01 · Market read
The day across the three live Derivasys markets.
Ether’s one-week ATM IV declined 2.31 volatility points, compared with a 1.70-volatility-point decline in Solana’s one-week ATM IV and a 1.48-volatility-point decline in Bitcoin’s one-week ATM IV. The cross-asset range for one-week ATM IV changes was 0.83 volatility points. Ether’s one-week ATM IV was 7.71 volatility points above Ether’s seven-day realised volatility, versus a 6.81-volatility-point gap between Bitcoin’s one-week ATM IV and Bitcoin’s seven-day realised volatility. Solana’s corresponding implied-versus-realised comparison was unavailable.
Cross-sectional observations
One-week ATM IV level dispersion: Compression: absolute level gap 13.97 vol points; absolute gap change -0.22 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 0.83 vol points. Stored daily changes across 3 assets.
ETH stands apart: 1W ATM IV change is 0.61 vol points below 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 13.97 vol pts; daily one-week ATM IV changes span 0.83 vol pts across the complex.
ETH has the highest 1W IV-minus-7D-RV spread at +7.71 vol points; BTC has the lowest at +6.81 vol points. The range between these spreads is 0.90 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.92 (13 observations).
1W ATM IV change
-0.61 points from the group median
1W ATM IV level
-11.01 points from the group median
1W RR25 level
+1.09 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 52.96 | ETH · 50.00 | BTC · 38.99 |
| Daily 1W ATM IV change | BTC · -1.48 | SOL · -1.70 | ETH · -2.31 |
| 1W IV minus 7d realised | ETH · 7.71 | BTC · 6.81 | — |
| Highest 1W RR25 | BTC · 0.79 · up 2 | ETH · -0.30 · down 1 | SOL · -0.49 · down 1 |
| Lowest 1W RR25 | SOL · -0.49 · up 1 | ETH · -0.30 · up 1 | BTC · 0.79 · down 2 |
| 24h spot performance | ETH · -2.23 | BTC · -2.30 | — |
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 2.3–3.2 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 | 37.95% | +21.49 vol pts | 2.31× | 40.70% | 8.62% | percentile rank 65.7% | +0.202 |
| ETH | 52.17% | +35.71 vol pts | 3.17× | 35.63% | 8.62% | percentile rank 8.4% | +0.050 |
| SOL | 52.54% | +36.08 vol pts | 3.19× | 71.39% | 8.62% | percentile rank 47.8% | +0.267 |
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 09 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 | 38.99% / -1.48 | 37.49% / -0.91 | 39.09% / -0.47 | 40.07% / -0.26 |
| ETH | 50.00% / -2.31 | 51.27% / -1.15 | 52.92% / -0.39 | 54.43% / -0.32 |
| SOL | 52.96% / -1.70 | 51.94% / -0.59 | 51.49% / -0.21 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
10 Sept 2026, 16:30 UTC
Read the BTC report10 Sept 2026, 16:30 UTC
Read the ETH report10 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: e2b2575356e49f116fdee07bd60b68fc75f63eef0f85da75dc4c46b660dab756.
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
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.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 38.99% · Δ -1.48 vol pts; ETH 1W ATM IV 50.00% · Δ -2.31 vol pts; SOL 1W ATM IV 52.96% · Δ -1.70 vol pts
Skew: BTC 1W RR25 0.79 vol pts · Δ +0.01 vol pts; ETH 1W RR25 -0.30 vol pts · Δ -2.96 vol pts; SOL 1W RR25 -0.49 vol pts · Δ -1.39 vol pts
IV level gap: 1W ATM IV level gap 13.97 vol pts (SOL 52.96% versus BTC 38.99%) · SOL minus BTC spread Δ -0.22 vol pts
Vol
BTC 1W ATM IV 38.99% · Δ -1.48 vol ptspercentile rank 46.7% by absolute move · 30-day window (n=30)
ETH 1W ATM IV 50.00% · Δ -2.31 vol ptspercentile rank 39.1% by absolute move · full history (n=23)
SOL 1W ATM IV 52.96% · Δ -1.70 vol pts
Skew
BTC 1W RR25 0.79 vol pts · Δ +0.01 vol ptspercentile rank 2.2% by absolute move · full history (n=139)
ETH 1W RR25 -0.30 vol pts · Δ -2.96 vol ptspercentile rank 87.0% by absolute move · full history (n=23)
SOL 1W RR25 -0.49 vol pts · Δ -1.39 vol pts
Wings
BTC 1W BF25 2.05 vol pts · Δ -0.07 vol ptspercentile rank 27.3% by absolute move · full history (n=139)
ETH 1W BF25 3.04 vol pts · Δ -0.10 vol ptspercentile rank 8.7% by absolute move · full history (n=23)
SOL 1W BF25 4.13 vol pts · Δ -0.35 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 10 Sept 2026, 16:30 UTC; ETH 10 Sept 2026, 16:30 UTC; SOL 10 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 46.7% by absolute move · 30-day window (n=30)
BTC 1W RR25: percentile rank 2.2% by absolute move · full history (n=139)
BTC 1W BF25: percentile rank 27.3% by absolute move · full history (n=139)
ETH 1W ATM IV: percentile rank 39.1% by absolute move · full history (n=23)
ETH 1W RR25: percentile rank 87.0% by absolute move · full history (n=23)
ETH 1W BF25: percentile rank 8.7% by absolute move · full history (n=23)
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 10 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 10 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 10 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.