BTC, ETH and SOL options volatility reports — September 2026.
September 2026 crypto options volatility reports for BTC, ETH, SOL and altcoins, covering ATM IV, RR25, BF25, realised volatility and fitted SVI surfaces. Every item links to its dated, permanent report and preserved methodology.
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Daily options surface reports from September 2026.
Bitcoin two-week RR25 fell 1.28 volatility points to -0.26% at the 16:30 UTC cutoff, moving from call-rich to put-rich pricing and marking a notable 80.5 percentile move in comparable history. Bitcoin two-week ATM IV simultaneously fell 0.85 points to 33.70%, while Bitcoin’s 24-hour spot-index return was -0.83%. Derivasys data show one-week ATM IV at 33.98%, 3.14 points below seven-day realised volatility of 37.12%.
Ether one-week RR25 fell 1.99 volatility points to 0.82% at the 16:30 UTC cutoff, sharply narrowing call-side volatility’s premium over put-side volatility without reversing it. Ether two-week ATM IV fell 0.56 points to 47.36%, and Ether’s 24-hour spot-index return was -1.03%. Derivasys data show Ether one-week ATM IV at 48.08%, 4.32 points below seven-day realised volatility of 52.40%.
Solana three-month BF25 rose 0.88 volatility points to 5.36% at the 16:30 UTC cutoff, a notable 87th percentile move in comparable history that lifted the premium for wings relative to at-the-money volatility. Solana one-week ATM IV also rose 2.00 points to 55.38%, while front-end ATM IV averaged 54.21%, up 1.26 points. Solana’s 24-hour spot return was unavailable in the realised-volatility comparison.
Major-coin one-week ATM IV dispersion widened 2.30 volatility points to 21.40 points at the cutoff, with Solana one-week ATM IV at 55.38% and Bitcoin one-week ATM IV at 33.98%. Solana also posted the largest one-week ATM IV change, rising 2.00 points, while Bitcoin and Ether one-week ATM IV each edged lower. The widening relative-volatility gap ranked at the 81.8 percentile of the available history.
Altcoin one-week ATM IV dispersion widened 13.25 volatility points to 62.19 points, an observed high, as AVAX one-week ATM IV rose 10.37 points to 77.42% while TRX one-week ATM IV fell 2.88 points to 15.23%. The resulting gap makes the complex markedly less uniform, with AVAX retaining the highest implied-volatility level and TRX the lowest.
Bitcoin two-week BF25 rose 0.45 volatility points to 2.06%, marking the day’s most notable surface adjustment, while Bitcoin one-week ATM IV rose 2.51 points to 34.63%. Bitcoin’s 24-hour spot-index return was 1.22%, and Bitcoin one-week ATM IV was 1.68 points below seven-day realised volatility at the cutoff. Derivasys data show the front end repriced more than longer maturities.
Ether one-week BF25 rose 0.52 volatility points to 2.85%, the notable daily adjustment in the options surface. Ether one-week ATM IV rose 2.11 points to 48.21%, yet remained 2.89 points below Ether seven-day realised volatility at the cutoff. Ether’s 24-hour spot-index return was 2.04%, while long-dated ATM IV was unchanged.
Solana one-week ATM IV rose 2.72 volatility points to 53.62%, the largest standard-tenor volatility move in the surface. Solana two-week RR25 fell 2.00 volatility points to 2.64%, a relative rotation toward put volatility, although the positive reading still left calls richer than puts. Front-end ATM IV averaged 53.03% after a 1.52-point increase at the cutoff.
Solana one-week ATM IV stood at 53.62%, 18.99 volatility points above Bitcoin one-week ATM IV at 34.63%; the level spread widened 0.21 points. All three major-coin one-week ATM IV measures rose on the day, led by Solana’s 2.72-point increase versus Ether’s 2.11-point increase. The common repricing therefore left the relative-volatility hierarchy intact rather than closing the gap.
AVAX one-week ATM IV rose 11.51 volatility points to 66.51%, creating a 13.31-point dispersion against HYPE one-week ATM IV, which fell 1.80 volatility points to 65.26%. The split made AVAX the clear daily volatility outlier across the altcoin complex at the cutoff, while XRP one-week ATM IV also declined and TRX one-week ATM IV was little changed.
Bitcoin two-week RR25 rose 1.34 volatility points to 0.69%, reversing from a Bitcoin two-week RR25 reading of -0.65% and leaving calls richer than puts at the cutoff. Bitcoin’s two-week RR25 move was notable at the 82.3 percentile of comparable history. Bitcoin’s 24-hour spot-index return was 5.73%, while Bitcoin one-week ATM IV of 32.05% stood 3.54 volatility points below Bitcoin seven-day realised volatility of 35.59%, according to Derivasys data.
Ether two-week RR25 rose 3.29 volatility points to 2.48%, reversing from an Ether two-week RR25 reading of -0.81% and making calls richer than puts at the cutoff. Ether’s two-week RR25 move ranked at the 93.5 percentile of comparable history. Ether’s 24-hour spot-index return was 5.43%, while Ether one-week ATM IV of 46.19% was 3.99 volatility points below Ether seven-day realised volatility of 50.18%, according to Derivasys data.
Solana one-month BF25 fell 1.03 volatility points to 3.69%, a large convexity repricing at the 95.2 percentile of comparable history. Separately, Solana two-week RR25 rose 2.05 volatility points to 5.09%, leaving calls materially richer than puts. One-month ATM IV fell 2.13 volatility points to 52.69%, according to Derivasys data; realised-volatility comparisons were unavailable.
One-week ATM IV dispersion between Solana and Bitcoin narrowed 1.67 volatility points to 18.64 points at the cutoff. Solana’s one-week ATM IV was 50.69%, versus Bitcoin’s 32.05%, while Ether’s one-week ATM IV was 46.19%. The compression coincided with Bitcoin’s one-week ATM IV rising 2.46 volatility points, compared with a 0.79-point rise in Solana’s one-week ATM IV.
Altcoin one-week RR25 dispersion widened 5.94 volatility points to 11.68 points between HYPE and TRX at the cutoff. HYPE’s one-week RR25 was 11.31%, leaving calls markedly richer than puts, while TRX’s one-week RR25 was -0.37%, close to neutral but tilted toward puts. Derivasys data show a sharper split in relative skew even as the one-week ATM IV level gap narrowed.
Bitcoin one-week ATM IV fell 7.15 volatility points to 29.56% over the 24-hour observation window, a large reset in Derivasys data. Bitcoin spot-index return was positive 1.16% over the same 24 hours. At the cutoff, Bitcoin one-week ATM IV stood 7.20 volatility points below seven-day realised volatility of 36.76%, meaning the options-implied measure was below the completed trailing realised measure.
Ether one-week ATM IV fell 8.62 volatility points to 44.54% during the 24-hour observation window, the sharpest standard-tenor move in the Ether surface. Ether spot-index return gained 3.03% over the same 24 hours. At the cutoff, Ether one-week ATM IV was 9.40 volatility points below seven-day realised volatility of 53.94%; separately, Ether two-week BF25 fell 1.34 volatility points to 2.55%, marking substantial convexity compression.
Solana one-week ATM IV fell 4.27 volatility points to 50.11% over the 24-hour observation window, while Solana one-week RR25 rose 2.83 volatility points to 3.87%. The positive RR25 level means call volatility was richer than put volatility at that tenor. Front-end Solana ATM IV averaged 52.38%, down 1.89 volatility points; comparable long-dated fixed-tenor observations were unavailable.
Major-coin one-week ATM IV fell across Bitcoin, Ether and Solana, but the reset was uneven. Ether one-week ATM IV fell 8.62 volatility points to 44.54%, Bitcoin one-week ATM IV fell 7.15 volatility points to 29.56%, and Solana one-week ATM IV fell 4.27 volatility points to 50.11%. That left Solana’s one-week ATM IV 20.55 volatility points above Bitcoin’s, widening the level spread by 2.88 volatility points.
Altcoin one-week ATM IV fell across the complex, with HYPE one-week ATM IV dropping 5.57 volatility points to 65.33%, the largest decline. AVAX one-week ATM IV fell only 1.29 volatility points to 57.38%, leaving a 4.28-point range in daily changes. Despite that compression, HYPE’s one-week ATM IV remained 49.44 volatility points above TRX’s 15.89%. Derivasys data show a narrower but still unusually segmented front end.
Bitcoin one-week ATM IV fell 6.73 volatility points to 36.61% over the 24-hour observation window, a 95.2 percentile move in Derivasys history. Bitcoin’s 24-hour spot-index return was -0.87%, while one-week ATM IV remained 2.01 volatility points above seven-day realised volatility of 34.60%. The reset was concentrated at the front end, where ATM IV averaged 36.12%.
Ether one-week ATM IV fell 6.05 volatility points to 53.07% over the 24-hour observation window, an 86.2 percentile move in available Derivasys history. Ether’s 24-hour spot-index return was -1.07%, while one-week ATM IV stood 2.31 volatility points above seven-day realised volatility of 50.76%. Front-end ATM IV averaged 52.16%, showing the compression was concentrated in shorter maturities.
Solana one-week ATM IV fell 2.14 volatility points to 54.33% over the 24-hour observation window. Solana one-week RR25 rose 0.29 volatility points to 1.11%, leaving call volatility richer than put volatility at that tenor. Derivasys data show front-end ATM IV averaged 54.22%; realised-volatility comparisons were unavailable at the cutoff.
Major-coin one-week ATM IV fell across Bitcoin, Ether and Solana at the 16:30 UTC cutoff. Bitcoin one-week ATM IV fell 6.73 volatility points to 36.61%, Ether one-week ATM IV fell 6.05 volatility points to 53.07%, and Solana one-week ATM IV fell 2.14 volatility points to 54.33%. The common decline nevertheless widened relative volatility levels between Solana and Bitcoin to 17.72 volatility points.
Altcoin one-week ATM IV split sharply at the 16:30 UTC cutoff: XRP one-week ATM IV rose 5.34 volatility points to 66.98%, while AVAX one-week ATM IV fell 3.63 volatility points to 58.81%. The resulting 8.97-point spread in daily ATM IV changes marks a clear cross-sectional divergence in Derivasys data, rather than a uniform repricing across the complex.
Bitcoin one-month RR25 fell 1.71 volatility points to -2.10%, leaving put volatility richer than call volatility at the 21:01 UTC cutoff. The shift was large relative to its available history, while Bitcoin one-week ATM IV rose 1.20 volatility points to 39.43%. Bitcoin’s 24-hour spot-index return was -3.91%, and Bitcoin one-week ATM IV stood 4.40 volatility points above seven-day realised volatility. Derivasys data show a more defensive relative-volatility profile even as front-end implied volatility rose only modestly.
Ether one-week RR25 fell 4.48 volatility points to -1.59%, shifting the front-end smile from call-rich to put-rich relative volatility at the cutoff. Ether one-week ATM IV simultaneously fell 2.08 volatility points to 55.04%, so the move was a skew repricing rather than a broad rise in implied volatility. Ether’s 24-hour spot-index return was -6.17%, while Ether one-week ATM IV remained 4.33 volatility points above seven-day realised volatility. Derivasys data also show richer two-week convexity.
Solana’s near-expiry options smile rotated lower over the observation window, alongside a 4.81-volatility-point fall in Solana one-week RR25 to -0.20%. Solana one-week ATM IV fell 1.94 volatility points to 57.41%, and front-end ATM IV averaged 56.03%, down 1.27 volatility points. The combination indicates lower overall front-end implied volatility with a marked move toward relative put-side volatility. Realised-volatility comparisons were unavailable because the required minute-series completeness threshold was not met.
The one-week ATM IV dispersion between Solana and Bitcoin compressed by 3.14 volatility points to 17.98 volatility points. Solana one-week ATM IV remained highest at 57.41% and Bitcoin one-week ATM IV lowest at 39.43%, while Bitcoin one-week ATM IV rose 1.20 volatility points, Ether one-week ATM IV fell 2.08 volatility points, and Solana one-week ATM IV fell 1.94 volatility points. One-week RR25 dispersion among Bitcoin, Ether and Solana also narrowed by 2.64 volatility points to 1.39 volatility points, as all three assets shifted toward relative put-side volatility.
Altcoin one-week ATM IV dispersion widened to 51.67 volatility points, with HYPE one-week ATM IV at 70.88% and TRX one-week ATM IV at 19.21%. The gap widened by 3.92 volatility points as TRX one-week ATM IV fell 3.22 volatility points, while HYPE remained the complex’s highest-volatility asset. One-week RR25 dispersion, by contrast, compressed to 1.35 volatility points, bringing relative call-versus-put volatility closer together.
Bitcoin’s one-week RR25 increased 0.62 volatility points to -0.15%, leaving put-side volatility still richer than call-side volatility but materially less so than at the prior snapshot. At the same time, one-week ATM IV fell 1.50 points to 36.60%, while the 24-hour spot-index return was 1.84%.
Ether’s near-expiry option smile underwent its largest measured rotation at the 17SEP26 expiry, while fixed-tenor volatility changes remained modest. One-week RR25 rose 1.78 volatility points to 0.30%, placing call-side volatility above put-side volatility; one-week ATM IV added 0.64 points to 53.06%.
Solana one-week ATM IV rose 3.20 volatility points to 57.12%, the largest standard-tenor move on the surface. One-week RR25 also increased 1.21 points to 3.10%, indicating relatively richer call-side volatility. Front-end ATM IV averaged 55.61%, up 2.10 points from the prior snapshot.
One-week ATM IV dispersion across Bitcoin, Ether and Solana widened 4.70 volatility points to 20.52 points. Solana’s one-week at-the-money implied volatility stood at 57.12% after rising 3.20 volatility points, while Bitcoin’s one-week at-the-money implied volatility fell 1.50 volatility points to 36.60%; Ether’s one-week at-the-money implied volatility was 53.06%. The result is a sharper relative-volatility split across major-coin options.
Altcoin one-week ATM IV rose across the complex, but the adjustment was far from uniform: XRP increased 5.63 volatility points to 60.01%, versus a 1.44-point rise to 21.46% for TRX. That 4.19-point change range makes XRP the clear front-end leader, while HYPE retained the highest one-week ATM IV level at 68.65%.
Bitcoin one-week ATM IV rose 3.33 volatility points to 38.10% over the observation window, placing the short-dated volatility gauge at the 74.1 percentile of its available level history. The 24-hour spot-index return was -0.18%, while Bitcoin one-week ATM IV remained 6.96 points above seven-day realised volatility at the cutoff. DerivaSys data show the repricing concentrated at the front end: front-end ATM IV gained 2.12 points, versus a 0.11-point increase in the long-end average.
Ether one-week ATM IV rose 3.94 volatility points to 52.42% during the observation window, while the 24-hour spot-index return was -1.17%. At the cutoff, one-week ATM IV sat 7.23 points above seven-day realised volatility, signalling a higher implied reading than the recent realised measure. DerivaSys data also show downside relative volatility becoming richer: Ether two-week RR25 fell 0.45 points to -1.40%, meaning puts were richer than calls on that measure.
Solana one-week ATM IV rose 4.05 volatility points to 53.92% over the observation window, the largest standard-tenor rise on the surface. One-week RR25 fell 2.59 volatility points to 1.89%, a substantial shift toward puts in relative volatility while calls remained richer than puts at the cutoff. Front-end ATM IV averaged 53.51%, up 2.21 points. Realised-volatility comparisons were unavailable because the minute series did not meet the completeness requirement.
At the 16:30 UTC cutoff, Solana's one-week at-the-money implied-volatility reading was 53.92%, up 4.05 volatility points—the largest increase across the major-coin options markets. At-the-money implied volatility is the market's estimate of expected price movement centred on the prevailing price.
Ether's one-week at-the-money implied-volatility reading reached 52.42%, an increase of 3.94 volatility points, while Bitcoin's one-week at-the-money implied-volatility reading reached 38.10%, an increase of 3.33 volatility points. The Solana–Bitcoin one-week at-the-money implied-volatility change range was 0.72 volatility points. The Solana–Bitcoin one-week at-the-money implied-volatility level gap was 15.82 volatility points after widening by 0.72 volatility points.
Solana's one-week 25-delta risk reversal, which compares call and put implied volatility, fell 2.59 volatility points toward puts to 1.89%, while remaining call-rich. The Solana–Ether one-week 25-delta risk-reversal level gap narrowed by 2.28 volatility points to 3.37 volatility points. Derivasys data underpin these options-market observations.
At the 16:30 UTC cutoff, Derivasys data showed TRX one-week at-the-money implied volatility 4.82 volatility points above TRX seven-day realised volatility, while AVAX one-week at-the-money implied volatility was 1.96 points below AVAX seven-day realised volatility. The TRX-versus-AVAX one-week implied-versus-realised range was 6.78 volatility points.
AVAX one-week at-the-money implied volatility rose 3.21 volatility points to 58.69%, while TRX one-week at-the-money implied volatility fell 1.68 volatility points to 20.02%. Implied volatility reflects the market's pricing of expected movement; realised volatility measures movement already observed. Over the 24 hours to the cutoff, AVAX spot-index return was -0.62% and TRX spot-index return was 0.29%.
Bitcoin one-week RR25 fell 0.48 volatility points to -0.37%, shifting relative volatility toward puts and leaving puts richer than calls at the cutoff. Bitcoin’s 24-hour spot-index return was -0.37%, while one-week ATM IV of 34.76% remained 3.34 points above seven-day realised volatility, according to DerivaSys data.
Ether one-week RR25 dropped 3.76 volatility points to -1.16%, a notable shift toward relative put-side volatility at the 16:29 UTC cutoff. Ether’s 24-hour spot-index return was -1.26%, while one-week ATM IV of 48.48% sat 2.91 points above seven-day realised volatility, according to DerivaSys data.
Solana’s options surface rotated lower across strikes, while front-end ATM IV increased only 0.17 volatility points on average to 51.32%. The largest standard-tenor ATM IV change was a 0.64-point rise in two-week ATM IV to 51.38%; realised-volatility comparisons were unavailable at the cutoff.
Major-coin one-week ATM IV fell across Bitcoin, Ether and Solana, but the adjustment was uneven: Ether fell 3.12 volatility points, Bitcoin declined 1.58 points and Solana eased 0.45 points. That left a 2.67-point cross-asset dispersion in daily one-week ATM IV changes at the cutoff.
Altcoin one-week options show their clearest split in implied volatility versus realised volatility: TRX stands 6.35 volatility points above seven-day realised volatility, while AVAX stands 6.10 points below it. The 12.45-point range separates relative pricing across the complex, rather than recording a daily widening or narrowing.
Bitcoin one-week ATM IV fell 2.65 volatility points to 36.34% over the observation window, even as the 24-hour spot-index return was positive 1.00%. Derivasys data show the move was notable against comparable history. One-week implied volatility nevertheless remained 5.18 points above seven-day realised volatility, while 24-hour realised volatility was higher.
Ether one-week RR25 rose 2.90 volatility points to 2.60%, shifting relative volatility toward calls and leaving calls richer than puts at the cutoff. The move was notable against the available history. Ether’s 24-hour spot-index return was 5.17%, while one-week ATM IV of 51.60% stood 7.58 points above seven-day realised volatility.
Solana two-week RR25 rose 5.52 volatility points to 5.41%, a sharp shift in relative volatility toward calls. At the same cutoff, front-end ATM IV averaged 51.15%, down 1.46 points, and one-week ATM IV fell 2.80 points to 50.46%. Realised-volatility comparisons were unavailable because the minute series did not meet completeness requirements.
Major-coin one-week ATM IV changes split sharply at the cutoff: Ether rose 1.60 volatility points, Bitcoin fell 2.65 points and Solana fell 2.80 points. That produced a 4.40-point range between Ether and Solana. The divergence widened the difference in short-dated volatility levels, with Ether at 51.60% and Bitcoin at 36.34%.
At the cutoff, Derivasys data show TRX and AVAX one-week options at a 10.36-volatility-point implied-versus-realised range. TRX one-week ATM implied volatility was 5.59 volatility points above TRX seven-day realised volatility, while AVAX one-week ATM implied volatility was 4.77 volatility points below AVAX seven-day realised volatility. The comparison is a level at the cutoff, not a measured daily widening.
Bitcoin one-month RR25 fell 0.97 volatility points to minus 0.38% over the observation window, shifting the relative price of puts above calls. The move was notable at the 81.3 percentile of comparable full-history observations. At the same cutoff, one-week ATM IV was 38.99%, down 1.48 points, while the Bitcoin spot-index return over 24 hours was minus 2.30%. DerivaSys data show a lower volatility level alongside a more defensive skew.
Ether one-month BF25 fell 0.69 volatility points to 2.53% during the window, a large adjustment at the 91.3 percentile of comparable full-history moves. Meanwhile, one-week RR25 dropped 2.96 points to minus 0.30%, placing relative put-side volatility above call-side volatility. One-week ATM IV finished at 50.00%, down 2.31 points, and Ether’s 24-hour spot-index return was minus 2.23%. DerivaSys data show convexity easing alongside a marked skew reversal.
Solana’s options surface rotated lower during the observation window as downside skew strengthened alongside softer front-end implied volatility. One-week ATM IV fell 1.70 volatility points to 52.96%, while two-week RR25 declined 1.98 points to minus 0.12%, leaving put-side volatility relatively richer than call-side volatility. Three-month BF25 also dropped 1.03 points to 4.11%. Realised-volatility comparisons were unavailable because the required minute-series completeness threshold was not met.
Across the 24 hours ending 16:30 UTC on 10 September 2026, Ether’s one-week at-the-money implied volatility fell 2.31 volatility points to 50.00%, the largest move among the three markets. At-the-money implied volatility is an options-based measure of expected variability. Bitcoin’s one-week ATM IV fell 1.48 volatility points to 38.99%, while Solana’s one-week ATM IV fell 1.70 volatility points to 52.96%, according to Derivasys data.
The range between Solana’s one-week ATM IV and Bitcoin’s one-week ATM IV narrowed 0.22 volatility points to 13.97 volatility points. Bitcoin’s 24-hour spot-index return was -2.30%, Ether’s 24-hour spot-index return was -2.23%, and Solana’s 24-hour spot-index return was unavailable.
Altcoin options showed a pronounced one-week valuation split at the 16:30 UTC cutoff: TRX implied volatility stood 4.88 volatility points above seven-day realised volatility, while XRP sat 4.16 points below it. That 9.04-point gap leaves TRX relatively rich and XRP relatively cheap on this measure, according to DerivaSys data. The comparison is cross-sectional rather than a statement about a catalyst.
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.
Ether one-week ATM IV declined as one-week RR25 moved into put-rich territory. The move was concentrated at the front end, while long-dated ATM IV was broadly unchanged.
Solana one-week implied volatility remained below seven-day realised volatility. The front end softened and two-week skew moved toward puts while remaining call-rich.
One-week ATM IV dispersion across BTC, ETH and SOL widened by 2.54 volatility points to 16.95 points. SOL held the highest one-week implied volatility at 48.96%, BTC the lowest at 32.01%, and ETH’s 5.20-point decline was the largest absolute daily move.
Altcoin one-week volatility pricing diverged, led by XRP’s compression while TRX remained richest relative to realised volatility. Relative value, rather than a uniform complex repricing, defined the session.
Bitcoin two-week RR25 rose 2.89 volatility points to 1.99%, moving call-side volatility above put-side volatility in a large 96.2 percentile move. The adjustment coincided with a 5.75-point rise in one-week ATM IV, while the 1Y-minus-1W ATM slope became less steep.
Ether one-week ATM IV increased 4.73 volatility points to 47.71%, a notable move at the 81.2 percentile. Ether front-end ATM IV across the one-week, two-week and one-month tenors rose 2.76 volatility points on average, while Ether long-end ATM IV across the six-month and one-year tenors rose 0.26 volatility points on average. The Ether one-year-minus-one-week ATM IV slope was 8.15 volatility points.
Solana two-week RR25 jumped 3.88 volatility points to 3.97%, an exceptional 100th percentile move that left call-side volatility richer than put-side volatility. Meanwhile, front-end ATM IV declined 1.19 points on average and one-week ATM IV fell 1.67 points to 51.89%.
Major-coin one-week implied volatility minus seven-day realised volatility spans 13.91 volatility points between ETH and SOL. Major-coin one-week ATM IV level dispersion narrowed by 7.42 volatility points to 14.87 volatility points between SOL and BTC.
AVAX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility. One-week ATM IV level dispersion across the altcoin complex has compressed, with HYPE highest and TRX lowest.
Bitcoin one-week implied volatility fell 2.33 volatility points to 31.03%, leaving it 4.04 volatility points below seven-day realised volatility. At the same tenor, relative put-side volatility increased: 1W RR25 fell 1.07 volatility points to -1.02%. The longer-dated curve remained higher than the front end as the 1Y-minus-1W ATM IV slope widened to 10.97 volatility points.
Ether one-week RR25 fell 1.81 volatility points to -2.00%, leaving one-week relative put-side volatility richer than one-week call-side volatility. Ether one-week ATM IV fell 1.17 volatility points to 43.30%, while Ether front-end ATM IV across the 1W, 2W and 1M tenors averaged 46.23%, a decline of 0.43 volatility points in Ether front-end ATM IV across the 1W, 2W and 1M tenors. Ether’s 1Y-minus-1W ATM IV slope rose to 12.53 volatility points.
Solana’s front-end options repriced sharply lower: one-week ATM IV fell 7.61 volatility points to 53.34%, 13.19 volatility points below seven-day realised volatility. The front-end average declined 7.09 volatility points, more than the 3.99-point decline at the long end. One-week BF25 fell 1.47 volatility points to 3.42%, while short-dated relative put-side volatility increased.
Major-coin options saw a pronounced short-dated divergence: SOL one-week ATM IV fell 7.61 volatility points, versus a 1.17-point fall for ETH, creating a 6.44-point dispersion. SOL nonetheless retained the highest one-week ATM IV at 53.34%, 22.31 volatility points above BTC’s 31.03%. Ether carried the richest relative put-side volatility, with 1W RR25 at -2.00%.
Across the XRP, HYPE, AVAX and TRX options markets, the 1W ATM IV change range between AVAX and XRP was 6.29 volatility points. Across the XRP, HYPE, AVAX and TRX options markets, the 1W RR25 level spread between TRX and AVAX was 2.80 volatility points.
SOL 1W ATM IV fell 10.73 volatility points to 55.40%, an exceptional move at the 100th percentile. SOL front-end ATM IV fell 9.62 volatility points to 55.37%, while SOL long-dated ATM IV fell 3.93 volatility points to 54.88%. The 1Y-minus-1W ATM IV slope became less inverted by 7.02 volatility points to -0.54 volatility points.
SOL’s 1W ATM IV fell 10.73 volatility points, compared with a 0.78-point decline in ETH 1W ATM IV and a 0.81-point decline in BTC 1W ATM IV. That left 9.95 volatility points of 1W ATM IV change dispersion. The front-end convergence came with distinct skew and curve profiles.
The altcoin complex’s 1W ATM IV changes spanned 10.73 volatility points, from a 7.75-point decline in XRP to a 2.98-point increase in TRX. HYPE retained the highest 1W ATM IV level, while XRP held the most call-rich 1W RR25 level. The cross-section remains the story rather than a set of separate asset moves.
Bitcoin two-week RR25 rose 1.82 volatility points to 1.16%, rotating the tenor from put-rich to call-rich over the week. At the same cutoff, Bitcoin front-end ATM IV averaged 34.63%, down 0.27 points, and Bitcoin long-dated ATM IV averaged 38.34%, down 0.89 points. The result is a skew rotation toward relative call-side volatility alongside lower implied-volatility levels.
TRX one-week ATM IV exceeded TRX seven-day realised volatility by 5.75 points, while XRP one-week ATM IV trailed XRP seven-day realised volatility by 16.90 points. That 22.65-point implied-versus-realised range was the week’s clearest cross-asset relative-value divide. AVAX one-week ATM IV nevertheless posted the largest weekly increase, rising 11.06 points to 66.51%, showing that repricing and relative value did not move in lockstep.
Bitcoin’s two-week RR25 fell 1.87 volatility points to -0.50% during the week, leaving relative put-side volatility above call-side volatility. Front-end ATM IV averaged 34.87%, down 0.50 points, while long-dated ATM IV averaged 39.19%, down 0.98 points. The nearest eligible forward fell 3.10% over the comparison window.
Across the seven-market crypto options complex, TRX one-week ATM IV stood 6.35 volatility points above seven-day realised volatility, while AVAX stood 6.10 points below it. The resulting 12.45-point implied-versus-realised range was the week’s strongest relative-value contrast. ETH also posted the largest one-week ATM IV increase, up 6.79 points.
Bitcoin two-week RR25 rose 3.22 volatility points to 1.61%, shifting from put-rich to call-rich pricing and registering as a notable historical move. Front-end ATM IV increased 1.92 points over the week, while long-dated ATM IV was broadly unchanged. The two-week ATM IV rise was 2.54 points to 36.73%.
Solana’s one-week ATM IV fell 20.89 volatility points, while Bitcoin’s one-week ATM IV rose 1.76 volatility points. Seven-market one-week ATM IV changes spanned 22.65 volatility points. HYPE’s one-week ATM IV was 62.25%.
