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.
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 screens richest and BTC cheapest on one-week implied volatility versus seven-day realised volatility, with a 0.17-point cross-sectional range.
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 | SOL · unavailable |
| Most call-rich 1W RR25 | ETH · 1.66 | BTC · 1.31 · up 1 | SOL · 1.28 · down 1 |
| Most put-rich 1W RR25 | SOL · 1.28 · up 1 | BTC · 1.31 · down 1 | ETH · 1.66 |
| 1Y minus 1W curve slope | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| Largest 1Y minus 1W curve change | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| 24h spot performance | ETH · 0.79 | BTC · -0.27 | SOL · unavailable |
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.
Macro: No qualifying macro event was retained.
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 | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 36.20% | +21.67 vol pts | 2.49× | 50.32% | 8.30% | 87.7 percentile | +0.158 |
| ETH | 49.28% | +34.75 vol pts | 3.39× | 65.32% | 8.30% | 60.4 percentile | +0.029 |
| SOL | 50.73% | +36.20 vol pts | 3.49× | 76.48% | 8.30% | 59.5 percentile | +0.252 |
As of 04 Sept 2026, 20:00 UTC. Crypto RV uses calendar days and sqrt(365); SPX RV uses US sessions and sqrt(252).
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 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.