01 · Market read
The day across the three live Derivasys markets.
One-week implied volatility fell across all three markets. The largest one-week implied-versus-seven-day realised gap was in ETH, at -10.82 volatility points.
This is a comparison, not a pooled surface: each asset keeps its own forwards, expiries, SVI fit and realised-volatility history.
02 · Macro and crypto diary
Bitcoin weakens while front-end volatility retreats
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.
29 August 2026
Bitcoin weakens while front-end volatility retreats
A softer Bitcoin price and more defensive short-dated skew arrived alongside a further fall in implied volatility, with the front of the curve repricing much more sharply than longer maturities.
Macro: The market continued to absorb Kevin Warsh’s Jackson Hole message that persistently high inflation could put US interest-rate increases back in play, a restrictive backdrop for risk assets.
Crypto: Bitcoin’s ETF-supported advance lost momentum after roughly $3bn of recent fund demand, while the token finished the report window lower and its short-dated options surface became cheaper and more put-rich.
03 · Cross-asset scorecard
Implied volatility, realised volatility and skew.
04 · Term structures
ATM implied volatility across common standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ | 6M ATM / Δ | 1Y ATM / Δ |
|---|---|---|---|---|---|
| BTC | 32.85% / -3.69 | 35.43% / -1.93 | 37.93% / -1.27 | 40.15% / -1.02 | 42.33% / -0.54 |
| ETH | 43.44% / -2.03 | 48.73% / -1.62 | 52.27% / -0.72 | 54.55% / -0.38 | 56.11% / -0.03 |
| SOL | 71.20% / -1.58 | 66.24% / -2.13 | 61.04% / -1.18 | 59.70% / -0.91 | 59.01% / -0.78 |
05 · Underlying reports
The full surface evidence remains asset-specific.
Bitcoin weakens while front-end volatility retreats
BTC ATM volatility declined across maturities, led by a 3.69-point fall at 1W, while 1W implied volatility remained below seven-day realised volatility.
Read the BTC reportEther falls as the front end cheapens
Front-end ATM IV declined 2.13 volatility points on average, while 1W implied volatility remained 10.82 points below seven-day realised volatility.
Read the ETH reportSolana gained while its options surface softened
ATM IV declined across tenors, led by a 2.13-point fall at 1M, while 1W implied volatility remained below seven-day realised volatility.
Read the SOL report06 · Methodology and provenance
A derived publication with no duplicated market data.
The report is assembled at request time from the immutable BTC, ETH and SOL daily-report artifacts for the same UTC report date. It is omitted unless all three exist. Cross-asset averages are descriptive and equal-weighted; no attempt is made to combine distinct volatility surfaces into a single fit.