01 · Market read
The day across the three live Derivasys markets.
One-week ATM IV declined in all three major coins, led by Ether’s 8.62-point fall and followed by Bitcoin’s 7.15-point fall. Solana’s smaller 4.27-point decline left its 50.11% one-week ATM IV 20.55 volatility points above Bitcoin’s 29.56%, widening relative implied-volatility dispersion.
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 +20.55 vol pts; daily one-week ATM IV changes span +4.35 vol pts across the complex.
BTC screens richest and ETH cheapest on one-week implied volatility versus seven-day realised volatility, with a 2.20-point cross-sectional range.
Aligned 24-hour spot correlations: BTC/ETH 0.85 (20 observations).
1W ATM IV change
+2.88 points from the group median
1W ATM IV level
-14.98 points from the group median
1W RR25 level
+3.61 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 50.11 | ETH · 44.54 | BTC · 29.56 |
| Daily 1W ATM IV change | SOL · -4.27 | BTC · -7.15 | ETH · -8.62 |
| 1W IV minus 7d realised | BTC · -7.20 | ETH · -9.40 | SOL · unavailable |
| Most call-rich 1W RR25 | SOL · 3.87 | BTC · 0.26 · up 1 | ETH · -0.23 · down 1 |
| Most put-rich 1W RR25 | ETH · -0.23 · up 1 | BTC · 0.26 · down 1 | SOL · 3.87 |
| 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 | ETH · 3.03 | BTC · 1.16 | SOL · unavailable |
02 · Macro and crypto diary
Bitcoin, Ether and Solana options volatility falls together
Major-coin one-week ATM IV fell across Bitcoin, Ether and Solana, but the reset was uneven. Ether one-week ATM IV fell 8.62 volatility points to 44.54%, Bitcoin one-week ATM IV fell 7.15 volatility points to 29.56%, and Solana one-week ATM IV fell 4.27 volatility points to 50.11%. That left Solana’s one-week ATM IV 20.55 volatility points above Bitcoin’s, widening the level spread by 2.88 volatility points.
17 September 2026
Major-coin volatility gap widens
All major-coin one-week ATM IV measures declined, while Solana retained a much higher level than Bitcoin.
Macro: The Federal Reserve issued its FOMC statement during the observation window.
Crypto: No qualifying major-coin-specific news context was retained in the reporting window.
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 2.0–3.1 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 | 34.96% | +17.25 vol pts | 1.97× | 36.01% | 8.89% | 48.9 percentile | +0.281 |
| ETH | 50.91% | +33.20 vol pts | 2.87× | 40.84% | 8.89% | 16.4 percentile | +0.178 |
| SOL | 54.38% | +36.67 vol pts | 3.07× | 51.00% | 8.89% | 28.4 percentile | +0.411 |
As of 16 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 | 29.56% / -7.15 | 32.78% / -2.91 | 36.45% / -1.26 | 38.03% / -0.84 |
| ETH | 44.54% / -8.62 | 49.02% / -2.96 | 52.95% / -1.01 | 54.47% / -0.45 |
| SOL | 50.11% / -4.27 | 54.91% / +0.64 | 55.87% / +1.25 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
17 Sept 2026, 16:39 UTC
Read the BTC report17 Sept 2026, 16:39 UTC
Read the ETH report17 Sept 2026, 16:39 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.