Trading Journal
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.
Ethereum Covered Call PositionOn 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…
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.
Ethereum Covered Call PositionOn 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…
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.
Ethereum Covered Call PositionDuring 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.
…
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-…
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…
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…
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…
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…
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.
Weekly Fund PerformanceDuring the week ending September 7, the fund value increased from approximately $33.66 to $35.89.
Previous fund value: $33.66Fund value on September 7, 2023: $35.89Weekly increase: $2.23Weekly…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…
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…