.89.

Ep 2 / Terramatris Fund Value Jumps 526% to $33.66 in Its Second Week

On August 31, 2023, just two weeks after launching the Terramatris fund, the portfolio value increased to $33.66. 

This represented a gain of $28.28 from the previous week’s value of $5.38, equivalent to an increase of approximately 525.7%. The majority of the growth came from options premium collected through our weekly Ethereum trading strategy.

 By selling short-dated ETH options, we were able to generate additional income while gradually building the fund’s capital base. Although the percentage increase was substantial, it is important to remember that the fund…

Ep 1 / TerraMatris Crypto Fund Launch: How We Started With Just $5.38 in Weekly Income

On August 23, 2023, we officially launched Terramatris, our experimental crypto investment strategy focused on generating income through options while gradually building long-term exposure to digital assets.

The beginning was modest.

During the first week of operations, on August 24, 2023, the strategy generated just $5.38 in income. It was not a significant amount in absolute terms, but it represented the first real result produced by the Terramatris portfolio.

At the time, the project was still small, liquidity was limited, and the strategy was only beginning to take…