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%, versus Ether’s -1.16%.
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 screens richest and ETH cheapest on one-week implied volatility versus seven-day realised volatility, with a 0.43-point cross-sectional range.
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 | SOL · unavailable |
| Most call-rich 1W RR25 | SOL · 4.50 | BTC · -0.37 · up 1 | ETH · -1.16 · down 1 |
| Most put-rich 1W RR25 | ETH · -1.16 · up 1 | BTC · -0.37 · down 1 | SOL · 4.50 |
| 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 | BTC · -0.37 | ETH · -1.26 | SOL · unavailable |
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 | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 35.17% | +19.33 vol pts | 2.22× | 33.31% | 8.99% | 36.6 percentile | +0.167 |
| ETH | 50.25% | +34.41 vol pts | 3.17× | 34.33% | 8.99% | 7.4 percentile | -0.003 |
| SOL | 52.38% | +36.54 vol pts | 3.31× | 69.88% | 8.99% | 46.5 percentile | +0.241 |
As of 11 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 | 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 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.