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Daily major-coins market report · BTC, ETH and SOL

Major-coin options raise near-term volatility with Solana leading

Published · By Sean Gordon / Derivasys Research · Latest component snapshot

At the 16:30 UTC cutoff, Solana's one-week at-the-money implied-volatility reading was 53.92%, up 4.05 volatility points—the largest increase across the major-coin options markets. At-the-money implied volatility is the market's estimate of expected price movement centred on the prevailing price. Ether's one-week at-the-money implied-volatility reading reached 52.42%, an increase of 3.94 volatility points, while Bitcoin's one-week at-the-money implied-volatility reading reached 38.10%, an increase of 3.33 volatility points. The Solana–Bitcoin one-week at-the-money implied-volatility change range was 0.72 volatility points. The Solana–Bitcoin one-week at-the-money implied-volatility level gap was 15.82 volatility points after widening by 0.72 volatility points. Solana's one-week 25-delta risk reversal, which compares call and put implied volatility, fell 2.59 volatility points toward puts to 1.89%, while remaining call-rich. The Solana–Ether one-week 25-delta risk-reversal level gap narrowed by 2.28 volatility points to 3.37 volatility points. Derivasys data underpin these options-market observations.

01 · Market read

The day across the three live Derivasys markets.

SOL, Ether and Bitcoin each registered a higher one-week ATM IV reading, with SOL posting the largest increase at 4.05 points. The three markets rose together, although Bitcoin remained the lowest-volatility market by level.

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 widening, at +15.82 vol pts; daily one-week ATM IV changes span +0.72 vol pts across the complex.

ETH screens richest and BTC cheapest on one-week implied volatility versus seven-day realised volatility, with a 0.27-point cross-sectional range.

Aligned 24-hour spot correlations: BTC/ETH 0.80 (16 observations).

BTC

1W ATM IV change

-0.61 points from the group median

BTC

1W ATM IV level

-14.32 points from the group median

SOL

1W RR25 level

+2.66 points from the group median

Relative-value rankings

Leaders and laggards across the same cutoff.

Metric1st2nd3rd
1W ATM IV levelSOL · 53.92ETH · 52.42BTC · 38.10
Daily 1W ATM IV changeSOL · 4.05ETH · 3.94BTC · 3.33
1W IV minus 7d realisedETH · 7.23BTC · 6.96SOL · unavailable
Most call-rich 1W RR25SOL · 1.89BTC · -0.77ETH · -1.48
Most put-rich 1W RR25ETH · -1.48BTC · -0.77SOL · 1.89
1Y minus 1W curve slopeBTC · unavailableETH · unavailableSOL · unavailable
Largest 1Y minus 1W curve changeBTC · unavailableETH · unavailableSOL · unavailable
24h spot performanceBTC · -0.18ETH · -1.17SOL · 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.

Asset30d ATM IVVIX spreadIV / VIX20d crypto RV20-session SPX RVRV spread percentile30-session correlation
BTC35.17%+19.33 vol pts2.22×33.31%8.99%36.6 percentile+0.167
ETH50.25%+34.41 vol pts3.17×34.33%8.99%7.4 percentile-0.003
SOL52.38%+36.54 vol pts3.31×69.88%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.

AssetSpot 24h1W ATM1W ATM Δ7d RV1W IV − 7d RV1W RR251W BF25
BTC-0.18%38.10%+3.33 vol pts31.14%+6.96 vol pts-0.77 vol pts+2.11 vol pts
ETH-1.17%52.42%+3.94 vol pts45.19%+7.23 vol pts-1.48 vol pts+3.18 vol pts
SOLUnavailable53.92%+4.05 vol ptsUnavailableUnavailable+1.89 vol pts+4.31 vol pts

04 · Term structures

ATM implied volatility across common standard tenors.

Asset1W ATM / Δ1M ATM / Δ3M ATM / Δ6M ATM / Δ
BTC38.10% / +3.3336.36% / +0.9638.23% / +0.2739.30% / +0.11
ETH52.42% / +3.9451.11% / +1.1452.96% / +0.2154.27% / -0.01
SOL53.92% / +4.0553.64% / +1.0852.73% / +0.80Unavailable

05 · Constituent evidence

Audit the independently published source artifacts.

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.

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