The complete daily Derivasys BTC options surface report archive, with 24-hour ATM IV, RR25, BF25 and fitted-smile changes. Reports from 18 July 2026 also include linked news context.
Reports from 18 July 2026 include contextual news. Earlier reports contain measured surface analysis only.
BTC’s front end firmed into the 20:58 UTC cutoff, while the long end was largely unchanged and the curve flattened. The largest standard-tenor move was a routine 1W ATM IV increase, but 2W RR25 moved notably toward relative call-side volatility. Collected news supplied contemporaneous macro and crypto developments, yet the available reaction evidence does not establish a direct explanation for the closing repricing.
Bitcoin rose 1.55 per cent over the 24-hour window, but the options market did not chase the move: one-week implied volatility added only 0.19 points and one-month volatility slipped. Skew became less defensive, while seven-day realised volatility remained above the one-week implied measure. The news backdrop offered useful institutional and on-chain context, though neither item provides a convincing explanation for the restrained repricing.
Bitcoin fell 1.76 per cent over the 24-hour window as the market continued to digest Kevin Warsh’s warning that inflation could require tighter policy. The options response was more nuanced than the spot move: one-week implied volatility fell 3.69 points to 32.85 per cent, while two-week risk reversal moved sharply towards puts. One-week implied volatility now sits below seven-day realised volatility but above the quieter 24-hour measure, leaving the curve steeper rather than uniformly subdued.
Bitcoin ended the session below $80,000 as investors absorbed Kevin Warsh’s first major Jackson Hole address and a $6.4bn options expiry. The Federal Reserve chair offered little encouragement to those looking for an early easing signal, while the derivatives settlement removed a sizeable block of open interest. Against that backdrop, one-week implied volatility fell sharply and slipped below seven-day realised volatility, leaving the surface steeper rather than uniformly cheaper.
Front-end ATM IV fell sharply, while relative put-side volatility increased modestly and implied volatility remained below seven-day realised volatility.
ATM volatility declined at both the front and long ends, while RR25 shifted modestly toward puts and 1W implied volatility remained below seven-day realised volatility.
Front-end ATM IV rose sharply, with 1W IV reaching 44.02%, close to seven-day realised volatility of 44.90% but well below the 24-hour rate of 74.18%; RR25 moved toward calls and BF25 increased.
Front-end ATM IV fell 1.44 volatility points on average, led by a 2.11-point decline at 1W, while long-dated ATM IV was broadly unchanged and RR25 moved modestly toward calls.
