01 · Market read
The day across the three live Derivasys markets.
Solana’s 55.38% one-week ATM IV stood 21.40 volatility points above Bitcoin’s 33.98%, widening the major-coin level spread by 2.30 points. Solana’s 2.00-point one-week ATM IV increase contrasted with small declines for Bitcoin and Ether.
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 +21.40 vol pts; daily one-week ATM IV changes span +2.34 vol pts across the complex.
BTC screens richest and ETH cheapest on one-week implied volatility versus seven-day realised volatility, with a 1.18-point cross-sectional range.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (23 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion 81.8 percentile; Daily 1W ATM IV-change dispersion 36.4 percentile; 1W RR25 dispersion 22.7 percentile; IV-minus-realised dispersion 40.9 percentile.
1W ATM IV change
+2.30 points from the group median
1W ATM IV level
-14.10 points from the group median
1W RR25 level
-0.93 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 55.38 | ETH · 48.08 | BTC · 33.98 |
| Daily 1W ATM IV change | SOL · 2.00 | BTC · -0.30 | ETH · -0.34 |
| 1W IV minus 7d realised | BTC · -3.14 | ETH · -4.32 | SOL · unavailable |
| Most call-rich 1W RR25 | SOL · 1.04 · up 1 | ETH · 0.82 · down 1 | BTC · -0.11 |
| Most put-rich 1W RR25 | BTC · -0.11 | ETH · 0.82 · up 1 | SOL · 1.04 · down 1 |
| 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 · -0.83 | ETH · -1.03 | SOL · unavailable |
02 · Macro and crypto diary
Major-coin options diverge as Solana volatility pulls further above Bitcoin
Major-coin one-week ATM IV dispersion widened 2.30 volatility points to 21.40 points at the cutoff, with Solana one-week ATM IV at 55.38% and Bitcoin one-week ATM IV at 33.98%. Solana also posted the largest one-week ATM IV change, rising 2.00 points, while Bitcoin and Ether one-week ATM IV each edged lower. The widening relative-volatility gap ranked at the 81.8 percentile of the available history.
20 September 2026
Solana extends major-coin volatility lead
One-week implied-volatility dispersion widened as Solana rose while Bitcoin and Ether edged lower.
Macro: No qualifying macro context was retained.
Crypto: The Block reported Bitcoin ETF inflows and a reversal in Ether fund-flow momentum.
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 | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 34.22% | +19.41 vol pts | 2.31× | 42.30% | 9.38% | 67.9 percentile | +0.265 |
| ETH | 48.50% | +33.69 vol pts | 3.27× | 50.63% | 9.38% | 37.2 percentile | +0.196 |
| SOL | 54.70% | +39.89 vol pts | 3.69× | 70.89% | 9.38% | 47.2 percentile | +0.391 |
As of 18 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 | 33.98% / -0.30 | 34.03% / +0.03 | 37.04% / +0.30 | 38.50% / +0.24 |
| ETH | 48.08% / -0.34 | 48.48% / -0.10 | 52.22% / -0.23 | 54.47% / +0.24 |
| SOL | 55.38% / +2.00 | 53.39% / +0.47 | 54.41% / +0.31 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
20 Sept 2026, 16:30 UTC
Read the BTC report20 Sept 2026, 16:30 UTC
Read the ETH report20 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.