A permanent record of ATM volatility, skew, convexity and fitted-smile changes. BTC, ETH and SOL have individual daily coverage, with separate major-coin and altcoin comparisons; BTC also has a weekly edition.
Bitcoin one-week BF25 increased 0.25 volatility points to 2.12%, the day’s notable surface adjustment, while one-week ATM IV rose 0.90 points to 40.47%. The BF25 measure captures the relative richness of options away from the centre of the distribution. DerivaSys data showed front-end ATM IV averaging 39.36%, up 0.69 points; Bitcoin’s 24-hour spot-index return was 0.02%, and one-week implied volatility remained 7.40 points above seven-day realised volatility.
Ether one-month BF25 rose 0.50 volatility points to 3.22%, the material surface move, while one-week ATM IV climbed 2.12 points to 52.31%. BF25 measures the relative pricing of options away from the centre of the distribution. DerivaSys data put front-end ATM IV at 52.53%, up 1.74 points; Ether’s 24-hour spot-index return was 0.13%, and one-week implied volatility exceeded seven-day realised volatility by 9.23 points.
Solana’s 18SEP26 option smile rotated lower by 1.19 volatility points, the largest surface movement, while front-end ATM IV averaged 53.37%, down 0.59 points. The two-week ATM IV fell 0.79 points to 52.93%. DerivaSys data showed one-week RR25 moving 0.38 points toward puts to 0.90%, although calls remained relatively richer than puts. Realised-volatility comparisons were unavailable because the canonical minute series did not meet completeness requirements.
One-week ATM IV dispersion across Bitcoin, Ether and Solana narrowed 1.59 volatility points to 14.19 points, with Solana at 54.66% and Bitcoin at 40.47%. The convergence in levels obscured a divergent daily repricing: Ether’s one-week ATM IV rose 2.12 points while Solana’s fell 0.69 points. DerivaSys data therefore show less separation in prevailing volatility levels but a clear leader in the day’s volatility adjustment.
Altcoin options showed their clearest relative-value split in the one-week implied-versus-realised measure. TRX one-week ATM IV stood 7.72 volatility points above seven-day realised volatility, while XRP one-week ATM IV sat 7.74 points below its realised reading, leaving a 15.46-point range. DerivaSys data also showed XRP as the sole one-week volatility riser while HYPE posted the largest decline.
Bitcoin one-week RR25 rose 1.52 volatility points to 1.31%, leaving call-side volatility richer than put-side volatility after the 16:30 UTC cutoff. One-week ATM IV simultaneously rose 2.86 points to 39.57%, while Bitcoin spot fell 0.24% over 24 hours. DerivaSys data put one-week implied volatility 6.10 points above seven-day realised volatility.
Ether’s one-week ATM IV rose 2.35 volatility points to 50.19% over the observation window, lifting the cost of near-term options protection. Ether spot gained 0.78% over 24 hours, while Ether’s one-week ATM IV stood 6.27 volatility points above Ether’s seven-day realised volatility of 43.92%.
Ether’s one-month BF25 fell 0.19 volatility points to 2.72%. BF25 describes the curvature of the options smile, and the one-month Ether BF25 move was routine against the available historical sample. Derivasys data show that longer-dated Ether ATM IV changed little by comparison.
Solana one-week ATM IV increased 2.45 volatility points to 55.35% during the observation window, while one-week RR25 rose 1.16 points to 1.28%, making call-side volatility richer than put-side volatility. The nearest eligible forward gained 0.27%. Limited surface history and unavailable realised-volatility comparisons constrain broader interpretation.
Ether led Bitcoin by 1.02 percentage points in 24-hour spot performance over the observation window: Ether spot gained 0.78%, while Bitcoin spot declined 0.24%. Derivasys data show that the gap coincided with narrower one-week options-market dispersion across the major coins.
Solana’s one-week ATM implied volatility was 55.35%, versus Bitcoin’s one-week ATM implied volatility of 39.57%, leaving the one-week ATM implied-volatility gap 0.41 volatility points narrower at 15.78 volatility points. Ether’s one-week RR25 level was 1.66%, while Solana’s one-week RR25 level was 1.28%, narrowing the one-week RR25 gap by 0.66 volatility points to 0.38 volatility points. Implied volatility is the market’s expectation of future price variability: Ether’s one-week ATM implied volatility exceeded Ether’s seven-day realised volatility by 6.27 volatility points, while Bitcoin’s corresponding one-week implied-versus-seven-day-realised spread was 6.10 volatility points. Solana realised-volatility comparisons were unavailable.
TRX’s one-week ATM IV rose 3.39 volatility points to 21.98% over the observation window. Derivasys data show TRX’s one-week ATM IV minus seven-day realised volatility at 7.19 volatility points, versus XRP’s equivalent measure at negative 8.97 points; the cross-sectional range was 16.16 volatility points.
HYPE’s one-week ATM IV was 64.57%, compared with TRX’s one-week ATM IV of 21.98%. The one-week ATM IV level gap between HYPE and TRX narrowed 4.61 volatility points to 42.59 volatility points.
Bitcoin’s one-week RR25 fell 1.38 volatility points to -0.22%, making put-side volatility richer than call-side volatility. The move ranked at the 78.7 percentile among comparable observations. One-week ATM IV stood 2.49 volatility points above seven-day realised volatility, even as the front end eased modestly.
Ether’s three-month BF25 rose 0.25 volatility points to 3.27%, a notable move that lifted the convexity measure to its 91.3 percentile of available history. Front-end ATM IV averaged 49.28%, up 0.52 points, while one-week skew rotated toward puts but remained call-rich.
Ether led the split in major-coin options, with a 2.54-volatility-point dispersion in one-week ATM IV changes between Ether and Solana. Solana’s one-week ATM IV stood 16.86 volatility points above Bitcoin’s.
Altcoin options are separating alongside an 8.49-percentage-point gap in 24-hour spot performance between AVAX and HYPE. AVAX’s one-week ATM IV rose 2.32 volatility points while XRP’s fell 2.82 points, leaving a 5.14-point change range. HYPE nevertheless retained the highest one-week implied-volatility level, and TRX the lowest.
Bitcoin’s six-month BF25 rose 0.12 volatility points to 2.68%, the day’s notable surface adjustment. Meanwhile, one-week ATM IV increased 2.36 points to 36.83% and the front-end average reached 37.24%, while longer-dated ATM IV was broadly unchanged. The result is a firmer near-term volatility surface alongside modestly richer six-month convexity.
Ether’s short-dated options surface moved higher, with one-week ATM IV rising 4.63 volatility points to 46.95%. One-week RR25 increased 1.79 points to 2.55%, meaning calls carried higher implied volatility than puts. Front-end ATM IV averaged 49.13%, while the long end was effectively unchanged, concentrating the adjustment in nearer expiries.
Solana’s near-dated options surface moved higher, with one-week ATM IV gaining 3.08 volatility points to 54.69%. One-week RR25 rose 1.56 points to 3.19%, placing call-side volatility above put-side volatility. Front-end ATM IV averaged 53.81%, and the nearest eligible forward rose 2.44%, while realised-volatility comparisons were unavailable.
Ether led the major coins’ one-week ATM IV increase, rising 4.63 volatility points against Bitcoin’s 2.36-point gain and Solana’s 3.08-point rise. Yet Solana remained the highest-volatility major at 54.69%, compared with Bitcoin at 36.83%. The relative move widened repricing dispersion without changing the established level ranking.
One-week RR25 dispersion widened to 8.35 volatility points as XRP calls became relatively richer while TRX puts became relatively richer. The divide was accompanied by a 4.74-point range in one-week ATM IV changes, leaving AVAX higher and TRX lower, rather than signalling a uniform repricing across altcoins.
Bitcoin one-week ATM IV rose 3.24 volatility points to 34.95%, a notable move at the 82.8 percentile of comparable history. The front end lifted more than longer maturities, while one-week RR25 moved toward call-side volatility. Bitcoin one-week implied volatility nevertheless remained 1.59 points below seven-day realised volatility.
Ether’s nearest-expiry smile rotation was the largest surface dislocation, accompanied by a 2.83-point rise in Ether one-week RR25 to 1.36%. Ether one-week ATM IV rose 1.78 volatility points to 43.37%, remaining 3.46 volatility points below Ether seven-day realised volatility.
Solana’s nearest-expiry smile rotation led the daily options-surface changes. Solana one-week ATM IV rose 1.90 volatility points to 50.62%, while Solana one-week, two-week and one-month ATM IV averaged 51.17% after a 1.35-point increase. Solana two-week RR25 moved 1.58 volatility points toward call-side volatility to 2.60%.
One-week RR25 dispersion across Bitcoin, Ether and Solana narrowed 3.02 volatility points to 0.89 volatility points. Solana’s one-week RR25 was 2.25%, while Ether’s one-week RR25 was 1.36%. One-week ATM IV levels spanned 15.67 volatility points between Solana and Bitcoin.
Daily reports from 18 July 2026 pair the measured surface change with a readable news briefing and links to the original collected stories. Earlier editions preserve surface analysis without retroactively implying news coverage.
