Diana Mercer

Spent a decade on a derivatives desk at JPMorgan before pivoting to crypto options analysis. Thinks in greeks, skews, and term structures. Translates institutional positioning for a retail audience.

50 articlesProfessional & Measured

derivativesoptionsfuturesetfinstitutional

Articles by Diana Mercer

Sep 8, 2026

Leios isn't a Cardano scaling breakthrough, it's an adoption invoice

Cardano's Leios testnet hit six times the throughput of the current chain. But those transactions were fake. The real problem is whether ADA staking economics survive when real users are the only ones paying the bills.

Sep 6, 2026

115% of Bitcoin ETF inflows went to one fund. That's a problem

BlackRock's IBIT has absorbed 115% of all US spot Bitcoin ETF net inflows since January 2024, meaning every other fund combined saw net outflows. It's made BlackRock the de facto buyer of last resort for American Bitcoin demand, but that concentration cuts both ways.