Bitcoin 1W ATM IV fell 5.04 volatility points to 32.01%. Bitcoin 1W RR25 moved 1.82 volatility points toward puts to 0.29 volatility points, while Bitcoin 1W BF25 fell 0.58 volatility points to 1.67 volatility points. The evidence is retained as context and does not establish causation for the measured options move.
Prior comparison unavailable: the published 2026-09-03 edition is verified but ends at 3 Sept, 16:38 UTC; this window requires 3 Sept, 16:48 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 ≤ 32.01 percent at . Current level 32.01; threshold is the current observed endpoint.
Full retrace: BTC 1W ATM IV ≥ 37.05 percent at . Current level 32.01; 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.
BTC:atmIv:1W:observed-current-level: rows[asset=BTC].report.tenors[tenor=1W].atmIv.previous; rows[asset=BTC].report.tenors[tenor=1W].atmIv.current; rows[asset=BTC].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-04T16:48:00+00:00 to 2026-09-05T16:48:00+00:00.
BTC:atmIv:1W:observed-previous-level: rows[asset=BTC].report.tenors[tenor=1W].atmIv.previous; rows[asset=BTC].report.tenors[tenor=1W].atmIv.current; rows[asset=BTC].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-04T16:48:00+00:00 to 2026-09-05T16:48:00+00:00.
02 · Options market read
What the volatility surface did.
5 of 6 headline tenors were comparable at both endpoints. The largest ATM IV move was 1W at -5.04 volatility points, to 32.01%.
Derived directly from structured Derivasys surface data
03 · Catalyst check
03 Sept 2026, 16:48 UTC to 04 Sept 2026, 16:48 UTC
News context unavailable.
News context unavailable because source coverage was incomplete.
04 · Detailed analysis
What changed across the BTC volatility surface.
Implied versus realised
At the 16:48 UTC cutoff, 1W ATM IV was 32.01%, 4.90 volatility points below seven-day realised volatility of 36.91%; 24-hour realised volatility was 52.23% and 30-day realised volatility was 37.75%.
Front end
Front-end ATM IV decreased, averaging -3.01 volatility points to 34.38% across 1W, 2W and 1M.
Long end
Six-month ATM IV was broadly unchanged at 39.87% (-0.61 volatility points); 1Y was unavailable.
Skew
RR25 moved towards puts, averaging -0.81 volatility points to 0.29 volatility points across the five available headline tenors.
Convexity
BF25 decreased, averaging -0.32 volatility points to 2.09 volatility points across the five available headline tenors.
Largest standard-tenor move
The largest standard-tenor ATM IV move was -5.04 volatility points at 1W, to 32.01%.
Universe roll: added 8SEP26; removed 4SEP26. Comparisons use common expiries only.
RR25 moved towards puts, averaging -0.81 volatility points to 0.29 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.
BF25 decreased, averaging -0.32 volatility points to 2.09 volatility points across the five 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.
0.6d
ATM IV change
5SEP26, -17.70 vol pts1.6d
Smile rotation
6SEP26, -16.30 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
Suppressed outside the observable listed-expiry range: 1Y.
Expiry
Time left
Forward now (USD)
Forward change (USD)
ATM IV now
ATM IV change
RR25 change
BF25 change
5SEP26Expiry effect
0.6 days
79,807.61
-1167.16 USD
26.64%
-17.70 vol pts
-3.52 vol pts
-2.02 vol pts
6SEP26Expiry effect
1.6 days
79,797.44
-1163.82 USD
23.28%
-14.14 vol pts
-3.89 vol pts
-1.79 vol pts
7SEP26
2.6 days
79,813.7
-1156.34 USD
25.73%
-10.68 vol pts
-2.75 vol pts
-1.35 vol pts
11SEP26
6.6 days
79,831.21
-1164.10 USD
31.63%
-5.48 vol pts
-1.79 vol pts
-0.55 vol pts
18SEP26
13.6 days
79,875.78
-1175.62 USD
35.14%
-2.61 vol pts
-1.16 vol pts
-0.42 vol pts
25SEP26
20.6 days
79,918.98
-1165.94 USD
35.32%
-1.68 vol pts
-1.16 vol pts
-0.18 vol pts
30OCT26
55.6 days
80,289.91
-1180.42 USD
36.66%
-1.27 vol pts
-0.05 vol pts
-0.29 vol pts
27NOV26
83.6 days
80,597.39
-1193.93 USD
38.19%
-0.98 vol pts
-0.11 vol pts
-0.27 vol pts
25DEC26
111.6 days
80,921.92
-1170.70 USD
38.64%
-0.91 vol pts
-0.31 vol pts
-0.17 vol pts
26MAR27
202.6 days
81,811.67
-1201.43 USD
40.07%
-0.57 vol pts
-0.20 vol pts
-0.16 vol pts
25JUN27
293.6 days
82,750.19
-1296.58 USD
41.37%
-0.42 vol pts
-0.20 vol pts
-0.12 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.
5SEP26rotation towards puts · wing steepening6SEP26rotation towards puts · wing steepening7SEP26rotation towards puts · wing steepening11SEP26rotation towards puts · wing steepening18SEP26rotation towards puts25SEP26rotation towards puts30OCT26parallel shift lower27NOV26parallel shift lower25DEC26parallel shift lower26MAR27parallel shift lower25JUN27parallel shift lower
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
5SEP26
6SEP26
7SEP26
11SEP26
18SEP26
25SEP26
30OCT26
27NOV26
25DEC26
26MAR27
25JUN27
-0.30kATM+0.30k
Evidence, source data and methodology
Report comparison baseline → current snapshot
2026-09-03 16:48:00 UTC → 2026-09-04 16:48:00 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
Bitcoin 1W ATM IV fell 5.04 volatility points to 32.01%. Bitcoin 1W RR25 moved 1.82 volatility points toward puts to 0.29 volatility points, while Bitcoin 1W BF25 fell 0.58 volatility points to 1.67 volatility points. The evidence is retained as context and does not establish causation for the measured options move.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 32.01% · Δ -5.04 vol pts
Skew: BTC 1W RR25 0.29 vol pts · Δ -1.82 vol pts
Wings: BTC 1W BF25 1.67 vol pts · Δ -0.58 vol pts
Vol
BTC 1W ATM IV 32.01% · Δ -5.04 vol ptspercentile rank 91.7% by absolute move · full history (n=133)
Skew
BTC 1W RR25 0.29 vol pts · Δ -1.82 vol ptspercentile rank 85.0% by absolute move · full history (n=133)
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 25JUN27; the largest sigma change occurred at 7SEP26.
Expiry
Δ a
Δ b
Δ rho
Δ m
Δ sigma
Smile classification
5SEP26
+0.01400
-0.04860
-0.10460
-0.03710
+0.10480
rotation towards puts, wing steepening
6SEP26
+0.01270
-0.04240
-0.16840
-0.05520
+0.04790
rotation towards puts, wing steepening
7SEP26
-0.00090
-0.02150
-0.02390
+0.00300
+0.09550
rotation towards puts, wing steepening
11SEP26
-0.00010
-0.00770
-0.03380
-0.00850
+0.02700
rotation towards puts, wing steepening
18SEP26
+0.00640
-0.01790
+0.01710
+0.01900
+0.01940
rotation towards puts
25SEP26
+0.01170
-0.01370
-0.00540
+0.01970
-0.02920
rotation towards puts
30OCT26
+0.00230
-0.00680
-0.03880
-0.02550
+0.00270
parallel shift lower
27NOV26
+0.00020
-0.00260
-0.03840
-0.03810
+0.00990
parallel shift lower
25DEC26
-0.01600
+0.00380
-0.01080
-0.01660
+0.04340
parallel shift lower
26MAR27
-0.01140
-0.00090
-0.01560
-0.01820
+0.03630
parallel shift lower
25JUN27
+0.00980
-0.01580
+0.03920
+0.05190
+0.00430
parallel shift lower
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 04 Sept 2026, 16:48:00 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 and canonical BTC index databases
Realised volatility
Annualised root-mean-square of one-minute canonical BTC-USD index log returns using a 365-day basis; all windows end at the current snapshot.
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 published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.
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.
