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.
Cross-sectional observations
One-week ATM IV level dispersion: Widening: absolute level gap 15.82 vol points; absolute gap change +0.72 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 0.72 vol points. Stored daily changes across 3 assets.
BTC 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 widening, at 15.82 vol pts; daily one-week ATM IV changes span 0.72 vol pts across the complex.
ETH has the highest 1W IV-minus-7D-RV spread at +7.23 vol points; BTC has the lowest at +6.96 vol points. The range between these spreads is 0.27 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.80 (16 observations).
1W ATM IV change
-0.61 points from the group median
1W ATM IV level
-14.32 points from the group median
1W RR25 level
+2.66 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 53.92 | ETH · 52.42 | BTC · 38.10 |
| Daily 1W ATM IV change | SOL · 4.05 | ETH · 3.94 | BTC · 3.33 |
| 1W IV minus 7d realised | ETH · 7.23 | BTC · 6.96 | — |
| Highest 1W RR25 | SOL · 1.89 | BTC · -0.77 | ETH · -1.48 |
| Lowest 1W RR25 | ETH · -1.48 | BTC · -0.77 | SOL · 1.89 |
| 24h spot performance | BTC · -0.18 | ETH · -1.17 | — |
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 | 38.10% / +3.33 | 36.36% / +0.96 | 38.23% / +0.27 | 39.30% / +0.11 |
| ETH | 52.42% / +3.94 | 51.11% / +1.14 | 52.96% / +0.21 | 54.27% / -0.01 |
| SOL | 53.92% / +4.05 | 53.64% / +1.08 | 52.73% / +0.80 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
13 Sept 2026, 16:30 UTC
Read the BTC report13 Sept 2026, 16:30 UTC
Read the ETH report13 Sept 2026, 16:30 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: 870582515eb40abaa920a249d7caac5868c6f4e113000188a10be7a23fcc63ae.
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)
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.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 38.10% · Δ +3.33 vol pts; ETH 1W ATM IV 52.42% · Δ +3.94 vol pts; SOL 1W ATM IV 53.92% · Δ +4.05 vol pts
Skew: BTC 1W RR25 -0.77 vol pts · Δ -0.41 vol pts; ETH 1W RR25 -1.48 vol pts · Δ -0.31 vol pts; SOL 1W RR25 1.89 vol pts · Δ -2.59 vol pts
IV level gap: 1W ATM IV level gap 15.82 vol pts (SOL 53.92% versus BTC 38.10%) · SOL minus BTC spread Δ +0.72 vol pts
Vol
BTC 1W ATM IV 38.10% · Δ +3.33 vol ptspercentile rank 82.4% by absolute move · full history (n=142)
ETH 1W ATM IV 52.42% · Δ +3.94 vol ptspercentile rank 73.1% by absolute move · full history (n=26)
SOL 1W ATM IV 53.92% · Δ +4.05 vol pts
Skew
BTC 1W RR25 -0.77 vol pts · Δ -0.41 vol ptspercentile rank 36.7% by absolute move · 30-day window (n=30)
ETH 1W RR25 -1.48 vol pts · Δ -0.31 vol ptspercentile rank 11.5% by absolute move · full history (n=26)
SOL 1W RR25 1.89 vol pts · Δ -2.59 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 13 Sept 2026, 16:30 UTC; ETH 13 Sept 2026, 16:30 UTC; SOL 13 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 82.4% by absolute move · full history (n=142)
BTC 1W RR25: percentile rank 36.7% by absolute move · 30-day window (n=30)
ETH 1W ATM IV: percentile rank 73.1% by absolute move · full history (n=26)
ETH 1W RR25: percentile rank 11.5% by absolute move · full history (n=26)
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 13 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 13 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 13 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 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.