The positioning report, once a month
Positioning, not predictions.
Soundings reads the layer of the crypto-options book that a smooth arbitrage-free surface removes: where dealer gamma sits and flips, what got built and unwound, whether protection is bid or fading. It describes structure. It never forecasts price or volatility.
It is written on Cayø Largo, the crypto-options archive we built and own: six coins, every 10 minutes since 2025. The same data is on sale as an API.
Latest · Issue 04
Soundings Issue 04: Calm Between Two Storms
Deribit's BTC options book charged for the US midterm election, let the premium go before the rally and sat at its calmest just before the sell-off of 5 November 2026. Soundings Issue 04 reads the book every ten minutes through both storms.
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From the Logbook
All entries →Speaking at Bitcoin Poland Conference 2026
Pawel Lachowicz joins the fireside chat 'Never Sell Your Bitcoin' at the Bitcoin Poland Conference in Poznań, 5 and 6 October 2026.
Partnering with Quantum Finance
Halcyon Waters and Quantum Finance are working together, pairing our crypto-derivatives options intelligence with their real-time read on stocks and options.
Options Data went on Sale
On 17 June 2026 the Cayø Largo API opened for subscription. A year of collecting crypto-options data became something a desk can buy.
Soundings describes the structure of the crypto options book. It is not investment advice and contains no price or volatility forecast. Published by Halcyon Waters sp. z o.o. Data from Deribit.