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Bitcoin options: narrower wing premium as Bitcoin's 1w BF25 falls 0.29 volatility points

Name: BTC options surface changes for 2026-10-12
Creator: Derivasys
License: https://www.derivasys.com/research-artifact-license/v1

BTC 1W BF25 fell 0.29 vol points to 1.57 vol points over the daily comparison.

By Sean Gordon — Derivasys Research

Published 12 Oct 2026, 16:31 UTC · Snapshot 12 Oct 2026, 16:30 UTC

Snapshot · 12 Oct 2026, 16:30 UTC

BTCSpot-index 24h -1.32%1W ATM IV 32.23%1W RR25 -2.77 vol pts1W BF25 +1.57 vol pts1W IV − 7D RV +3.83 vol pts

BTC1W ATM IV 32.23%1W BF25 Δ -0.29 vol pts

Full snapshot readings

BTCSpot-index 24h -1.32%1W ATM IV 32.23%1W RR25 -2.77 vol pts1W BF25 +1.57 vol pts1W IV − 7D RV +3.83 vol pts

Lead move: BTC 1W BF25 Δ -0.29 vol pts → +1.57 vol pts · percentile rank 76.7% by absolute move · 30-day window (n=30); 1-day moves sampled daily UTC; 2026-09-11 to 2026-10-11.

Bitcoin options: narrower wing premium as Bitcoin's 1w BF25 falls 0.29 volatility points. BF25 term structure from Derivasys data. — Source: Derivasys options data. BF25; unsupported tenors remain blank. Cite this report.

Measurement and history provenance

Percentile sample windows, horizons and receipts

Samples use daily UTC observations. Weekly moves can be rolling and overlapping; observation counts do not imply independent periods. Missing legacy bounds and source revisions remain unavailable.

Frozen percentile denominators
Asset / tenor / metric	Cohort	Count / horizon	Actual bounds	Overlap / provenance
BTC 1W atmIv	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:7928a4bda0754546f0475095fc9a83065d02d78681d88107dd99169b0b6102ef`
BTC 1W atmIv	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:5f4c73c4a0da4dd3f0e9d3e0b3e274a5f66c6282eb6e0c626bd7aa1d470f956b`
BTC 1W atmIv	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:c6ba0c35e6e34e76fc82bc56c35a0ee315176a350c05f40a0e076dd5aedbe224`
BTC 1W rr25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d6ec08f4c5f47e5e4bcd4897a74fe8b4ad5e95c7e005325785d4d1e0e4bb465d`
BTC 1W rr25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:c0f37d217914bec1bb807710b5523bddf7e6cb16769c69c599870bc603577ddd`
BTC 1W rr25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:b767003f8218ad304d0450042d6cb75a197917847b78538917400ba9daea9edb`
BTC 1W bf25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:68b588925d0816acb2b61902f6ad2280646b7869e783b9cfe26572d6fb26d5a2`
BTC 1W bf25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:bedc4c4c2ae5c4f7dfc6814877076143d83853e298b3ee317c18cef5252610d4`
BTC 1W bf25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:50bd5908cb19aeb8fef8b4b282297f68c429cc71c3fc89b74d16dc3a68c95e66`
BTC 2W atmIv	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8078508ddc52efcd784f5338d262afea01bec97e47d5c04e332fb123dccb56e6`
BTC 2W atmIv	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:93d14601ca6fe06d1ebf254bcfe8bd347217786e0180a26bdab1411354a522c2`
BTC 2W atmIv	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8813b956c966451b14b76aff348c89bc6d53e22846960e5126b6cccce2cf5005`
BTC 2W rr25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:2f89f6f6bb123fec728f13db9d511d19da2a56d564d68a432a509f5aa5209f0f`
BTC 2W rr25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ca0c6797f705b52980af8cc7a22fe18143d5ca7e462ef2604067a1e00f1fe983`
BTC 2W rr25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:723fa26eca032ad66e028395e975bd4e437f89b321bea01374cdbec0c23e2909`
BTC 2W bf25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d70f839636cac15cc065935cf727ab0d0165ec12ebecbfec1457178127014e52`
BTC 2W bf25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ad222e14a41a063bef8fecfc00a611d1794f7332a64875af2c204688a3a5a81b`
BTC 2W bf25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:924a836d1ad6734ff41b2e499794f529ef0f4fe2cdf553149c35bf444d8420f5`
BTC 1M atmIv	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:b31bb3722c74b80cc55b4d04d72220012a7908c60e800e3c0cdc572395e21e4b`
BTC 1M atmIv	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:2dd36f4f3edb457281355bcd0cbf857d3cf5b570d1c4edb185bb2439a5561411`
BTC 1M atmIv	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:335f94fbbae7313c5934872cab9bd29d97ab857ede5ad5a86fd944e326e93960`
BTC 1M rr25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:9dceff38979ab3d5725d5f2d464fe30d193e8f752a013755f62d05611fbf3656`
BTC 1M rr25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3407f9e85503471a4c8aa4e9c9f3dc76c9d3b7b9a8241af8808e831ce11cd365`
BTC 1M rr25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:014e9876cefe3f3852006b8c8cd8317507fc35645813b15762253b56624b5d46`
BTC 1M bf25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:e3a857fa43fedaf8415917d29e596487b32577823faa6fa8e61cf22ef39fe5e2`
BTC 1M bf25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:cf8383db1e9d3d232e5c0da8c682bce46c82cdca817f7b0f3280a411991854ba`
BTC 1M bf25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:015655f38432c700d7b33c7b69c6093c2da55baa6421088df0d3ac72b11dac70`
BTC 3M atmIv	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:b407469630250770bfc9c20f517ba46b9ddfaab152524d7fb14ef4e6aacf2e15`
BTC 3M atmIv	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:589b40fcfd984352351ef17b994b5b8e165688b1c78b9745c6ca65e104e3def6`
BTC 3M atmIv	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:00fcaa083c72d7921ca091fc026dbb27eb4d4409047d6714a60fb1b1c09d11a4`
BTC 3M rr25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:a648b024bdee0e47cee63f793a1e8747704633b4be880fc45f93e1700abe0f3f`
BTC 3M rr25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:a72f4b51cae193334f2fb701d09b355f1d88ce4fc4bedf5f3bd3713faff58a45`
BTC 3M rr25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:4acac69f6357963000518dce2a6a65b15c167c2dae2e2fef9fadf0b544caf953`
BTC 3M bf25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:e739779dd95700b6370fd7c695fcfbcdc7595829fc9b5822c5b9d18ec668faba`
BTC 3M bf25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:25d0ce9f6da5de2c72e9535a9d7ed8a907a43f5e3ecc1b9eb5e607b6b75a3928`
BTC 3M bf25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:a1dff11789f07b4d106948da2a013a46d403dec924b626eeba7c41cbb005d793`
BTC 6M atmIv	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:b47efe39afffc477e077a5248b59f1b78667d0b4c6e14f531c0f57133e4fa3a6`
BTC 6M atmIv	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:41cc5f5611ff02ec18f6c023d252aa85d7ca6bf76d438328e1129ddb03da9674`
BTC 6M atmIv	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:37b77c74628e843a7cd6afbd65534edc682c6008798fda56b120fa36fac6fe71`
BTC 6M rr25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8941489eae899fdfd99673e0b5a7441e35e69c415fe4bb1c44067c19c7607cca`
BTC 6M rr25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3cc986cc1dee595e577efcf3e31b00901364c418985464f0012f19de1b35e590`
BTC 6M rr25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:7ed5ce9abc5ba6638e989b6acbb4dc30e9e8343eb72034acf579f1b6d7a6e89d`
BTC 6M bf25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ccf2123fc3760c6569b6e1a5dabf0727d7baac3972561e10a479ffec7c22083b`
BTC 6M bf25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:2c82bb0805dbba946189b6aefd3c5257ce7c12e983b60297cbc7d9ccb60869c3`
BTC 6M bf25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:7904cd0b48a622ee8574d1689e0f474816e9a56549511368e540600514c79d7a`
BTC 9M atmIv	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:81ae57218c0d060231134d6d452a08ce845ed33d7d0abbe274fcd63d15449ef0`
BTC 9M atmIv	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:f8fc8ebce6f64324080a4b1dc4c3b4699ea5b97134dd4e895bd10d289027f7c4`
BTC 9M atmIv	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8fcde14876fb90df23a75b88ae49c0e065b093eaf21827a6e073010b8a6909c6`
BTC 9M rr25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:4a8d2cd513747fe0c19145f33a8cce7d406a5f05e8b9b0b38fc824e3e87addb3`
BTC 9M rr25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:4895080ef34bfd104a84bdaf53e30de674064cca92917118df079a4fd62dfccf`
BTC 9M rr25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8b8c13b5097b3dc088d60fc9af148df739048aba02246a0879b1bb337f186462`
BTC 9M bf25	move30d	30 samples; 1 days; daily UTC observations	2026-09-11 → 2026-10-11 2026-09-11T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3246f0e9010a9fec78ce1571c22dfb254c2835e12cfe89b2b1918758f7db54bc`
BTC 9M bf25	moveFullHistory	170 samples; 1 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3895a8035934cb4d504c41532fa2c6ade8dbe7960b8bc49a59c19090cec308b6`
BTC 9M bf25	levelFullHistory	171 samples; 0 days; daily UTC observations	2026-04-24 → 2026-10-11 2026-04-24T23:59:00+00:00 → 2026-10-11T23:59:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:bad238d1fc412d9c06ea69552d8f006225f11a37414374749c84436dbaa5b89e`
BTC 1Y atmIv	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y atmIv	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y atmIv	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y rr25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y rr25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y rr25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y bf25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y bf25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
BTC 1Y bf25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`

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Chart reading: BTC -0.29 vol points between the stored daily endpoints.
Relative-value reading: Positive BF25 places average wing IV above ATM IV; negative BF25 places it below.
Next watch: Watch whether 1W BF25 extends or reverses this move at the next daily comparison.

The day in markets.

Monday 12 October

Bitcoin options: reduced butterfly convexity as Bitcoin's 1W BF25 declines 0.29 volatility points

Bitcoin's 1W BF25 fell 0.29 volatility points from 1.86 to 1.57 points, according to Derivasys data comparing October 12 at 16:30 UTC with October 11 at 16:30 UTC. This butterfly measure captures average 25-delta wing IV minus ATM forward IV. The absolute daily 1W BF25 move ranked at the 76.7 percentile among 30 matching prior observations spanning September 11–October 11, a routine adjustment within that sample.

Macro

No qualifying macro event was retained for this report window.

Crypto

For institutional context, [Cointelegraph](https://cointelegraph.com/news/michael-saylor-strategy-250-btc-buy) reported Strategy's latest Bitcoin purchase and resulting holdings. A separate [Cointelegraph report](https://cointelegraph.com/news/south-korea-jeonbuk-bank-bitcoin-backed-business-loans) described Jeonbuk Bank offering corporate loans backed by Bitcoin held with a custodian; that lending account remains provisional single-source reporting. Neither report establishes a causal link to the measured butterfly or skew changes.

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.

DS30 · Derivasys model-derived

42.43 vol points

Measurement 12 Oct 2026, 16:30:00 UTC

At report cutoff · 0 min measurement lag

BVIV · Bitfinex market reference

39.37 vol points

Measurement 12 Oct 2026, 16:28:24 UTC

Stale · 2 min measurement lag

Measurement age 96s · report-cutoff maximum 90s · persisted source maximum 15s · source availability: streaming · reference rejected by persisted source-age policy at observation · measurement age exceeds report-cutoff maximum · comparison ineligible

Comparison suppressed — BVIV: Measurement age 96s · report-cutoff maximum 90s · persisted source maximum 15s · source availability: streaming · reference rejected by persisted source-age policy at observation · measurement age exceeds report-cutoff maximum · comparison ineligible

As of 12 Oct 2026, 16:30 UTC. Measurement freshness is shown separately for each index.

Index evidence and methodology

DS30 · Source measurement 12 Oct 2026, 16:30:00 UTC; observed receipt not recorded; ingested not recorded. Freshness: At report cutoff, evaluated 12 Oct 2026, 16:30:00 UTC. Measurement age 0s · report-cutoff maximum 120s · comparison eligible. Derivasys model-free 30-calendar-day implied volatility from fitted BTC SVI slices

BVIV · Source measurement 12 Oct 2026, 16:28:24 UTC; observed receipt 12 Oct 2026, 16:29:00 UTC; ingested 12 Oct 2026, 16:29:00 UTC. Freshness: Stale, evaluated 12 Oct 2026, 16:30:00 UTC. Measurement age 96s · report-cutoff maximum 90s · persisted source maximum 15s · source availability: streaming · reference rejected by persisted source-age policy at observation · measurement age exceeds report-cutoff maximum · comparison ineligible. Bitfinex BVIV reference price from the status channel

BVIV minus independently selected latest eligible DS30 at or before the requested cutoff

Source index JSON

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 -0.25 volatility points, to 32.23%.

RV observation windows

The 24-hour, seven-day and 30-day RV windows are assessed independently using observed one-minute index returns, annualised on a 365-day basis. Recorded minimums: at least 98% coverage over 24 hours, 97% coverage over seven days, 99.5% coverage over 30 days, with no gap longer than 60 minutes. Returns spanning gaps are excluded, not interpolated; unavailable windows remain unreported. The exact 24-hour spot return requires prices at both endpoints.

Derived directly from structured Derivasys surface data

Relevant context found; no confirmed catalyst

Relevant market events

2 relevant events were retained for the comparison window.

Confidencelow causal confidence

News is presented as contextual association unless the structured evidence supports a stronger relationship.

Selected events

01
Strategy adds 250 Bitcoin as holdings reach 848,250 BTCCointelegraph · 12:31 UTC
broader crypto · neutral · low confidence
Selection methodology
Events are selected using relevance scoring and event-level deduplication.
Retained as contemporaneous price context alongside Forward 15OCT26: -1078.00 USD (-1.29%) to 82785.64 USD; the surface data does not establish a causal relationship.
Matched signals: Forward 15OCT26: -1078.00 USD (-1.29%) to 82785.64 USD
02
South Korean bank launches Bitcoin-backed business loans: ReportCointelegraph · 08:45 UTC
broader crypto · neutral · low confidence
Selection methodology
Events are selected using relevance scoring and event-level deduplication.
Retained as contemporaneous price context alongside Forward 15OCT26: -1078.00 USD (-1.29%) to 82785.64 USD; the surface data does not establish a causal relationship.
Matched signals: Forward 15OCT26: -1078.00 USD (-1.29%) to 82785.64 USD

04 · Detailed analysis

What changed across the BTC volatility surface.

Implied versus realised

At the 16:30 UTC cutoff, 1W ATM IV was 32.23%, 3.83 volatility points above seven-day realised volatility of 28.40%; 24-hour realised volatility was 27.65% and 30-day realised volatility was 33.48%.

Front end

Front-end ATM IV was broadly unchanged, averaging +0.04 volatility points to 33.74% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 38.19% (+0.08 volatility points); 1Y was unavailable.

Skew

RR25 moved towards calls, averaging +0.23 volatility points to -2.42 volatility points across the five available headline tenors.

Convexity

BF25 was broadly unchanged, averaging -0.09 volatility points to 1.94 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -0.25 volatility points at 1W, to 32.23%.

24h spot-index return

BTC spot-index return was -1.32% over 24 hours.

7d spot-index return

BTC spot-index return was -2.80% over seven days.

Universe roll: no additions; removed 12OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

Largest eligible smile rotation

15OCT26, +2.87 vol pts

Largest standard-tenor RR25 move

1W, +0.71 vol pts

Largest standard-tenor BF25 move

1W, -0.29 vol pts

Largest standard-tenor ATM IV move

1W, -0.25 vol pts

Largest eligible SVI rho move

23OCT26, +0.1111 param

Largest eligible SVI sigma move

25JUN27, +0.0695 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

Tenor	Current (vol %)	Comparison snapshot (vol %)	Change (vol pts)	Relative change
1W	32.23	32.48	-0.25 vol pts	-0.77%
2W	33.31	33.10	+0.21 vol pts	+0.63%
1M	35.68	35.51	+0.17 vol pts	+0.48%
3M	37.34	37.31	+0.03 vol pts	+0.08%
6M	38.19	38.11	+0.08 vol pts	+0.21%
9M	38.70	38.66	+0.04 vol pts	+0.10%
1Y	Unavailable	Unavailable	Unavailable	Unavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1W.

RR25 moved towards calls, averaging +0.23 volatility points to -2.42 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

Tenor	Current (vol pts)	Comparison snapshot (vol pts)	Change (vol pts)
1W	-2.77	-3.48	+0.71 vol pts
2W	-3.48	-3.63	+0.15 vol pts
1M	-2.68	-2.86	+0.18 vol pts
3M	-1.75	-1.85	+0.10 vol pts
6M	-1.44	-1.43	-0.01 vol pts
9M	-1.26	-1.12	-0.14 vol pts
1Y	Unavailable	Unavailable	Unavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 1W.

BF25 was broadly unchanged, averaging -0.09 volatility points to 1.94 volatility points across the five available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

Tenor	Current (vol pts)	Comparison snapshot (vol pts)	Change (vol pts)
1W	1.57	1.86	-0.29 vol pts
2W	1.64	1.77	-0.13 vol pts
1M	1.92	1.94	-0.02 vol pts
3M	2.25	2.25	0.00 vol pts
6M	2.32	2.31	+0.01 vol pts
9M	2.40	2.38	+0.02 vol pts
1Y	Unavailable	Unavailable	Unavailable

Source: Derivasys Research — structured data

09 · Expiry effects

Near-settlement moves, shown with context.

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

Smile rotation

13OCT26, +3.77 vol pts

1.6d

ATM IV change

14OCT26, -2.44 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.

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
13OCT26Expiry effect	0.6 days	82,744.09	-1081.94 USD	24.96%	-3.01 vol pts	+1.25 vol pts	-0.51 vol pts
14OCT26Expiry effect	1.6 days	82,753.14	-1109.37 USD	26.61%	-2.44 vol pts	+0.99 vol pts	-0.59 vol pts
15OCT26	2.6 days	82,785.64	-1078.00 USD	30.38%	-0.56 vol pts	+0.92 vol pts	-0.26 vol pts
16OCT26	3.6 days	82,805.76	-1076.31 USD	31.62%	-0.55 vol pts	+0.62 vol pts	-0.34 vol pts
23OCT26	10.6 days	82,901.63	-1094.60 USD	32.46%	-0.27 vol pts	+0.70 vol pts	-0.28 vol pts
30OCT26	17.6 days	82,994.26	-1112.80 USD	33.86%	+0.31 vol pts	-0.05 vol pts	+0.01 vol pts
27NOV26	45.6 days	83,360.05	-1100.33 USD	36.54%	-0.07 vol pts	+0.18 vol pts	-0.06 vol pts
25DEC26	73.6 days	83,707.57	-1074.14 USD	36.96%	-0.03 vol pts	+0.11 vol pts	+0.01 vol pts
26MAR27	164.6 days	84,796.97	-1095.49 USD	38.05%	+0.09 vol pts	+0.05 vol pts	-0.01 vol pts
25JUN27	255.6 days	85,937.13	-1143.14 USD	38.58%	+0.03 vol pts	-0.19 vol pts	+0.05 vol pts
24SEP27	346.6 days	87,054.41	-1154.24 USD	39.08%	+0.05 vol pts	-0.04 vol pts	-0.08 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.

13OCT26rotation towards calls · wing steepening

14OCT26rotation towards calls · wing steepening

15OCT26rotation towards calls · wing steepening

16OCT26rotation towards calls · wing steepening

23OCT26rotation towards calls

30OCT26parallel shift higher

27NOV26limited movement

25DEC26limited movement

26MAR27parallel shift higher

25JUN27limited movement

24SEP27parallel 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.

13OCT26

14OCT26

15OCT26

16OCT26

23OCT26

30OCT26

27NOV26

25DEC26

26MAR27

25JUN27

24SEP27

-0.30kATM+0.30k

Completed-session cross-asset context

Crypto volatility against US equity risk.

BTC 30-day implied volatility was 2.3 times VIX, while its 30-session return correlation with SPX was mixed at 0.61.

Implied-volatility premium

BTC 30-day ATM IV was 34.25%, against VIX at 14.84: a 19.41-point spread and 2.31× ratio.

Daily-close realised-volatility regime

BTC 20-calendar-day realised volatility was 34.89%, versus SPX 20-session realised volatility of 9.93%. The spread ranked at percentile rank 45.6% of 252 prior observations.

This separate RV estimate uses 20 daily close-to-close log returns, sampled at 16:00 New York time, ending at the completed-session timestamp shown below. It requires a valid close for each day, rather than every intervening minute. Crypto RV is annualised with √365; SPX uses 20 trading-session returns and √252. It does not replace the intraday IV–RV comparison.

Equity co-movement

Return correlation with SPX was 0.611 over 30 aligned sessions and 0.341 over 60 sessions. VIX9D, VIX and VIX3M closed at 11.26, 14.84 and 17.77.

As of 09 Oct 2026, 20:00 UTC. Implied volatility and completed-session realised volatility use their respective observation windows shown above.

Evidence and methodology

market-context-v1. Derivasys 30-calendar-day fixed-tenor ATM IV uses ACT/365 implied-volatility convention. VIX-family closes come from yahoo_finance (^VIX, ^VIX9D, ^VIX3M); SPX RV comes from ^GSPC. Crypto RV uses 20 calendar-day close-to-close log returns and sqrt(365); SPX RV uses 20 US trading-session close-to-close log returns and sqrt(252). RV spread and ratio retain these mixed annualisation bases. Correlations use 30 or 60 aligned US-session daily returns. Percentiles use prior valid persisted observations. Alignment tolerance 600 seconds; crypto snapshot and benchmark timestamps both 2026-10-09T20:00:00Z. Ingested at 2026-10-09T22:30:50.075467Z.

Evidence, source data and methodology

Report comparison baseline → current snapshot: 2026-10-11 16:30:00 UTC → 2026-10-12 16:30:00 UTC

Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.

Lead signal · 12 Oct 2026, 16:30 UTC

The measurement behind the lead chart

BTC 1W BF25 1.57 vol pts · Δ -0.29 vol pts

BTC percentile rank 76.7% by absolute move · 30-day window (n=30); 1-day moves sampled daily UTC; 2026-09-11 to 2026-10-11

Original report summary

Bitcoin's 1W BF25 fell 0.29 volatility points to 1.57 points between the October 11 and October 12 cutoffs, reducing butterfly convexity. Average wing implied volatility narrowed relative to ATM, while supporting readings showed a smaller put-side skew advantage and limited daily movement in front-end ATM volatility.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: BTC 1W ATM IV 32.23% · Δ -0.25 vol pts

Skew: BTC 1W RR25 -2.77 vol pts · Δ +0.71 vol pts

Relative value: BTC 1W IV 32.23% / 7D RV 28.40% · spread +3.83 vol pts

Vol

BTC 1W ATM IV 32.23% · Δ -0.25 vol ptspercentile rank 7.6% by absolute move · full history (n=170); 1-day moves sampled daily UTC; 2026-04-24 to 2026-10-11

Skew

BTC 1W RR25 -2.77 vol pts · Δ +0.71 vol ptspercentile rank 47.1% by absolute move · full history (n=170); 1-day moves sampled daily UTC; 2026-04-24 to 2026-10-11

Wings

BTC 1W BF25 1.57 vol pts · Δ -0.29 vol ptspercentile rank 76.7% by absolute move · 30-day window (n=30); 1-day moves sampled daily UTC; 2026-09-11 to 2026-10-11

IV versus RV

BTC 1W IV 32.23% / 7D RV 28.40% · spread +3.83 vol pts

Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.

Historical move evidence

BTC 1W ATM IV: percentile rank 7.6% by absolute move · full history (n=170); 1-day moves sampled daily UTC; 2026-04-24 to 2026-10-11

BTC 1W RR25: percentile rank 47.1% by absolute move · full history (n=170); 1-day moves sampled daily UTC; 2026-04-24 to 2026-10-11

BTC 1W BF25: percentile rank 76.7% by absolute move · 30-day window (n=30); 1-day moves sampled daily UTC; 2026-09-11 to 2026-10-11

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 23OCT26; the largest sigma change occurred at 25JUN27.

Expiry	Δ a	Δ b	Δ rho	Δ m	Δ sigma	Smile classification
13OCT26	+0.03340	-0.04900	+0.05100	+0.03420	-0.12710	rotation towards calls, wing steepening
14OCT26	+0.00100	-0.02000	+0.01040	-0.01260	+0.09480	rotation towards calls, wing steepening
15OCT26	+0.00620	-0.01460	+0.04960	+0.01900	+0.00440	rotation towards calls, wing steepening
16OCT26	+0.00500	-0.01570	+0.04150	+0.01750	+0.02620	rotation towards calls, wing steepening
23OCT26	-0.00350	-0.00560	+0.11110	+0.05390	+0.04910	rotation towards calls
30OCT26	+0.00580	-0.00450	+0.10140	+0.06180	-0.03100	parallel shift higher
27NOV26	-0.01100	-0.00340	+0.04540	+0.01590	+0.04710	limited movement
25DEC26	+0.00860	-0.00810	+0.01940	+0.02200	-0.01680	limited movement
26MAR27	+0.03140	-0.01730	-0.01300	+0.00820	-0.06170	parallel shift higher
25JUN27	-0.03750	+0.01410	+0.04340	+0.03550	+0.06950	limited movement
24SEP27	+0.01610	-0.03170	+0.10300	+0.13500	+0.02370	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.

Highest Vega24SEP27, 332.371281 USD / vol pt

Highest Gamma13OCT26, 0.000459 1 / USD

Highest Theta Decay13OCT26, -268.280615 USD / day

Highest Vanna24SEP27, 0.001909 delta / vol pt

Highest Volga24SEP27, -0.308398 USD / vol pt²

7D realised volatility · data quality

Asset	Recorded RV	Status	Coverage / required	Longest gap / maximum
BTC	28.40%	Available	100% / 97% required	0 min / 60 min maximum

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 · Available · Surface cutoff 12 Oct 2026, 16:30:00 UTC · 7D coverage 100% / 97% required · largest 7D gap 0 min / 60 min maximum · maximum gap 60 min.

24h: complete; 1440/1440 observed returns; 100% coverage; 98% minimum; 0 min largest gap.

7d: complete; 10080/10080 observed returns; 100% coverage; 97% minimum; 0 min largest gap.

30d: complete; 43200/43200 observed returns; 100% coverage; 99.5% minimum; 0 min largest gap.

Source data JSON

13 · Methodology and provenance

Generated from measured Derivasys surface data.

Current snapshot: 12 Oct 2026, 16:30 UTC
Comparison snapshot: 11 Oct 2026, 16:30 UTC
Source: 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.

Continue through Derivasys

From today’s report to the underlying methods.

Live dashboard All reports Daily metrics data Latest BTC daily Latest weekly API Volatility surface guide What is SVI? Risk reversals Butterflies Local volatility Variance swaps

Measurement and history provenance

The day in markets.

Macro

Crypto

Model-derived and market-implied volatility.

What the volatility surface did.

Relevant market events

What changed across the BTC volatility surface.

Largest surface events

Standard-tenor ATM implied volatility.

RR25 skew moved most at 1W.

BF25 convexity changed most at 1W.

Near-settlement moves, shown with context.

Today against the previous 24-hour snapshot.

Reconstructed SVI smiles for every common expiry.

Surface movement heatmap

Crypto volatility against US equity risk.

The measurement behind the lead chart

What matters now

Vol

Skew

Wings

IV versus RV

Model parameters and normalized Greeks.

Daily movement in a, b, rho, m and sigma.

Where normalized model Greek intensity is highest.

7D realised volatility · data quality

Generated from measured Derivasys surface data.

From today’s report to the underlying methods.

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