Athenum Analytics
Eight of the Last Ten ETH ETF Sessions Printed Outflows
Ethereum ETFs have logged eight net outflow sessions in ten trading days, with Athenum flows and derivatives data showing a controlled but persistent reduction in listed ETH exposure.
Athenum Analytics
VWAP and the Value Area: Reading Where Crypto Actually Trades
How VWAP, anchored VWAP, the point of control, and the value area define where crypto has actually traded, plus the honest limits of each.
Athenum Analytics
The OI-Weighted Funding Rate: Why Aggregated Funding Beats a Single Venue
An open-interest-weighted funding rate weights each venue's funding by its open interest, so the aggregate reflects where the leverage actually sits, not a thin book.
Athenum Analytics
The Coinbase Premium Index: Reading US Spot Demand in Real Time
A practical guide to the Coinbase Premium Index: how it is computed, what positive vs negative means, and where this US spot-demand proxy misleads.
Athenum Analytics
Bitcoin and the Nasdaq: How Crypto's Equity Correlation Shifts With Macro Regimes
Bitcoin's correlation to the Nasdaq 100 is a rolling statistic that swings with the macro regime, not a fixed property; here is how to read it and use it.
Athenum Analytics
DVOL Explained: Deribit's Bitcoin Volatility Index (the Crypto VIX)
DVOL is Deribit's model-free, 30-day implied volatility index for Bitcoin, the crypto market's closest analog to the equity VIX.
Athenum Analytics
The Crypto Options Implied Volatility Term Structure, Explained
The implied volatility term structure plots option-implied vol across expiries, from front-month to back-month. Its shape tells you how the market is pricing near-term versus longer-dated uncertainty, and reading shifts in that curve is a core derivatives skill.
Athenum Analytics
Real Yields and Crypto: How the 10-Year TIPS Yield Shapes Risk Appetite
The 10-year TIPS yield is the inflation-adjusted return on a safe asset, and it sets the opportunity cost for holding non-yielding crypto. Here is how to read real yields next to the market's own positioning data.
Athenum Analytics
Bitcoin Dominance: What It Signals About Altcoin Risk
Bitcoin dominance is BTC's share of total crypto market cap. Here is what rising versus falling dominance tends to signal about altcoin risk, where the metric breaks down, and how to read it alongside derivatives positioning.
Athenum Analytics
Stablecoin Exchange Flows: The Liquidity Signal That Often Moves Before Derivatives
Net stablecoin inflows to exchanges describe the deployable margin behind leveraged positions, a capacity signal that often registers before open interest and funding move.
Athenum Analytics
How the US Dollar Index (DXY) Shapes Crypto Risk Appetite
The US Dollar Index is a financial-conditions backdrop for crypto, but the inverse correlation is regime-dependent and can invert. How to actually read DXY for a crypto view.
Athenum Analytics
Options Skew and the 25-Delta Risk Reversal in Crypto, Explained
The 25-delta risk reversal is the implied-volatility gap between an out-of-the-money call and an out-of-the-money put at the same distance from spot.
Athenum Analytics