01 · Market read
The day across the three live Derivasys markets.
SOL one-week RR25 reached 5.86% while BTC one-week RR25 stood at -2.60%, widening the major-coin one-week RR25 spread to 8.46 volatility points.
What is unusual today?
One-week ATM IV level dispersion: Widening: 26.15 vol points; signed spread change +2.19 vol points. Historical percentile rank 85%. Stored one-week tenor comparison at this cutoff across 3 assets. 26 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 2.33 vol points. Historical percentile rank 35%. Stored daily changes across 3 assets. 26 historical observations; minimum 20.
SOL stands apart: 1W ATM IV change is 2.19 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 26.15 vol pts; daily one-week ATM IV changes span 2.33 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 84.6%; Daily 1W ATM IV-change dispersion percentile rank 34.6%; 1W RR25 dispersion percentile rank 100.0%.
1W ATM IV change
+2.19 points from the group median
1W ATM IV level
+13.55 points from the group median
1W RR25 level
+7.66 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 57.85 | ETH · 44.30 | BTC · 31.70 |
| Daily 1W ATM IV change | SOL · 0.09 | BTC · -2.10 | ETH · -2.24 |
| 1W IV minus 7d realised | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| Highest 1W RR25 | SOL · 5.86 | ETH · -1.80 | BTC · -2.60 |
| Lowest 1W RR25 | BTC · -2.60 | ETH · -1.80 | SOL · 5.86 |
| 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 |
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 | 34.68% | +19.50 vol pts | 2.28× | 44.98% | 10.99% | percentile rank 71.5% | +0.423 |
| ETH | 49.71% | +34.53 vol pts | 3.27× | 49.61% | 10.99% | percentile rank 33.9% | +0.316 |
| SOL | 56.46% | +41.28 vol pts | 3.72× | 72.80% | 10.99% | percentile rank 47.6% | +0.430 |
As of 23 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 | 31.70% | -2.10 vol pts | Unavailable | Unavailable | -2.60 vol pts | +1.96 vol pts |
| ETH | Unavailable | 44.30% | -2.24 vol pts | Unavailable | Unavailable | -1.80 vol pts | +2.72 vol pts |
| SOL | Unavailable | 57.85% | +0.09 vol pts | Unavailable | Unavailable | +5.86 vol pts | +4.00 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 | 31.70% / -2.10 | 34.40% / -0.50 | 37.51% / -0.23 | 38.50% / -0.51 |
| ETH | 44.30% / -2.24 | 48.78% / -1.41 | 52.43% / -0.63 | 54.22% / -0.43 |
| SOL | 57.85% / +0.09 | 56.92% / +0.02 | 55.20% / +0.39 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
24 Sept 2026, 16:30 UTC
Read the BTC report24 Sept 2026, 16:30 UTC
Read the ETH report24 Sept 2026, 16:30 UTC
Read the SOL reportEvidence, source data and methodology
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.
Original report summary
Major-coin one-week skew separated sharply at the cutoff: SOL one-week RR25 stood at 5.86 volatility points, while BTC one-week RR25 was -2.60%, creating an 8.46-volatility-point spread that widened 4.46 volatility points. The contrast indicates markedly richer SOL call-side volatility and richer BTC put-side volatility, rather than a uniform directional signal across major-coin options.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 31.70% · Δ -2.10 vol pts; ETH 1W ATM IV 44.30% · Δ -2.24 vol pts; SOL 1W ATM IV 57.85% · Δ +0.09 vol pts
Skew: BTC 1W RR25 -2.60 vol pts · Δ -0.86 vol pts; ETH 1W RR25 -1.80 vol pts · Δ -0.84 vol pts; SOL 1W RR25 5.86 vol pts · Δ +3.60 vol pts
IV level gap: 1W ATM IV level gap 26.15 vol pts (SOL 57.85% versus BTC 31.70%) · SOL minus BTC spread Δ +2.19 vol pts
Vol
BTC 1W ATM IV 31.70% · Δ -2.10 vol ptspercentile rank 62.7% by absolute move · full history (n=153)
ETH 1W ATM IV 44.30% · Δ -2.24 vol ptspercentile rank 33.3% by absolute move · 30-day window (n=30)
SOL 1W ATM IV 57.85% · Δ +0.09 vol ptspercentile rank 0.0% by absolute move · 30-day window (n=27)
Skew
BTC 1W RR25 -2.60 vol pts · Δ -0.86 vol ptspercentile rank 55.6% by absolute move · full history (n=153)
ETH 1W RR25 -1.80 vol pts · Δ -0.84 vol ptspercentile rank 36.7% by absolute move · 30-day window (n=30)
SOL 1W RR25 5.86 vol pts · Δ +3.60 vol ptspercentile rank 81.5% by absolute move · 30-day window (n=27)
Wings
BTC 1W BF25 1.96 vol pts · Δ -0.30 vol ptspercentile rank 73.3% by absolute move · 30-day window (n=30)
ETH 1W BF25 2.72 vol pts · Δ -0.34 vol ptspercentile rank 66.7% by absolute move · 30-day window (n=30)
SOL 1W BF25 4.00 vol pts · Δ +0.34 vol ptspercentile rank 40.7% by absolute move · 30-day window (n=27)
IV versus RV
BTC Unavailable
ETH Unavailable
SOL Unavailable
Unavailable readings: BTC IV versus RV; ETH IV versus RV; 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 24 Sept 2026, 16:30 UTC; ETH 24 Sept 2026, 16:30 UTC; SOL 24 Sept 2026, 16:30 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 62.7% by absolute move · full history (n=153)
BTC 1W RR25: percentile rank 55.6% by absolute move · full history (n=153)
BTC 1W BF25: percentile rank 73.3% by absolute move · 30-day window (n=30)
ETH 1W ATM IV: percentile rank 33.3% by absolute move · 30-day window (n=30)
ETH 1W RR25: percentile rank 36.7% by absolute move · 30-day window (n=30)
ETH 1W BF25: percentile rank 66.7% by absolute move · 30-day window (n=30)
SOL 1W ATM IV: percentile rank 0.0% by absolute move · 30-day window (n=27)
SOL 1W RR25: percentile rank 81.5% by absolute move · 30-day window (n=27)
SOL 1W BF25: percentile rank 40.7% by absolute move · 30-day window (n=27)
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.
Full RV evidence and methodology
BTC · Surface cutoff 24 Sept 2026, 16:30:00 UTC. RV suppressed — valid 7D coverage was not recorded. Canonical BTC index coverage for 7d is incomplete: expected 10080 one-minute returns, found 9824 (97.4603% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
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ETH · Surface cutoff 24 Sept 2026, 16:30:00 UTC. RV suppressed — valid 7D coverage was not recorded. Canonical ETH index coverage for 7d is incomplete: expected 10080 one-minute returns, found 9824 (97.4603% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
null
SOL · Surface cutoff 24 Sept 2026, 16:30:00 UTC. RV suppressed — valid 7D coverage was not recorded. Canonical SOL index coverage for 7d is incomplete: expected 10080 one-minute returns, found 9824 (97.4603% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
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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.