01 · Market read
The day across the three live Derivasys markets.
The major-coin complex compressed in one-week ATM IV, with Ether’s 3.12-point decline exceeding Bitcoin’s 1.58-point fall and Solana’s 0.45-point easing. Solana nevertheless held the highest one-week RR25 at 4.50 volatility points, versus Ether’s -1.16%.
Cross-sectional observations
One-week ATM IV level dispersion: Compression: absolute level gap 15.25 vol points; absolute gap change -0.01 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 2.67 vol points. Stored daily changes across 3 assets.
ETH stands apart: 1W ATM IV change is 1.54 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 15.25 vol pts; daily one-week ATM IV changes span 2.67 vol pts across the complex.
BTC has the highest 1W IV-minus-7D-RV spread at +3.34 vol points; ETH has the lowest at +2.91 vol points. The range between these spreads is 0.43 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.81 (15 observations).
1W ATM IV change
-1.54 points from the group median
1W ATM IV level
-13.72 points from the group median
1W RR25 level
+4.87 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 50.01 · up 1 | ETH · 48.48 · down 1 | BTC · 34.76 |
| Daily 1W ATM IV change | SOL · -0.45 | BTC · -1.58 | ETH · -3.12 |
| 1W IV minus 7d realised | BTC · 3.34 | ETH · 2.91 | — |
| Highest 1W RR25 | SOL · 4.50 | BTC · -0.37 · up 1 | ETH · -1.16 · down 1 |
| Lowest 1W RR25 | ETH · -1.16 · up 1 | BTC · -0.37 · down 1 | SOL · 4.50 |
| 24h spot performance | BTC · -0.37 | ETH · -1.26 | — |
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 2.2–3.3 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 | 35.17% | +19.33 vol pts | 2.22× | 33.31% | 8.99% | percentile rank 36.6% | +0.167 |
| ETH | 50.25% | +34.41 vol pts | 3.17× | 34.33% | 8.99% | percentile rank 7.4% | -0.003 |
| SOL | 52.38% | +36.54 vol pts | 3.31× | 69.88% | 8.99% | percentile rank 46.5% | +0.241 |
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 11 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 | 34.76% / -1.58 | 35.40% / -0.68 | 37.96% / -0.70 | 39.19% / -0.48 |
| ETH | 48.48% / -3.12 | 49.97% / -1.03 | 52.75% / -0.16 | 54.28% / +0.01 |
| SOL | 50.01% / -0.45 | 52.58% / +0.32 | 51.94% / +0.14 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
12 Sept 2026, 16:29 UTC
Read the BTC report12 Sept 2026, 16:29 UTC
Read the ETH report12 Sept 2026, 16:29 UTC
Read the SOL reportEvidence, source data and methodology
Technical appendix: measurement and history provenance
Original edition evidence follows unchanged. Its BF slots retain the original full fly25 or unverified basis; these receipts do not validate canonical BF25 history or ranks.
Download original published edition and evidence receipts (JSON). Artifact SHA-256: 8305f8d777a4bb17ae03b7e36dac27bba66bc138810fa8a27b3390d50c293925.
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.
Reader summary (BF-specific claims withheld)
Major-coin one-week ATM IV fell across Bitcoin, Ether and Solana, but the adjustment was uneven: Ether fell 3.12 volatility points, Bitcoin declined 1.58 points and Solana eased 0.45 points. That left a 2.67-point cross-asset dispersion in daily one-week ATM IV changes at the cutoff.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 34.76% · Δ -1.58 vol pts; ETH 1W ATM IV 48.48% · Δ -3.12 vol pts; SOL 1W ATM IV 50.01% · Δ -0.45 vol pts
Skew: BTC 1W RR25 -0.37 vol pts · Δ -0.48 vol pts; ETH 1W RR25 -1.16 vol pts · Δ -3.76 vol pts; SOL 1W RR25 4.50 vol pts · Δ +0.45 vol pts
IV level gap: 1W ATM IV level gap 15.25 vol pts (SOL 50.01% versus BTC 34.76%) · SOL minus BTC spread Δ +1.13 vol pts
Vol
BTC 1W ATM IV 34.76% · Δ -1.58 vol ptspercentile rank 48.2% by absolute move · full history (n=141)
ETH 1W ATM IV 48.48% · Δ -3.12 vol ptspercentile rank 64.0% by absolute move · full history (n=25)
SOL 1W ATM IV 50.01% · Δ -0.45 vol pts
Skew
BTC 1W RR25 -0.37 vol pts · Δ -0.48 vol ptspercentile rank 36.7% by absolute move · 30-day window (n=30)
ETH 1W RR25 -1.16 vol pts · Δ -3.76 vol ptspercentile rank 88.0% by absolute move · full history (n=25)
SOL 1W RR25 4.50 vol pts · Δ +0.45 vol pts
Wings
BTC Unavailable
ETH Unavailable
SOL Unavailable
IV versus RV
BTC Unavailable
ETH Unavailable
SOL Unavailable
Unavailable readings: BTC Wings; BTC IV versus RV; ETH Wings; ETH IV versus RV; SOL Wings; 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 12 Sept 2026, 16:29 UTC; ETH 12 Sept 2026, 16:29 UTC; SOL 12 Sept 2026, 16:29 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 48.2% by absolute move · full history (n=141)
BTC 1W RR25: percentile rank 36.7% by absolute move · 30-day window (n=30)
ETH 1W ATM IV: percentile rank 64.0% by absolute move · full history (n=25)
ETH 1W RR25: percentile rank 88.0% by absolute move · full history (n=25)
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 12 Sept 2026, 16:29:00 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 12 Sept 2026, 16:29:00 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 12 Sept 2026, 16:29:00 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 30d is incomplete: expected 43200 one-minute returns, found 43164 (99.9167% 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.