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.
Cross-sectional observations
One-week ATM IV level dispersion: Widening: absolute level gap 21.40 vol points; absolute gap change +2.30 vol points. Historical percentile rank 82%. Stored one-week tenor comparison at this cutoff across 3 assets. 22 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 2.34 vol points. Historical percentile rank 36%. Stored daily changes across 3 assets. 22 historical observations; minimum 20.
SOL stands apart: 1W ATM IV change is 2.30 vol points above 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 21.40 vol pts; daily one-week ATM IV changes span 2.34 vol pts across the complex.
BTC has the highest 1W IV-minus-7D-RV spread at -3.14 vol points; ETH has the lowest at -4.32 vol points. The range between these spreads is 1.18 vol points.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (23 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion percentile rank 81.8%; Daily 1W ATM IV-change dispersion percentile rank 36.4%; 1W RR25 dispersion percentile rank 22.7%; IV-minus-realised dispersion percentile rank 40.9%.
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 | — |
| Highest 1W RR25 | SOL · 1.04 · up 1 | ETH · 0.82 · down 1 | BTC · -0.11 |
| Lowest 1W RR25 | BTC · -0.11 | ETH · 0.82 · up 1 | SOL · 1.04 · down 1 |
| 24h spot performance | BTC · -0.83 | ETH · -1.03 | — |
02 · Macro and crypto diary
Macro and crypto context
20 September 2026
One-week implied-volatility dispersion widened as Solana rose while Bitcoin and Ether edged lower.
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 | 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 | 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 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: 1da6be8c5a4232b946c4b5815764fcc28b38c48c040b777939ef1e958473d65e.
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)
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.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 33.98% · Δ -0.30 vol pts; ETH 1W ATM IV 48.08% · Δ -0.34 vol pts; SOL 1W ATM IV 55.38% · Δ +2.00 vol pts
Skew: BTC 1W RR25 -0.11 vol pts · Δ -1.08 vol pts; ETH 1W RR25 0.82 vol pts · Δ -1.99 vol pts; SOL 1W RR25 1.04 vol pts · Δ -0.75 vol pts
IV level gap: 1W ATM IV level gap 21.40 vol pts (SOL 55.38% versus BTC 33.98%) · SOL minus BTC spread Δ +2.30 vol pts
Vol
BTC 1W ATM IV 33.98% · Δ -0.30 vol ptspercentile rank 8.7% by absolute move · full history (n=149)
ETH 1W ATM IV 48.08% · Δ -0.34 vol ptspercentile rank 9.1% by absolute move · full history (n=33)
SOL 1W ATM IV 55.38% · Δ +2.00 vol ptspercentile rank 47.8% by absolute move · 30-day window (n=23)
Skew
BTC 1W RR25 -0.11 vol pts · Δ -1.08 vol ptspercentile rank 66.4% by absolute move · full history (n=149)
ETH 1W RR25 0.82 vol pts · Δ -1.99 vol ptspercentile rank 66.7% by absolute move · full history (n=33)
SOL 1W RR25 1.04 vol pts · Δ -0.75 vol ptspercentile rank 26.1% by absolute move · 30-day window (n=23)
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 20 Sept 2026, 16:30 UTC; ETH 20 Sept 2026, 16:30 UTC; SOL 20 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 8.7% by absolute move · full history (n=149)
BTC 1W RR25: percentile rank 66.4% by absolute move · full history (n=149)
ETH 1W ATM IV: percentile rank 9.1% by absolute move · full history (n=33)
ETH 1W RR25: percentile rank 66.7% by absolute move · full history (n=33)
SOL 1W ATM IV: percentile rank 47.8% by absolute move · 30-day window (n=23)
SOL 1W RR25: percentile rank 26.1% by absolute move · 30-day window (n=23)
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 20 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 20 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 20 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.