01 · Market read
The day across the three live Derivasys markets.
Solana’s 63.31% one-week ATM IV exceeded Bitcoin’s 38.96% by 24.35 volatility points, widening the cross-major gap by 1.09 points. Solana’s 5.85-point one-week ATM IV increase led Bitcoin’s 4.76-point move and Ether’s 2.65-point move.
Cross-sectional observations
One-week ATM IV level dispersion: Widening: absolute level gap 24.35 vol points; absolute gap change +1.09 vol points. Historical percentile rank 87%. Stored one-week tenor comparison at this cutoff across 3 assets. 23 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 3.20 vol points. Historical percentile rank 57%. Stored daily changes across 3 assets. 23 historical observations; minimum 20.
ETH stands apart: 1W ATM IV change is 2.11 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 24.35 vol pts; daily one-week ATM IV changes span 3.20 vol pts across the complex.
Comparable implied-versus-realised values are not available for every constituent.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (23 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion percentile rank 87.0%; Daily 1W ATM IV-change dispersion percentile rank 56.5%; 1W RR25 dispersion percentile rank 73.9%.
1W ATM IV change
-2.11 points from the group median
1W ATM IV level
-12.31 points from the group median
1W RR25 level
-2.19 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 63.31 | ETH · 51.27 | BTC · 38.96 |
| Daily 1W ATM IV change | SOL · 5.85 | BTC · 4.76 | ETH · 2.65 |
| Highest 1W RR25 | SOL · 3.29 · up 1 | ETH · 1.97 · down 1 | BTC · -0.22 |
| Lowest 1W RR25 | BTC · -0.22 | ETH · 1.97 · up 1 | SOL · 3.29 · down 1 |
02 · Macro and crypto diary
Macro and crypto context
21 September 2026
Solana retained the highest one-week ATM IV while Bitcoin remained the lowest.
Crypto
Bitcoin, Ether and Solana each had retained market-related reporting.
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 | 38.96% / +4.76 | 36.30% / +2.21 | 38.66% / +1.68 | 39.46% / +0.93 |
| ETH | 51.27% / +2.65 | 50.31% / +1.21 | 53.45% / +0.91 | 54.89% / +0.45 |
| SOL | 63.31% / +5.85 | 57.79% / +2.91 | 56.47% / +1.58 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
21 Sept 2026, 18:42 UTC
Read the BTC report21 Sept 2026, 18:42 UTC
Read the ETH report21 Sept 2026, 18:42 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: a92bc0cf19dce351614421b0f2798a7ad85999d6d77376ec789259fcdf943483.
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 by 1.09 volatility points to 24.35 points, with Solana at 63.31% and Bitcoin at 38.96% at the cutoff. Derivasys data show Solana also posted the largest one-week ATM IV increase, 5.85 volatility points, while Ether’s 2.65-point increase was smallest. The one-week RR25 gap widened as Solana became more call-rich relative to Bitcoin.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 38.96% · Δ +4.76 vol pts; ETH 1W ATM IV 51.27% · Δ +2.65 vol pts; SOL 1W ATM IV 63.31% · Δ +5.85 vol pts
Skew: BTC 1W RR25 -0.22 vol pts · Δ +0.39 vol pts; ETH 1W RR25 1.97 vol pts · Δ +0.49 vol pts; SOL 1W RR25 3.29 vol pts · Δ +3.16 vol pts
IV level gap: 1W ATM IV level gap 24.35 vol pts (SOL 63.31% versus BTC 38.96%) · SOL minus BTC spread Δ +1.09 vol pts
Vol
BTC 1W ATM IV 38.96% · Δ +4.76 vol ptspercentile rank 91.3% by absolute move · full history (n=150)
ETH 1W ATM IV 51.27% · Δ +2.65 vol ptspercentile rank 50.0% by absolute move · full history (n=34)
SOL 1W ATM IV 63.31% · Δ +5.85 vol ptspercentile rank 75.0% by absolute move · 30-day window (n=24)
Skew
BTC 1W RR25 -0.22 vol pts · Δ +0.39 vol ptspercentile rank 30.0% by absolute move · 30-day window (n=30)
ETH 1W RR25 1.97 vol pts · Δ +0.49 vol ptspercentile rank 26.7% by absolute move · 30-day window (n=30)
SOL 1W RR25 3.29 vol pts · Δ +3.16 vol ptspercentile rank 75.0% by absolute move · 30-day window (n=24)
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 21 Sept 2026, 18:42 UTC; ETH 21 Sept 2026, 18:42 UTC; SOL 21 Sept 2026, 18:42 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 91.3% by absolute move · full history (n=150)
BTC 1W RR25: percentile rank 30.0% by absolute move · 30-day window (n=30)
ETH 1W ATM IV: percentile rank 50.0% by absolute move · full history (n=34)
ETH 1W RR25: percentile rank 26.7% by absolute move · 30-day window (n=30)
SOL 1W ATM IV: percentile rank 75.0% by absolute move · 30-day window (n=24)
SOL 1W RR25: percentile rank 75.0% by absolute move · 30-day window (n=24)
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 21 Sept 2026, 18:42:00 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 BTC index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1211 (84.0972% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
ETH · Unavailable · Surface cutoff 21 Sept 2026, 18:42:00 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 ETH index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1211 (84.0972% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
SOL · Unavailable · Surface cutoff 21 Sept 2026, 18:42:00 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 24h is incomplete: expected 1440 one-minute returns, found 1211 (84.0972% 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.