01 · Market read
The day across the three live Derivasys markets.
The one-week ATM IV range between Solana and Bitcoin expanded to 20.52 volatility points from 15.82 points. Solana led both the level and daily increase, whereas Bitcoin was the lowest-volatility and only declining major.
Cross-sectional observations
One-week ATM IV level dispersion: Widening: absolute level gap 20.52 vol points; absolute gap change +4.70 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 4.70 vol points. Stored daily changes across 3 assets.
SOL stands apart: 1W ATM IV change is 2.56 vol points above 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 20.52 vol pts; daily one-week ATM IV changes span 4.70 vol pts across the complex.
ETH has the highest 1W IV-minus-7D-RV spread at +6.79 vol points; BTC has the lowest at +4.19 vol points. The range between these spreads is 2.60 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.79 (17 observations).
1W ATM IV change
+2.56 points from the group median
1W ATM IV level
-16.46 points from the group median
1W RR25 level
+2.80 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 57.12 | ETH · 53.06 | BTC · 36.60 |
| Daily 1W ATM IV change | SOL · 3.20 | ETH · 0.64 | BTC · -1.50 |
| 1W IV minus 7d realised | ETH · 6.79 | BTC · 4.19 | — |
| Highest 1W RR25 | SOL · 3.10 | ETH · 0.30 · up 1 | BTC · -0.15 · down 1 |
| Lowest 1W RR25 | BTC · -0.15 · up 1 | ETH · 0.30 · down 1 | SOL · 3.10 |
| 24h spot performance | BTC · 1.84 | ETH · 0.77 | — |
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 | 36.60% / -1.50 | 35.89% / -0.47 | 38.13% / -0.10 | 39.32% / +0.02 |
| ETH | 53.06% / +0.64 | 51.32% / +0.21 | 53.00% / +0.04 | 54.51% / +0.24 |
| SOL | 57.12% / +3.20 | 54.35% / +0.71 | 53.46% / +0.73 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
14 Sept 2026, 16:30 UTC
Read the BTC report14 Sept 2026, 16:30 UTC
Read the ETH report14 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: 603491ee72f39214fae31efa6d3132910dda27008075d1b1cde3439ff871d184.
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)
One-week ATM IV dispersion across Bitcoin, Ether and Solana widened 4.70 volatility points to 20.52 points. Solana’s one-week at-the-money implied volatility stood at 57.12% after rising 3.20 volatility points, while Bitcoin’s one-week at-the-money implied volatility fell 1.50 volatility points to 36.60%; Ether’s one-week at-the-money implied volatility was 53.06%. The result is a sharper relative-volatility split across major-coin options.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 36.60% · Δ -1.50 vol pts; ETH 1W ATM IV 53.06% · Δ +0.64 vol pts; SOL 1W ATM IV 57.12% · Δ +3.20 vol pts
Skew: BTC 1W RR25 -0.15 vol pts · Δ +0.62 vol pts; ETH 1W RR25 0.30 vol pts · Δ +1.78 vol pts; SOL 1W RR25 3.10 vol pts · Δ +1.21 vol pts
IV level gap: 1W ATM IV level gap 20.52 vol pts (SOL 57.12% versus BTC 36.60%) · SOL minus BTC spread Δ +4.70 vol pts
Vol
BTC 1W ATM IV 36.60% · Δ -1.50 vol ptspercentile rank 42.7% by absolute move · full history (n=143)
ETH 1W ATM IV 53.06% · Δ +0.64 vol ptspercentile rank 11.1% by absolute move · full history (n=27)
SOL 1W ATM IV 57.12% · Δ +3.20 vol pts
Skew
BTC 1W RR25 -0.15 vol pts · Δ +0.62 vol ptspercentile rank 42.7% by absolute move · full history (n=143)
ETH 1W RR25 0.30 vol pts · Δ +1.78 vol ptspercentile rank 63.0% by absolute move · full history (n=27)
SOL 1W RR25 3.10 vol pts · Δ +1.21 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 14 Sept 2026, 16:30 UTC; ETH 14 Sept 2026, 16:30 UTC; SOL 14 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 42.7% by absolute move · full history (n=143)
BTC 1W RR25: percentile rank 42.7% by absolute move · full history (n=143)
ETH 1W ATM IV: percentile rank 11.1% by absolute move · full history (n=27)
ETH 1W RR25: percentile rank 63.0% by absolute move · full history (n=27)
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 14 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 14 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 14 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.