01 · Market read
The day across the three live Derivasys markets.
Solana one-week ATM IV was 53.62% and Bitcoin one-week ATM IV was 34.63%, leaving a 18.99-point level spread at the cutoff.
Cross-sectional observations
One-week ATM IV level dispersion: Widening: absolute level gap 18.99 vol points; absolute gap change +0.21 vol points. Historical percentile rank 67%. Stored one-week tenor comparison at this cutoff across 3 assets. 21 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 0.61 vol points. Historical percentile rank 5%. Stored daily changes across 3 assets. 21 historical observations; minimum 20.
ETH stands apart: 1W ATM IV change is 0.40 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 widening, at 18.99 vol pts; daily one-week ATM IV changes span 0.61 vol pts across the complex.
BTC has the highest 1W IV-minus-7D-RV spread at -1.68 vol points; ETH has the lowest at -2.89 vol points. The range between these spreads is 1.21 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (22 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion percentile rank 66.7%; Daily 1W ATM IV-change dispersion percentile rank 4.8%; 1W RR25 dispersion percentile rank 38.1%; IV-minus-realised dispersion percentile rank 42.9%.
1W ATM IV change
-0.40 points from the group median
1W ATM IV level
-13.58 points from the group median
1W RR25 level
+0.89 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 53.62 | ETH · 48.21 | BTC · 34.63 |
| Daily 1W ATM IV change | SOL · 2.72 | BTC · 2.51 | ETH · 2.11 |
| 1W IV minus 7d realised | BTC · -1.68 | ETH · -2.89 | — |
| Highest 1W RR25 | SOL · 3.02 | ETH · 2.13 | BTC · 1.25 |
| Lowest 1W RR25 | BTC · 1.25 | ETH · 2.13 | SOL · 3.02 |
| 24h spot performance | ETH · 2.04 | BTC · 1.22 | — |
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 2.3–3.7 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 | 34.22% | +19.41 vol pts | 2.31× | 42.30% | 9.38% | Not shown | +0.265 |
| ETH | 48.50% | +33.69 vol pts | 3.27× | 50.63% | 9.38% | Not shown | +0.196 |
| SOL | 54.70% | +39.89 vol pts | 3.69× | 70.89% | 9.38% | Not shown | +0.391 |
BTC: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
ETH: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
SOL: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
As of 18 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 | 34.63% / +2.51 | 34.34% / +0.76 | 36.75% / -0.09 | 38.34% / +0.14 |
| ETH | 48.21% / +2.11 | 48.61% / -0.19 | 52.62% / -0.17 | 54.47% / 0.00 |
| SOL | 53.62% / +2.72 | 52.98% / +0.59 | 54.18% / +0.01 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
19 Sept 2026, 16:59 UTC
Read the BTC report19 Sept 2026, 16:59 UTC
Read the ETH report19 Sept 2026, 16:59 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: e62510761356015ecd5309cc8dbd6d8a0630328aadbf93fd630282890128e2d2.
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)
Solana one-week ATM IV stood at 53.62%, 18.99 volatility points above Bitcoin one-week ATM IV at 34.63%; the level spread widened 0.21 points. All three major-coin one-week ATM IV measures rose on the day, led by Solana’s 2.72-point increase versus Ether’s 2.11-point increase. The common repricing therefore left the relative-volatility hierarchy intact rather than closing the gap.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 34.63% · Δ +2.51 vol pts; ETH 1W ATM IV 48.21% · Δ +2.11 vol pts; SOL 1W ATM IV 53.62% · Δ +2.72 vol pts
Skew: BTC 1W RR25 1.25 vol pts · Δ +0.19 vol pts; ETH 1W RR25 2.13 vol pts · Δ +0.26 vol pts; SOL 1W RR25 3.02 vol pts · Δ -1.82 vol pts
IV level gap: 1W ATM IV level gap 18.99 vol pts (SOL 53.62% versus BTC 34.63%) · SOL minus BTC spread Δ +0.21 vol pts
Vol
BTC 1W ATM IV 34.63% · Δ +2.51 vol ptspercentile rank 66.9% by absolute move · full history (n=148)
ETH 1W ATM IV 48.21% · Δ +2.11 vol ptspercentile rank 31.2% by absolute move · full history (n=32)
SOL 1W ATM IV 53.62% · Δ +2.72 vol ptspercentile rank 59.1% by absolute move · 30-day window (n=22)
Skew
BTC 1W RR25 1.25 vol pts · Δ +0.19 vol ptspercentile rank 16.7% by absolute move · 30-day window (n=30)
ETH 1W RR25 2.13 vol pts · Δ +0.26 vol ptspercentile rank 12.5% by absolute move · full history (n=32)
SOL 1W RR25 3.02 vol pts · Δ -1.82 vol ptspercentile rank 45.5% by absolute move · 30-day window (n=22)
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 19 Sept 2026, 16:59 UTC; ETH 19 Sept 2026, 16:59 UTC; SOL 19 Sept 2026, 16:59 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 66.9% by absolute move · full history (n=148)
BTC 1W RR25: percentile rank 16.7% by absolute move · 30-day window (n=30)
ETH 1W ATM IV: percentile rank 31.2% by absolute move · full history (n=32)
ETH 1W RR25: percentile rank 12.5% by absolute move · full history (n=32)
SOL 1W ATM IV: percentile rank 59.1% by absolute move · 30-day window (n=22)
SOL 1W RR25: percentile rank 45.5% by absolute move · 30-day window (n=22)
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 19 Sept 2026, 16:59:00 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 19 Sept 2026, 16:59:00 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 19 Sept 2026, 16:59:00 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.