01 · Market read
The day across the three live Derivasys markets.
Derivasys data showed one-week ATM IV level dispersion of 27.32 volatility points between Solana and Bitcoin, after the Solana-versus-Bitcoin spread widened 4.09 volatility points. The one-week ATM IV change dispersion was 4.25 volatility points, spanning Solana’s 1.23-volatility-point rise and Ether’s 3.02-volatility-point decline.
Cross-sectional observations
One-week ATM IV level dispersion: Widening: absolute level gap 27.32 vol points; absolute gap change +4.09 vol points. Historical percentile rank 88%. Stored one-week tenor comparison at this cutoff across 3 assets. 24 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 4.25 vol points. Historical percentile rank 67%. Stored daily changes across 3 assets. 24 historical observations; minimum 20.
SOL stands apart: 1W ATM IV change is 4.09 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 27.32 vol pts; daily one-week ATM IV changes span 4.25 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 87.5%; Daily 1W ATM IV-change dispersion percentile rank 66.7%; 1W RR25 dispersion percentile rank 62.5%.
1W ATM IV change
+4.09 points from the group median
1W ATM IV level
+15.57 points from the group median
1W RR25 level
+3.24 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 63.82 | ETH · 48.25 | BTC · 36.50 |
| Daily 1W ATM IV change | SOL · 1.23 | BTC · -2.86 | ETH · -3.02 |
| Highest 1W RR25 | SOL · 3.83 | ETH · 0.59 | BTC · 0.56 |
| Lowest 1W RR25 | BTC · 0.56 | ETH · 0.59 | SOL · 3.83 |
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 2.5–3.9 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 | 36.65% | +21.78 vol pts | 2.46× | 48.77% | 10.66% | Not shown | +0.392 |
| ETH | 51.15% | +36.28 vol pts | 3.44× | 51.50% | 10.66% | Not shown | +0.276 |
| SOL | 57.77% | +42.90 vol pts | 3.89× | 74.19% | 10.66% | Not shown | +0.401 |
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 21 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 | 36.50% / -2.86 | 36.68% / +0.28 | 38.71% / -0.07 | 39.36% / -0.19 |
| ETH | 48.25% / -3.02 | 49.95% / -0.55 | 52.94% / -0.45 | 54.12% / -1.05 |
| SOL | 63.82% / +1.23 | 58.30% / +0.65 | 56.13% / -0.45 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
22 Sept 2026, 18:18 UTC
Read the BTC report22 Sept 2026, 18:18 UTC
Read the ETH report22 Sept 2026, 18:18 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: f1b97ceaed6766340a346e1393b7255c13f448f00ddb59767b235c1c1f583f09.
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)
The major-coin one-week ATM IV gap between Solana and Bitcoin widened 4.09 volatility points to 27.32 volatility points over the observation window, reaching the 87.5 percentile of the available historical comparison set. ATM IV is the implied volatility of at-the-money options, a measure of the volatility priced into contracts near the prevailing price. Derivasys data show Solana as the high end and Bitcoin as the low end of this one-week ATM IV comparison. One-week implied-versus-realised volatility data were unavailable for Bitcoin, Ether and Solana, and no qualifying news context was retained.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 36.50% · Δ -2.86 vol pts; ETH 1W ATM IV 48.25% · Δ -3.02 vol pts; SOL 1W ATM IV 63.82% · Δ +1.23 vol pts
Skew: BTC 1W RR25 0.56 vol pts · Δ +1.27 vol pts; ETH 1W RR25 0.59 vol pts · Δ -1.10 vol pts; SOL 1W RR25 3.83 vol pts · Δ +0.31 vol pts
IV level gap: 1W ATM IV level gap 27.32 vol pts (SOL 63.82% versus BTC 36.50%) · SOL minus BTC spread Δ +4.09 vol pts
Vol
BTC 1W ATM IV 36.50% · Δ -2.86 vol ptspercentile rank 75.5% by absolute move · full history (n=151)
ETH 1W ATM IV 48.25% · Δ -3.02 vol ptspercentile rank 60.0% by absolute move · full history (n=35)
SOL 1W ATM IV 63.82% · Δ +1.23 vol ptspercentile rank 24.0% by absolute move · 30-day window (n=25)
Skew
BTC 1W RR25 0.56 vol pts · Δ +1.27 vol ptspercentile rank 74.2% by absolute move · full history (n=151)
ETH 1W RR25 0.59 vol pts · Δ -1.10 vol ptspercentile rank 40.0% by absolute move · 30-day window (n=30)
SOL 1W RR25 3.83 vol pts · Δ +0.31 vol ptspercentile rank 16.0% by absolute move · 30-day window (n=25)
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 22 Sept 2026, 18:18 UTC; ETH 22 Sept 2026, 18:18 UTC; SOL 22 Sept 2026, 18:18 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 75.5% by absolute move · full history (n=151)
BTC 1W RR25: percentile rank 74.2% by absolute move · full history (n=151)
ETH 1W ATM IV: percentile rank 60.0% by absolute move · full history (n=35)
ETH 1W RR25: percentile rank 40.0% by absolute move · 30-day window (n=30)
SOL 1W ATM IV: percentile rank 24.0% by absolute move · 30-day window (n=25)
SOL 1W RR25: percentile rank 16.0% by absolute move · 30-day window (n=25)
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 22 Sept 2026, 18:18:00 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 1420 (98.6111% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
ETH · Unavailable · Surface cutoff 22 Sept 2026, 18:18:00 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 1420 (98.6111% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
SOL · Unavailable · Surface cutoff 22 Sept 2026, 18:18:00 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 1420 (98.6111% 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.