01 · Market read
The day across the three live Derivasys markets.
Major-coin options became less dispersed at the one-week horizon. Solana one-week ATM IV was highest at 57.41% and Bitcoin one-week ATM IV was lowest at 39.43%, leaving a 17.98-point spread that narrowed by 3.14 volatility points from the prior snapshot.
Cross-sectional observations
One-week ATM IV level dispersion: Compression: absolute level gap 17.98 vol points; absolute gap change -3.14 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 3.28 vol points. Stored daily changes across 3 assets.
BTC stands apart: 1W ATM IV change is 3.14 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 compressing, at 17.98 vol pts; daily one-week ATM IV changes span 3.28 vol pts across the complex.
BTC has the highest 1W IV-minus-7D-RV spread at +4.40 vol points; ETH has the lowest at +4.33 vol points. The range between these spreads is 0.07 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.85 (18 observations).
1W ATM IV change
+3.14 points from the group median
1W ATM IV level
-15.61 points from the group median
1W RR25 level
+0.91 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 57.41 | ETH · 55.04 | BTC · 39.43 |
| Daily 1W ATM IV change | BTC · 1.20 | SOL · -1.94 | ETH · -2.08 |
| 1W IV minus 7d realised | BTC · 4.40 | ETH · 4.33 | — |
| Highest 1W RR25 | SOL · -0.20 | BTC · -1.11 · up 1 | ETH · -1.59 · down 1 |
| Lowest 1W RR25 | ETH · -1.59 · up 1 | BTC · -1.11 · down 1 | SOL · -0.20 |
| 24h spot performance | BTC · -3.91 | ETH · -6.17 | — |
02 · Macro and crypto diary
Macro and crypto context
15 September 2026
One-week implied-volatility and skew gaps narrowed across Bitcoin, Ether and Solana options.
Crypto
No qualifying cross-major crypto context was retained.
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 2.1–3.2 times VIX, while short-window equity correlations remained mixed.
| Asset | 30d ATM IV | VIX spread | IV / VIX | Reported crypto RV | Reported SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 36.92% | +19.72 vol pts | 2.15× | 37.09% | 9.06% | percentile rank 50.0% | +0.231 |
| ETH | 52.73% | +35.53 vol pts | 3.07× | 41.21% | 9.06% | percentile rank 16.5% | +0.124 |
| SOL | 54.86% | +37.66 vol pts | 3.19× | 73.81% | 9.06% | percentile rank 51.3% | +0.325 |
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 15 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 | 39.43% / +1.20 | 37.13% / +0.27 | 38.37% / -0.07 | 39.15% / -0.29 |
| ETH | 55.04% / -2.08 | 52.60% / -0.28 | 53.92% / +0.41 | 54.83% / +0.05 |
| SOL | 57.41% / -1.94 | 54.86% / -0.83 | 53.99% / -0.89 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
15 Sept 2026, 21:01 UTC
Read the BTC report15 Sept 2026, 21:01 UTC
Read the ETH report15 Sept 2026, 21:01 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: e3d03725b1bf09219b63eb4e3a7184e8456f80ab770eefec126757d6c399a7f4.
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)
The one-week ATM IV dispersion between Solana and Bitcoin compressed by 3.14 volatility points to 17.98 volatility points. Solana one-week ATM IV remained highest at 57.41% and Bitcoin one-week ATM IV lowest at 39.43%, while Bitcoin one-week ATM IV rose 1.20 volatility points, Ether one-week ATM IV fell 2.08 volatility points, and Solana one-week ATM IV fell 1.94 volatility points. One-week RR25 dispersion among Bitcoin, Ether and Solana also narrowed by 2.64 volatility points to 1.39 volatility points, as all three assets shifted toward relative put-side volatility.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 39.43% · Δ +1.20 vol pts; ETH 1W ATM IV 55.04% · Δ -2.08 vol pts; SOL 1W ATM IV 57.41% · Δ -1.94 vol pts
Skew: BTC 1W RR25 -1.11 vol pts · Δ -1.69 vol pts; ETH 1W RR25 -1.59 vol pts · Δ -4.48 vol pts; SOL 1W RR25 -0.20 vol pts · Δ -4.81 vol pts
IV level gap: 1W ATM IV level gap 17.98 vol pts (SOL 57.41% versus BTC 39.43%) · SOL minus BTC spread Δ -3.14 vol pts
Vol
BTC 1W ATM IV 39.43% · Δ +1.20 vol ptspercentile rank 39.6% by absolute move · full history (n=144)
ETH 1W ATM IV 55.04% · Δ -2.08 vol ptspercentile rank 39.3% by absolute move · full history (n=28)
SOL 1W ATM IV 57.41% · Δ -1.94 vol pts
Skew
BTC 1W RR25 -1.11 vol pts · Δ -1.69 vol ptspercentile rank 84.0% by absolute move · full history (n=144)
ETH 1W RR25 -1.59 vol pts · Δ -4.48 vol ptspercentile rank 92.9% by absolute move · full history (n=28)
SOL 1W RR25 -0.20 vol pts · Δ -4.81 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 15 Sept 2026, 21:01 UTC; ETH 15 Sept 2026, 21:01 UTC; SOL 15 Sept 2026, 21:01 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 39.6% by absolute move · full history (n=144)
BTC 1W RR25: percentile rank 84.0% by absolute move · full history (n=144)
ETH 1W ATM IV: percentile rank 39.3% by absolute move · full history (n=28)
ETH 1W RR25: percentile rank 92.9% by absolute move · full history (n=28)
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 15 Sept 2026, 21:01:00 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 15 Sept 2026, 21:01:00 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 15 Sept 2026, 21:01:00 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 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% 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.