BTCSpot-index 24h Unavailable1W ATM IV 35.71%1W RR25 -3.09 vol pts1W BF25 +1.99 vol pts1W IV − 7D RV Unavailable
Market context · daily observation window
Market context
BTC spot-index return unavailable; 1W ATM IV rose 2.12 volatility points to 35.71% over the daily window. RR25 moved toward puts (-1.29 points); BF25 wing premium increased (+0.17 points); partial native coverage (3/4 measurements).
Previous report, watch levels and methodology
One-week surface context; the published headline retains its original evidence basis. Cutoffs 24 Jul, 17:50 UTC to 25 Jul, 17:50 UTC.
Measured change since prior report
Prior comparison unavailable: the published 2026-07-24 edition is verified but ends at 24 Jul, 23:59 UTC; this window requires 24 Jul, 17:50 UTC.
A structured watchlist was not recorded or could not be verified in the prior edition; prior-watch outcomes remain unavailable.
Next daily cutoff: measurable checks
These checks are reconstructed from this edition’s stored endpoints; they were not recorded in the original report.
Hold the observed level: BTC 1W ATM IV ≥ 35.71 percent at . Current level 35.71; threshold is the current observed endpoint.
Full retrace: BTC 1W ATM IV ≤ 33.59 percent at . Current level 35.71; threshold is the previous observed endpoint.
Measurement basis and receipt
These are observed-level conditions for the next aligned cutoff, with no forecast or trade action. Spot uses exact index endpoints where available; ATM IV is quoted in percent and its change, RR25 and BF25 in volatility points. Derived from verified legacy artifact endpoints.
RR25 moved towards puts, averaging -0.47 volatility points to -4.26 volatility points across the six available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.
BF25 was broadly unchanged, averaging +0.04 volatility points to 2.44 volatility points across the six available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.
Contracts with fewer than 2 full days to expiry remain in the tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.
1.6d
Smile rotation
27JUL26, -12.42 vol pts0.6d
Smile rotation
26JUL26, -10.41 vol pts
10 · Volatility term structure
Today against the previous 24-hour snapshot.
Only fixed tenors bracketed by listed expiries at both snapshots are charted. The listed-expiry table preserves the observable exchange maturities underneath those interpolated points.
CurrentComparison snapshot
Expiry
Time left
Forward now (USD)
Forward change (USD)
ATM IV now
ATM IV change
RR25 change
BF25 change
26JUL26Expiry effect
0.6 days
64,215.93
+127.44 USD
18.62%
-1.95 vol pts
-0.84 vol pts
-0.28 vol pts
27JUL26Expiry effect
1.6 days
64,229.79
+132.99 USD
25.76%
+1.08 vol pts
-1.91 vol pts
+0.15 vol pts
28JUL26
2.6 days
64,232.42
+125.40 USD
29.98%
+1.58 vol pts
-2.23 vol pts
+0.01 vol pts
31JUL26
5.6 days
64,243.2
+101.45 USD
35.93%
+2.37 vol pts
-0.96 vol pts
+0.10 vol pts
7AUG26
12.6 days
64,295.51
+103.20 USD
35.31%
+1.45 vol pts
-1.19 vol pts
+0.07 vol pts
14AUG26
19.6 days
64,346.93
+113.81 USD
35.31%
+1.07 vol pts
-0.51 vol pts
+0.07 vol pts
28AUG26
33.6 days
64,449.78
+113.56 USD
35.45%
+0.70 vol pts
-0.33 vol pts
+0.03 vol pts
25SEP26
61.6 days
64,657.16
+102.74 USD
36.29%
+0.24 vol pts
-0.16 vol pts
+0.04 vol pts
25DEC26
152.6 days
65,324.59
+114.70 USD
40.16%
+0.12 vol pts
-0.07 vol pts
-0.07 vol pts
26MAR27
243.6 days
65,973.82
+110.36 USD
41.37%
+0.18 vol pts
+0.04 vol pts
-0.04 vol pts
25JUN27
334.6 days
66,627.08
+131.71 USD
42.24%
+0.12 vol pts
+0.16 vol pts
+0.02 vol pts
11 · Smile movement
Reconstructed SVI smiles for every common expiry.
Each overlay uses the stored five-parameter SVI fit and the snapshot-specific time to expiry. Ultra-short expiries are displayed but do not determine the headline ranking.
26JUL26rotation towards puts · wing steepening27JUL26rotation towards puts · wing steepening28JUL26rotation towards puts · wing steepening31JUL26rotation towards puts · wing steepening7AUG26rotation towards puts14AUG26rotation towards puts28AUG26rotation towards puts25SEP26parallel shift higher25DEC26parallel shift higher26MAR27parallel shift higher25JUN27parallel shift higher
Surface movement heatmap
Each cell is the fitted IV change in volatility points. Rows are listed expiries; columns run from the put wing through ATM to the call wing.
IV lowerIV higher
26JUL26
27JUL26
28JUL26
31JUL26
7AUG26
14AUG26
28AUG26
25SEP26
25DEC26
26MAR27
25JUN27
-0.30kATM+0.30k
Evidence, source data and methodology
Report comparison baseline → current snapshot
2026-07-24 17:50:00 UTC → 2026-07-25 17:50:00 UTC
Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.
Original report summary
ATM IV increased across tenors, with the strongest move at 1W, while RR25 shifted toward puts and BF25 was broadly unchanged.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 35.71% · Δ +2.12 vol pts
Skew: BTC 1W RR25 -3.09 vol pts · Δ -1.29 vol pts
Wings: BTC 1W BF25 1.99 vol pts · Δ +0.17 vol pts
Vol
BTC 1W ATM IV 35.71% · Δ +2.12 vol pts
Skew
BTC 1W RR25 -3.09 vol pts · Δ -1.29 vol pts
Wings
BTC 1W BF25 1.99 vol pts · Δ +0.17 vol pts
IV versus RV
BTC Unavailable
Unavailable readings: BTC IV versus RV. See the report’s data availability notes.
Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.
12 · Technical appendix
Model parameters and normalized Greeks.
These diagnostics preserve the fitted-surface audit trail without competing with the main market story.
Show SVI parameter changes and normalized Greeks
SVI diagnostics
Daily movement in a, b, rho, m and sigma.
Among ranking-eligible expiries, the largest absolute rho change occurred at 28JUL26; the largest sigma change occurred at 25JUN27.
Expiry
Δ a
Δ b
Δ rho
Δ m
Δ sigma
Smile classification
26JUL26
-0.00780
-0.01840
-0.02900
-0.05790
+0.30580
rotation towards puts, wing steepening
27JUL26
+0.02180
-0.02210
-0.13470
-0.02790
-0.14250
rotation towards puts, wing steepening
28JUL26
+0.02310
-0.02760
-0.09400
-0.02460
-0.08270
rotation towards puts, wing steepening
31JUL26
+0.02510
-0.02180
+0.02220
+0.01480
-0.09590
rotation towards puts, wing steepening
7AUG26
+0.01880
-0.01670
+0.06990
+0.03920
-0.07360
rotation towards puts
14AUG26
+0.01270
-0.01120
+0.02990
+0.01630
-0.04880
rotation towards puts
28AUG26
-0.00490
+0.00120
-0.06350
-0.02310
+0.02850
rotation towards puts
25SEP26
+0.00560
-0.00250
-0.05900
-0.03340
-0.01480
parallel shift higher
25DEC26
+0.03370
-0.02570
-0.00870
+0.01970
-0.04410
parallel shift higher
26MAR27
+0.02330
-0.00410
-0.04320
-0.03750
-0.03760
parallel shift higher
25JUN27
+0.04940
-0.00190
-0.03850
-0.02140
-0.10050
parallel shift higher
Current surface characteristics
Where normalized model Greek intensity is highest.
These are comparable Black-forward Greeks for a one-BTC ATM-forward call at each listed expiry—not portfolio exposure, open interest or a prediction of dealer positioning.
Thresholds are asset-specific policies recorded in this edition. Each window is assessed independently; returns spanning gaps are excluded. Partial estimates may miss volatility during gaps.
RV coverage and methodology
BTC · Unavailable · Surface cutoff 25 Jul 2026, 17:50:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.
Derivasys proprietary historical SVI surface database
Comparison window
Nearest successful surface snapshots approximately 24 hours apart
RR convention
25-delta call IV minus 25-delta put IV
BF convention
Average 25-delta wing IV minus ATM forward IV
Fixed tenors
Fixed-tenor measures are interpolated independently at 1W, 2W, 1M, 3M, 6M, 9M and 1Y; headline rankings prioritise 1W, 2W, 1M, 3M, 6M and 1Y.
Smile reconstruction
Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.
Ultra-short expiries
Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.
Greek normalization
Black forward Greeks for a normalized one-BTC ATM-forward call, zero rate, fitted SVI IV
Catalyst policy
Only sufficiently relevant, reliably sourced events are shown; otherwise no catalyst is assigned.
