01 · Daily briefing
Macro · Crypto · OptionsThe day in markets.
Bitcoin volatility eases, skew turns defensive
Bitcoin front-end implied volatility declined while one-week relative put-side volatility strengthened against calls.
Macro
Bitcoin trading was reported alongside elevated Treasury yields and higher implied odds of Federal Reserve tightening.
Crypto
No additional qualifying crypto-specific context was retained.
Links identify the underlying reporting for retained events; entries without a retained link are marked.
BTC volatility context · Derivasys DS30 and Bitfinex BVIV
Model-derived and market-implied volatility.
Derivasys DS30 is model-derived volatility; Bitfinex BVIV is a market-implied reference. Values and their difference are shown in volatility points.
39.34 vol points
Measurement 24 Sept 2026, 16:30:00 UTC
At report cutoff · 0 min measurement lag
38.16 vol points
Measurement 24 Sept 2026, 16:28:57 UTC
At report cutoff · 1 min measurement lag
-1.17 vol points
As of 24 Sept 2026, 16:30 UTC. Measurement freshness is shown separately for each index.
Index evidence and methodology
DS30 · Source measurement 24 Sept 2026, 16:30:00 UTC; observed receipt not recorded; ingested not recorded. Freshness: At report cutoff, evaluated 24 Sept 2026, 16:30:00 UTC. Derivasys model-free 30-calendar-day implied volatility from fitted BTC SVI slices
BVIV · Source measurement 24 Sept 2026, 16:28:57 UTC; observed receipt 24 Sept 2026, 16:29:00 UTC; ingested 24 Sept 2026, 16:29:00 UTC. Freshness: At report cutoff, evaluated 24 Sept 2026, 16:30:00 UTC. Bitfinex BVIV reference price from the status channel
BVIV minus independently selected latest eligible DS30 at or before the requested cutoff
{
"schemaVersion": 1,
"source": "market-context-mcp",
"type": "btc_volatility_context_latest",
"asset": "BTC",
"asOfTimestamp": "2026-09-24T16:30:00+00:00",
"status": "available",
"ds30": {
"value": 39.3358308638831,
"units": "volatility_points",
"sourceTimestamp": "2026-09-24T16:30:00+00:00",
"observedAt": null,
"ingestedAt": null,
"freshness": {
"status": "fresh",
"ageSeconds": 0,
"evaluatedAt": "2026-09-24T16:30:00+00:00"
},
"availability": null,
"methodology": "Derivasys model-free 30-calendar-day implied volatility from fitted BTC SVI slices"
},
"bviv": {
"value": 38.164631106217,
"units": "volatility_points",
"sourceTimestamp": "2026-09-24T16:28:57+00:00",
"observedAt": "2026-09-24T16:29:00+00:00",
"ingestedAt": "2026-09-24T16:29:00+00:00",
"freshness": {
"status": "fresh",
"ageSeconds": 63,
"evaluatedAt": "2026-09-24T16:30:00+00:00"
},
"availability": "streaming",
"methodology": "Bitfinex BVIV reference price from the status channel"
},
"bvivMinusDs30": {
"value": -1.171199757666102,
"units": "volatility_points",
"status": "available",
"methodology": "BVIV minus independently selected latest eligible DS30 at or before the requested cutoff"
}
}Source index JSON02 · 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 -2.10 volatility points, to 31.70%.
RV observation windows
The intraday RV comparison is unavailable. Recorded reason: Canonical BTC index coverage for 7d is incomplete: expected 10080 one-minute returns, found 9824 (97.4603% coverage); returns spanning missing minutes are excluded No coverage policy was recorded; its thresholds cannot be established from another report.
03 · Catalyst check
23 Sept 2026, 16:30 UTC to 24 Sept 2026, 16:30 UTCRelevant context found; no confirmed catalyst
Relevant market event
1 relevant event was retained for the comparison window.
News is presented as contextual association unless the structured evidence supports a stronger relationship.
04 · Detailed analysis
What changed across the BTC volatility surface.
Front-end ATM IV decreased, averaging -1.32 volatility points to 33.00% across 1W, 2W and 1M.
Six-month ATM IV was broadly unchanged at 38.50% (-0.51 volatility points); 1Y was unavailable.
RR25 moved towards puts, averaging -0.10 volatility points to -1.39 volatility points across the five available headline tenors.
BF25 decreased, averaging -0.20 volatility points to 1.95 volatility points across the five available headline tenors.
The largest standard-tenor ATM IV move was -2.10 volatility points at 1W, to 31.70%.
Universe roll: added 16OCT26, 24SEP27, 28SEP26; removed 24SEP26. Comparisons use common expiries only.