01 · Market read
The day across the three live Derivasys markets.
Over the observation window, Ether’s 24-hour spot performance rose 0.78% and Bitcoin’s 24-hour spot performance fell 0.24%, creating a 1.02-percentage-point Ether–Bitcoin spot-performance spread. Derivasys data show Solana’s one-week ATM implied volatility at 55.35% and Bitcoin’s one-week ATM implied volatility at 39.57%; the resulting one-week ATM implied-volatility dispersion narrowed 0.41 volatility points to 15.78 volatility points. Ether’s one-week RR25 level of 1.66% and Solana’s one-week RR25 level of 1.28% reduced their one-week RR25 dispersion by 0.66 volatility points to 0.38 volatility points. Ether’s one-week ATM implied volatility was 6.27 volatility points above Ether’s seven-day realised volatility, compared with a 6.10-volatility-point Bitcoin one-week implied-versus-seven-day-realised spread; Solana’s realised-volatility comparison was unavailable.
Cross-sectional observations
One-week ATM IV level dispersion: Compression: absolute level gap 15.78 vol points; absolute gap change -0.41 vol points. Stored one-week tenor comparison at this cutoff across 3 assets.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 0.51 vol points. Stored daily changes across 3 assets.
BTC stands apart: 1W ATM IV change is 0.41 vol points above the group median. Stored cross-section of 3 assets at this report cutoff.
This is a comparison, not a pooled surface: each asset keeps its own forwards, expiries, SVI fit and realised-volatility history.
Cross-sectional thesis
Where the complex is diverging.
One-week ATM IV level dispersion is compressing, at 15.78 vol pts; daily one-week ATM IV changes span 0.51 vol pts across the complex.
ETH has the highest 1W IV-minus-7D-RV spread at +6.27 vol points; BTC has the lowest at +6.10 vol points. The range between these spreads is 0.17 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.90 (11 observations).
1W ATM IV change
+0.41 points from the group median
1W ATM IV level
-10.62 points from the group median
1W RR25 level
+0.35 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 55.35 | ETH · 50.19 | BTC · 39.57 |
| Daily 1W ATM IV change | BTC · 2.86 | SOL · 2.45 | ETH · 2.35 |
| 1W IV minus 7d realised | ETH · 6.27 | BTC · 6.10 | — |
| Highest 1W RR25 | ETH · 1.66 | BTC · 1.31 · up 1 | SOL · 1.28 · down 1 |
| Lowest 1W RR25 | SOL · 1.28 · up 1 | BTC · 1.31 · down 1 | ETH · 1.66 |
| 24h spot performance | ETH · 0.79 | BTC · -0.27 | — |
02 · Macro and crypto diary
Major-coin options track Ether’s 24-hour spot lead over Bitcoin
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.
8 September 2026
Ether spot lead accompanies tighter major-coin one-week options gaps
Ether’s 24-hour spot performance exceeded Bitcoin’s 24-hour spot performance by 1.02 percentage points, with Ether up 0.78% and Bitcoin down 0.24%. In options, Solana’s one-week ATM implied volatility stood at 55.35% and Bitcoin’s one-week ATM implied volatility stood at 39.57%, producing a one-week ATM implied-volatility dispersion of 15.78 volatility points after a 0.41-volatility-point narrowing. Ether’s one-week RR25 level of 1.66% and Solana’s one-week RR25 level of 1.28% left one-week RR25 dispersion at 0.38 volatility points.
Crypto
Bitcoin’s reported recovery from session lows offers context, not a proven explanation for cross-major repricing.
Completed-session cross-asset context
Crypto volatility against VIX and SPX.
The benchmark comparison is separately timestamped to the latest completed US session; it does not replace the intraday crypto surface cutoffs above.
BTC and ETH and SOL 30-day implied volatility remained 2.5–3.5 times VIX, while short-window equity correlations remained low.
| Asset | 30d ATM IV | VIX spread | IV / VIX | Reported crypto RV | Reported SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 36.20% | +21.67 vol pts | 2.49× | 50.32% | 8.30% | percentile rank 87.7% | +0.158 |
| ETH | 49.28% | +34.75 vol pts | 3.39× | 65.32% | 8.30% | percentile rank 60.4% | +0.029 |
| SOL | 50.73% | +36.20 vol pts | 3.49× | 76.48% | 8.30% | percentile rank 59.5% | +0.252 |
BTC: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. The displayed spread rank does not establish matched-horizon comparability.
ETH: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. The displayed spread rank does not establish matched-horizon comparability.
SOL: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. The displayed spread rank does not establish matched-horizon comparability.
As of 04 Sept 2026, 20:00 UTC.
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 |
|---|---|---|---|---|
| BTC | 39.57% / +2.86 | 37.95% / +0.98 | 39.36% / +0.56 | 40.12% / +0.17 |
| ETH | 50.19% / +2.35 | 51.40% / +0.77 | 52.51% / +0.25 | 54.39% / +0.11 |
| SOL | 55.35% / +2.45 | 52.81% / +0.43 | 51.79% / -0.04 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
08 Sept 2026, 16:30 UTC
Read the BTC report08 Sept 2026, 16:30 UTC
Read the ETH report08 Sept 2026, 16:30 UTC
Read the SOL reportEvidence, source data and methodology
Technical appendix: measurement and history provenance
Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 2721de486629da38b07d4d423f18d34395547c79a0da035a176e29dde143f0ff.
Major Coins report data
Download the report’s stored cross-asset comparisons, rankings, declared lead evidence and per-asset quality information. Missing analysis remains unavailable.
Original report summary
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.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 39.57% · Δ +2.86 vol pts; ETH 1W ATM IV 50.19% · Δ +2.35 vol pts; SOL 1W ATM IV 55.35% · Δ +2.45 vol pts
Skew: BTC 1W RR25 1.31 vol pts · Δ +1.52 vol pts; ETH 1W RR25 1.66 vol pts · Δ +0.83 vol pts; SOL 1W RR25 1.28 vol pts · Δ +1.16 vol pts
IV level gap: 1W ATM IV level gap 15.78 vol pts (SOL 55.35% versus BTC 39.57%) · SOL minus BTC spread Δ -0.41 vol pts
Vol
BTC 1W ATM IV 39.57% · Δ +2.86 vol ptspercentile rank 76.6% by absolute move · full history (n=137)
ETH 1W ATM IV 50.19% · Δ +2.35 vol ptspercentile rank 42.9% by absolute move · full history (n=21)
SOL 1W ATM IV 55.35% · Δ +2.45 vol pts
Skew
BTC 1W RR25 1.31 vol pts · Δ +1.52 vol ptspercentile rank 80.3% by absolute move · full history (n=137)
ETH 1W RR25 1.66 vol pts · Δ +0.83 vol ptspercentile rank 23.8% by absolute move · full history (n=21)
SOL 1W RR25 1.28 vol pts · Δ +1.16 vol pts
Wings
BTC 1W BF25 1.87 vol pts · Δ +0.20 vol ptspercentile rank 66.7% by absolute move · 30-day window (n=30)
ETH 1W BF25 3.04 vol pts · Δ +0.17 vol ptspercentile rank 19.0% by absolute move · full history (n=21)
SOL 1W BF25 4.26 vol pts · Δ +0.30 vol pts
IV versus RV
BTC Unavailable
ETH Unavailable
SOL Unavailable
Unavailable readings: BTC IV versus RV; ETH IV versus RV; SOL IV versus RV. See the report’s data availability notes.
Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.
Component cutoffs: BTC 8 Sept 2026, 16:30 UTC; ETH 8 Sept 2026, 16:30 UTC; SOL 8 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 76.6% by absolute move · full history (n=137)
BTC 1W RR25: percentile rank 80.3% by absolute move · full history (n=137)
BTC 1W BF25: percentile rank 66.7% by absolute move · 30-day window (n=30)
ETH 1W ATM IV: percentile rank 42.9% by absolute move · full history (n=21)
ETH 1W RR25: percentile rank 23.8% by absolute move · full history (n=21)
ETH 1W BF25: percentile rank 19.0% by absolute move · full history (n=21)
7D realised volatility · data quality
| Asset | Recorded RV | Status | Coverage / required | Longest gap / maximum |
|---|---|---|---|---|
| BTC | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| ETH | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| SOL | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded 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 · Unavailable · Surface cutoff 08 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.
ETH · Unavailable · Surface cutoff 08 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.
SOL · Unavailable · Surface cutoff 08 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Canonical SOL index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10044 (99.6429% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
06 · 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.