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.
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 screens richest and ETH cheapest on one-week implied volatility versus seven-day realised volatility, with a 0.45-point cross-sectional range.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (21 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion 65.0 percentile; Daily 1W ATM IV-change dispersion 20.0 percentile; 1W RR25 dispersion 70.0 percentile; IV-minus-realised dispersion 25.0 percentile.
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 | SOL · unavailable |
| Most call-rich 1W RR25 | SOL · 4.01 | ETH · 1.78 · up 1 | BTC · 0.62 · down 1 |
| Most put-rich 1W RR25 | BTC · 0.62 · up 1 | ETH · 1.78 · down 1 | SOL · 4.01 |
| 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 · 5.73 | ETH · 5.43 | SOL · unavailable |
02 · Macro and crypto diary
Major-coin options narrow volatility gap while Solana retains premium
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.
18 September 2026
Major coins rally amid regulatory backdrop
Bitcoin, Solana and Hyperliquid rose as US regulators advanced crypto-related rulemaking, The Block reported.
Macro: US regulators’ crypto-related rulemaking provided a shared policy backdrop for major coins.
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 | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 31.99% | +16.55 vol pts | 2.07× | 34.09% | 9.85% | 37.7 percentile | +0.262 |
| ETH | 48.39% | +32.95 vol pts | 3.13× | 40.10% | 9.85% | 12.4 percentile | +0.188 |
| SOL | 51.60% | +36.16 vol pts | 3.34× | 48.33% | 9.85% | 25.7 percentile | +0.412 |
As of 17 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 | 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 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.