01 · Market read
The day across the three live Derivasys markets.
All three major coins saw lower one-week ATM IV, but Bitcoin’s 6.73-point decline and Ether’s 6.05-point decline far exceeded Solana’s 2.14-point decline, creating a 4.59-point dispersion in daily changes.
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 +17.72 vol pts; daily one-week ATM IV changes span +4.59 vol pts across the complex.
ETH screens richest and BTC cheapest on one-week implied volatility versus seven-day realised volatility, with a 0.30-point cross-sectional range.
Aligned 24-hour spot correlations: BTC/ETH 0.85 (19 observations).
1W ATM IV change
+3.91 points from the group median
1W ATM IV level
-16.46 points from the group median
1W RR25 level
+1.67 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 54.33 · up 1 | ETH · 53.07 · down 1 | BTC · 36.61 |
| Daily 1W ATM IV change | SOL · -2.14 | ETH · -6.05 | BTC · -6.73 |
| 1W IV minus 7d realised | ETH · 2.31 | BTC · 2.01 | SOL · unavailable |
| Most call-rich 1W RR25 | SOL · 1.11 | ETH · -0.56 · up 1 | BTC · -1.10 · down 1 |
| Most put-rich 1W RR25 | BTC · -1.10 · up 1 | ETH · -0.56 · down 1 | SOL · 1.11 |
| 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 · -0.87 | ETH · -1.07 | SOL · unavailable |
02 · Macro and crypto diary
Major-coin options cool as Bitcoin and Ether lead volatility compression
Major-coin one-week ATM IV fell across Bitcoin, Ether and Solana at the 16:30 UTC cutoff. Bitcoin one-week ATM IV fell 6.73 volatility points to 36.61%, Ether one-week ATM IV fell 6.05 volatility points to 53.07%, and Solana one-week ATM IV fell 2.14 volatility points to 54.33%. The common decline nevertheless widened relative volatility levels between Solana and Bitcoin to 17.72 volatility points.
16 September 2026
Major-coin volatility declines unevenly
One-week ATM IV declined across major coins, with Bitcoin and Ether falling substantially more than Solana.
Macro: NPR reported expectations that the Federal Reserve would raise its benchmark interest rate.
Crypto: Decrypt reported combined Bitcoin, Ethereum and XRP ETF outflows of roughly $593 million.
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 | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 36.92% | +19.72 vol pts | 2.15× | 37.09% | 9.06% | 50.0 percentile | +0.231 |
| ETH | 52.73% | +35.53 vol pts | 3.07× | 41.21% | 9.06% | 16.9 percentile | +0.124 |
| SOL | 54.86% | +37.66 vol pts | 3.19× | 73.81% | 9.06% | 51.3 percentile | +0.325 |
As of 15 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 | 36.61% / -6.73 | 35.85% / -2.64 | 37.72% / -1.67 | 38.98% / -1.04 |
| ETH | 53.07% / -6.05 | 51.92% / -2.01 | 53.66% / -0.56 | 54.87% / -0.28 |
| SOL | 54.33% / -2.14 | 54.20% / -1.27 | 54.67% / +0.19 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
16 Sept 2026, 16:30 UTC
Read the BTC report16 Sept 2026, 16:30 UTC
Read the ETH report16 Sept 2026, 16:30 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.