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.
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 87.0 percentile; Daily 1W ATM IV-change dispersion 56.5 percentile; 1W RR25 dispersion 73.9 percentile.
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 |
| 1W IV minus 7d realised | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| Most call-rich 1W RR25 | SOL · 3.29 · up 1 | ETH · 1.97 · down 1 | BTC · -0.22 |
| Most put-rich 1W RR25 | BTC · -0.22 | ETH · 1.97 · up 1 | SOL · 3.29 · 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 · unavailable | ETH · unavailable | SOL · unavailable |
02 · Macro and crypto diary
Major-coin options show one-week relative volatility level dispersion between Solana and Bitcoin
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.
21 September 2026
Major-coin volatility gap widens
Solana retained the highest one-week ATM IV while Bitcoin remained the lowest.
Macro: No qualifying macro context was retained.
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 | 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.
| Asset | Spot 24h | 1W ATM | 1W ATM Δ | 7d RV | 1W IV − 7d RV | 1W RR25 | 1W BF25 |
|---|---|---|---|---|---|---|---|
| BTC | Unavailable | 38.96% | +4.76 vol pts | Unavailable | Unavailable | -0.22 vol pts | +2.22 vol pts |
| ETH | Unavailable | 51.27% | +2.65 vol pts | Unavailable | Unavailable | +1.97 vol pts | +3.11 vol pts |
| SOL | Unavailable | 63.31% | +5.85 vol pts | Unavailable | Unavailable | +3.29 vol pts | +5.13 vol pts |
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 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.