01 · Market read
The day across the three live Derivasys markets.
The major-coin complex became less dispersed at one week, but Solana preserved a substantial implied-volatility premium over Bitcoin. Skew dispersion also narrowed, with Solana retaining the most call-rich one-week RR25 and Bitcoin the least call-rich positive reading.
Cross-sectional observations
One-week ATM IV level dispersion: Compression: absolute level gap 18.64 vol points; absolute gap change -1.67 vol points. Historical percentile rank 65%. Stored one-week tenor comparison at this cutoff across 3 assets. 20 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 1.67 vol points. Historical percentile rank 20%. Stored daily changes across 3 assets. 20 historical observations; minimum 20.
SOL stands apart: 1W ATM IV change is 0.95 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 compressing, at 18.64 vol pts; daily one-week ATM IV changes span 1.67 vol pts across the complex.
BTC has the highest 1W IV-minus-7D-RV spread at -3.54 vol points; ETH has the lowest at -3.99 vol points. The range between these spreads is 0.45 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (21 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion percentile rank 65.0%; Daily 1W ATM IV-change dispersion percentile rank 20.0%; 1W RR25 dispersion percentile rank 70.0%; IV-minus-realised dispersion percentile rank 25.0%.
1W ATM IV change
-0.95 points from the group median
1W ATM IV level
-14.14 points from the group median
1W RR25 level
+2.23 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 50.69 | ETH · 46.19 | BTC · 32.05 |
| Daily 1W ATM IV change | BTC · 2.46 | ETH · 1.74 | SOL · 0.79 |
| 1W IV minus 7d realised | BTC · -3.54 | ETH · -3.99 | — |
| Highest 1W RR25 | SOL · 4.01 | ETH · 1.78 · up 1 | BTC · 0.62 · down 1 |
| Lowest 1W RR25 | BTC · 0.62 · up 1 | ETH · 1.78 · down 1 | SOL · 4.01 |
| 24h spot performance | BTC · 5.73 | ETH · 5.43 | — |
02 · Macro and crypto diary
Macro and crypto context
18 September 2026
Bitcoin, Solana and Hyperliquid rose as US regulators advanced crypto-related rulemaking, The Block reported.
Crypto
No separate qualifying crypto event 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 2.1–3.3 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 | 31.99% | +16.55 vol pts | 2.07× | 34.09% | 9.85% | percentile rank 37.7% | +0.262 |
| ETH | 48.39% | +32.95 vol pts | 3.13× | 40.10% | 9.85% | percentile rank 12.4% | +0.188 |
| SOL | 51.60% | +36.16 vol pts | 3.34× | 48.33% | 9.85% | percentile rank 25.7% | +0.412 |
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 17 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 | 32.05% / +2.46 | 33.46% / +0.59 | 36.61% / +0.11 | 38.18% / +0.11 |
| ETH | 46.19% / +1.74 | 48.68% / -0.17 | 52.87% / -0.28 | 54.58% / +0.24 |
| SOL | 50.69% / +0.79 | 52.69% / -2.13 | 54.03% / -1.74 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
18 Sept 2026, 16:30 UTC
Read the BTC report18 Sept 2026, 16:30 UTC
Read the ETH report18 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: e7a7053dfe89c33a238de25f46dc77531058509bd486dd9948eea8b22d04862f.
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 between Solana and Bitcoin narrowed 1.67 volatility points to 18.64 points at the cutoff. Solana’s one-week ATM IV was 50.69%, versus Bitcoin’s 32.05%, while Ether’s one-week ATM IV was 46.19%. The compression coincided with Bitcoin’s one-week ATM IV rising 2.46 volatility points, compared with a 0.79-point rise in Solana’s one-week ATM IV.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 32.05% · Δ +2.46 vol pts; ETH 1W ATM IV 46.19% · Δ +1.74 vol pts; SOL 1W ATM IV 50.69% · Δ +0.79 vol pts
Skew: BTC 1W RR25 0.62 vol pts · Δ +0.73 vol pts; ETH 1W RR25 1.78 vol pts · Δ +1.98 vol pts; SOL 1W RR25 4.01 vol pts · Δ +0.03 vol pts
IV level gap: 1W ATM IV level gap 18.64 vol pts (SOL 50.69% versus BTC 32.05%) · SOL minus BTC spread Δ -1.67 vol pts
Vol
BTC 1W ATM IV 32.05% · Δ +2.46 vol ptspercentile rank 66.0% by absolute move · full history (n=147)
ETH 1W ATM IV 46.19% · Δ +1.74 vol ptspercentile rank 22.6% by absolute move · full history (n=31)
SOL 1W ATM IV 50.69% · Δ +0.79 vol ptspercentile rank 19.0% by absolute move · 30-day window (n=21)
Skew
BTC 1W RR25 0.62 vol pts · Δ +0.73 vol ptspercentile rank 47.6% by absolute move · full history (n=147)
ETH 1W RR25 1.78 vol pts · Δ +1.98 vol ptspercentile rank 64.5% by absolute move · full history (n=31)
SOL 1W RR25 4.01 vol pts · Δ +0.03 vol ptspercentile rank 0.0% by absolute move · 30-day window (n=21)
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 18 Sept 2026, 16:30 UTC; ETH 18 Sept 2026, 16:30 UTC; SOL 18 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 66.0% by absolute move · full history (n=147)
BTC 1W RR25: percentile rank 47.6% by absolute move · full history (n=147)
ETH 1W ATM IV: percentile rank 22.6% by absolute move · full history (n=31)
ETH 1W RR25: percentile rank 64.5% by absolute move · full history (n=31)
SOL 1W ATM IV: percentile rank 19.0% by absolute move · 30-day window (n=21)
SOL 1W RR25: percentile rank 0.0% by absolute move · 30-day window (n=21)
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 18 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 18 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 18 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 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% 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.