{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-02", "generatedAt": "2026-09-02T16:56:39+00:00", "currentSnapshotAt": "2026-09-02T16:30:00+00:00", "comparisonCutoffAt": "2026-09-02T16:30:00+00:00", "headline": "Altcoin options diverge as XRP leads relative volatility", "standfirst": "Across the XRP, HYPE, AVAX and TRX options markets, the 1W ATM IV change range between AVAX and XRP was 6.29 volatility points. Across the XRP, HYPE, AVAX and TRX options markets, the 1W RR25 level spread between TRX and AVAX was 2.80 volatility points.", "marketSummary": "XRP one-week ATM IV fell 6.12 volatility points, the largest absolute move across the complex, while AVAX one-week ATM IV rose 0.17 volatility points.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-02T16:30:00+00:00", "previousSnapshotAt": "2026-09-01T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "atmIv": { "current": 58.84, "previous": 64.96, "change": -6.12, "percentChange": -9.42 }, "rr25": { "current": 2.12, "previous": 1.75, "change": 0.37, "percentChange": 21.14 }, "bf25": { "current": 3.2, "previous": 3.39, "change": -0.19, "percentChange": -5.6 } }, { "tenor": "2W", "atmIv": { "current": 59.01, "previous": 64.51, "change": -5.5, "percentChange": -8.53 }, "rr25": { "current": 1.3, "previous": 1.78, "change": -0.48, "percentChange": -26.97 }, "bf25": { "current": 3.72, "previous": 3.44, "change": 0.28, "percentChange": 8.14 } }, { "tenor": "1M", "atmIv": { "current": 59.25, "previous": 63.71, "change": -4.46, "percentChange": -7.0 }, "rr25": { "current": 1.03, "previous": 2.23, "change": -1.2, "percentChange": -53.81 }, "bf25": { "current": 4.07, "previous": 3.79, "change": 0.28, "percentChange": 7.39 } }, { "tenor": "3M", "atmIv": { "current": 59.69, "previous": 62.69, "change": -3.0, "percentChange": -4.79 }, "rr25": { "current": 1.67, "previous": 3.03, "change": -1.36, "percentChange": -44.88 }, "bf25": { "current": 4.11, "previous": 4.39, "change": -0.28, "percentChange": -6.38 } }, { "tenor": "6M", "atmIv": { "current": 59.79, "previous": 62.43, "change": -2.64, "percentChange": -4.23 }, "rr25": { "current": 1.84, "previous": 3.23, "change": -1.39, "percentChange": -43.03 }, "bf25": { "current": 4.14, "previous": 4.55, "change": -0.41, "percentChange": -9.01 } }, { "tenor": "9M", "atmIv": { "current": 59.83, "previous": 62.34, "change": -2.51, "percentChange": -4.03 }, "rr25": { "current": 1.89, "previous": 3.31, "change": -1.42, "percentChange": -42.9 }, "bf25": { "current": 4.13, "previous": 4.61, "change": -0.48, "percentChange": -10.41 } }, { "tenor": "1Y", "atmIv": { "current": 59.85, "previous": 62.3, "change": -2.45, "percentChange": -3.93 }, "rr25": { "current": 1.91, "previous": 3.34, "change": -1.43, "percentChange": -42.81 }, "bf25": { "current": 4.13, "previous": 4.62, "change": -0.49, "percentChange": -10.61 } } ], "oneWeek": { "tenor": "1W", "atmIv": { "current": 58.84, "previous": 64.96, "change": -6.12, "percentChange": -9.42 }, "rr25": { "current": 2.12, "previous": 1.75, "change": 0.37, "percentChange": 21.14 }, "bf25": { "current": 3.2, "previous": 3.39, "change": -0.19, "percentChange": -5.6 } }, "nearestEligibleForward": { "label": "11SEP26", "daysToExpiry": 8.646, "forward": { "current": 1.34, "previous": 1.37, "change": -0.03, "percentChange": -2.19 } } }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-02T16:30:00+00:00", "previousSnapshotAt": "2026-09-01T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "atmIv": { "current": 67.26, "previous": 70.65, "change": -3.39, "percentChange": -4.8 }, "rr25": { "current": 0.69, "previous": 1.86, "change": -1.17, "percentChange": -62.9 }, "bf25": { "current": 5.17, "previous": 3.86, "change": 1.31, "percentChange": 33.94 } }, { "tenor": "2W", "atmIv": { "current": 66.97, "previous": 69.16, "change": -2.19, "percentChange": -3.17 }, "rr25": { "current": 2.22, "previous": 3.47, "change": -1.25, "percentChange": -36.02 }, "bf25": { "current": 4.34, "previous": 3.59, "change": 0.75, "percentChange": 20.89 } }, { "tenor": "1M", "atmIv": { "current": 67.2, "previous": 68.1, "change": -0.9, "percentChange": -1.32 }, "rr25": { "current": 2.89, "previous": 4.39, "change": -1.5, "percentChange": -34.17 }, "bf25": { "current": 4.07, "previous": 3.31, "change": 0.76, "percentChange": 22.96 } }, { "tenor": "3M", "atmIv": { "current": 67.36, "previous": 67.62, "change": -0.26, "percentChange": -0.38 }, "rr25": { "current": 3.1, "previous": 3.33, "change": -0.23, "percentChange": -6.91 }, "bf25": { "current": 4.26, "previous": 3.03, "change": 1.23, "percentChange": 40.59 } }, { "tenor": "6M", "atmIv": { "current": 67.39, "previous": 67.5, "change": -0.11, "percentChange": -0.16 }, "rr25": { "current": 3.14, "previous": 3.06, "change": 0.08, "percentChange": 2.61 }, "bf25": { "current": 4.32, "previous": 2.96, "change": 1.36, "percentChange": 45.95 } }, { "tenor": "9M", "atmIv": { "current": 67.4, "previous": 67.46, "change": -0.06, "percentChange": -0.09 }, "rr25": { "current": 3.15, "previous": 2.98, "change": 0.17, "percentChange": 5.7 }, "bf25": { "current": 4.35, "previous": 2.94, "change": 1.41, "percentChange": 47.96 } }, { "tenor": "1Y", "atmIv": { "current": 67.41, "previous": 67.44, "change": -0.03, "percentChange": -0.04 }, "rr25": { "current": 3.17, "previous": 2.93, "change": 0.24, "percentChange": 8.19 }, "bf25": { "current": 4.35, "previous": 2.93, "change": 1.42, "percentChange": 48.46 } } ], "oneWeek": { "tenor": "1W", "atmIv": { "current": 67.26, "previous": 70.65, "change": -3.39, "percentChange": -4.8 }, "rr25": { "current": 0.69, "previous": 1.86, "change": -1.17, "percentChange": -62.9 }, "bf25": { "current": 5.17, "previous": 3.86, "change": 1.31, "percentChange": 33.94 } }, "nearestEligibleForward": { "label": "11SEP26", "daysToExpiry": 8.646, "forward": { "current": 81.89, "previous": 82.49, "change": -0.6, "percentChange": -0.73 } } }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-02T16:30:00+00:00", "previousSnapshotAt": "2026-09-01T16:31:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "atmIv": { "current": 53.46, "previous": 53.29, "change": 0.17, "percentChange": 0.32 }, "rr25": { "current": 0.21, "previous": 0.79, "change": -0.58, "percentChange": -73.42 }, "bf25": { "current": 2.87, "previous": 3.15, "change": -0.28, "percentChange": -8.89 } }, { "tenor": "2W", "atmIv": { "current": 53.99, "previous": 55.05, "change": -1.06, "percentChange": -1.93 }, "rr25": { "current": 1.03, "previous": 1.01, "change": 0.02, "percentChange": 1.98 }, "bf25": { "current": 3.69, "previous": 3.61, "change": 0.08, "percentChange": 2.22 } }, { "tenor": "1M", "atmIv": { "current": 54.31, "previous": 56.29, "change": -1.98, "percentChange": -3.52 }, "rr25": { "current": 1.53, "previous": 1.63, "change": -0.1, "percentChange": -6.13 }, "bf25": { "current": 4.17, "previous": 4.01, "change": 0.16, "percentChange": 3.99 } }, { "tenor": "3M", "atmIv": { "current": 54.37, "previous": 56.1, "change": -1.73, "percentChange": -3.08 }, "rr25": { "current": 1.66, "previous": 2.3, "change": -0.64, "percentChange": -27.83 }, "bf25": { "current": 4.08, "previous": 4.14, "change": -0.06, "percentChange": -1.45 } }, { "tenor": "6M", "atmIv": { "current": 54.38, "previous": 56.05, "change": -1.67, "percentChange": -2.98 }, "rr25": { "current": 1.69, "previous": 2.47, "change": -0.78, "percentChange": -31.58 }, "bf25": { "current": 4.07, "previous": 4.17, "change": -0.1, "percentChange": -2.4 } }, { "tenor": "9M", "atmIv": { "current": 54.38, "previous": 56.04, "change": -1.66, "percentChange": -2.96 }, "rr25": { "current": 1.7, "previous": 2.52, "change": -0.82, "percentChange": -32.54 }, "bf25": { "current": 4.08, "previous": 4.18, "change": -0.1, "percentChange": -2.39 } }, { "tenor": "1Y", "atmIv": { "current": 54.38, "previous": 56.03, "change": -1.65, "percentChange": -2.94 }, "rr25": { "current": 1.7, "previous": 2.55, "change": -0.85, "percentChange": -33.33 }, "bf25": { "current": 4.08, "previous": 4.19, "change": -0.11, "percentChange": -2.63 } } ], "oneWeek": { "tenor": "1W", "atmIv": { "current": 53.46, "previous": 53.29, "change": 0.17, "percentChange": 0.32 }, "rr25": { "current": 0.21, "previous": 0.79, "change": -0.58, "percentChange": -73.42 }, "bf25": { "current": 2.87, "previous": 3.15, "change": -0.28, "percentChange": -8.89 } }, "nearestEligibleForward": { "label": "11SEP26", "daysToExpiry": 8.646, "forward": { "current": 7.16, "previous": 7.24, "change": -0.08, "percentChange": -1.1 } } }, { "asset": "TRX", "currentSnapshotAt": "2026-09-02T16:30:00+00:00", "previousSnapshotAt": "2026-09-01T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "atmIv": { "current": 19.21, "previous": 21.88, "change": -2.67, "percentChange": -12.2 }, "rr25": { "current": 3.01, "previous": 2.51, "change": 0.5, "percentChange": 19.92 }, "bf25": { "current": 2.67, "previous": 2.31, "change": 0.36, "percentChange": 15.58 } }, { "tenor": "2W", "atmIv": { "current": 19.04, "previous": 20.2, "change": -1.16, "percentChange": -5.74 }, "rr25": { "current": 1.88, "previous": 1.91, "change": -0.03, "percentChange": -1.57 }, "bf25": { "current": 3.04, "previous": 2.55, "change": 0.49, "percentChange": 19.22 } }, { "tenor": "1M", "atmIv": { "current": 19.09, "previous": 19.08, "change": 0.01, "percentChange": 0.05 }, "rr25": { "current": 0.18, "previous": 0.92, "change": -0.74, "percentChange": -80.43 }, "bf25": { "current": 3.36, "previous": 2.94, "change": 0.42, "percentChange": 14.29 } }, { "tenor": "3M", "atmIv": { "current": 18.71, "previous": 17.79, "change": 0.92, "percentChange": 5.17 }, "rr25": { "current": -2.54, "previous": -1.31, "change": -1.23, "percentChange": -93.89 }, "bf25": { "current": 3.46, "previous": 3.33, "change": 0.13, "percentChange": 3.9 } }, { "tenor": "6M", "atmIv": { "current": 18.61, "previous": 17.45, "change": 1.16, "percentChange": 6.65 }, "rr25": { "current": -3.22, "previous": -1.9, "change": -1.32, "percentChange": -69.47 }, "bf25": { "current": 3.48, "previous": 3.42, "change": 0.06, "percentChange": 1.75 } }, { "tenor": "9M", "atmIv": { "current": 18.58, "previous": 17.34, "change": 1.24, "percentChange": 7.15 }, "rr25": { "current": -3.45, "previous": -2.1, "change": -1.35, "percentChange": -64.29 }, "bf25": { "current": 3.47, "previous": 3.44, "change": 0.03, "percentChange": 0.87 } }, { "tenor": "1Y", "atmIv": { "current": 18.57, "previous": 17.28, "change": 1.29, "percentChange": 7.47 }, "rr25": { "current": -3.57, "previous": -2.21, "change": -1.36, "percentChange": -61.54 }, "bf25": { "current": 3.45, "previous": 3.47, "change": -0.02, "percentChange": -0.58 } } ], "oneWeek": { "tenor": "1W", "atmIv": { "current": 19.21, "previous": 21.88, "change": -2.67, "percentChange": -12.2 }, "rr25": { "current": 3.01, "previous": 2.51, "change": 0.5, "percentChange": 19.92 }, "bf25": { "current": 2.67, "previous": 2.31, "change": 0.36, "percentChange": 15.58 } }, "nearestEligibleForward": { "label": "11SEP26", "daysToExpiry": 8.646, "forward": { "current": 0.32, "previous": 0.32, "change": 0.0, "percentChange": 0.0 } } } ], "crossAssetAnalysis": { "schemaVersion": 1, "purpose": "Identify what is unusual across the altcoin options complex, not produce four mini reports.", "assets": [ "XRP", "HYPE", "AVAX", "TRX" ], "comparableAssets": [ "XRP", "HYPE", "AVAX", "TRX" ], "oneWeek": { "atmIvLevel": { "leader": "HYPE", "laggard": "TRX", "highest": 67.26, "lowest": 19.21, "spread": 48.05, "highestToLowestRatio": 3.5013, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 67.26, "values": [ { "asset": "XRP", "value": 58.84 }, { "asset": "HYPE", "value": 67.26 }, { "asset": "AVAX", "value": 53.46 }, { "asset": "TRX", "value": 19.21 } ], "previousSpread": 48.77, "spreadChange": -0.72 }, "atmIvChange": { "leader": "AVAX", "laggard": "XRP", "highest": 0.17, "lowest": -6.12, "spread": 6.29, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": -6.12, "values": [ { "asset": "XRP", "value": -6.12 }, { "asset": "HYPE", "value": -3.39 }, { "asset": "AVAX", "value": 0.17 }, { "asset": "TRX", "value": -2.67 } ] }, "rr25Level": { "leader": "TRX", "laggard": "AVAX", "highest": 3.01, "lowest": 0.21, "spread": 2.8, "highestToLowestRatio": 14.3333, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 3.01, "values": [ { "asset": "XRP", "value": 2.12 }, { "asset": "HYPE", "value": 0.69 }, { "asset": "AVAX", "value": 0.21 }, { "asset": "TRX", "value": 3.01 } ], "previousSpread": 1.72, "spreadChange": 1.08 }, "rr25Change": { "leader": "TRX", "laggard": "HYPE", "highest": 0.5, "lowest": -1.17, "spread": 1.67, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -1.17, "values": [ { "asset": "XRP", "value": 0.37 }, { "asset": "HYPE", "value": -1.17 }, { "asset": "AVAX", "value": -0.58 }, { "asset": "TRX", "value": 0.5 } ] } }, "relativeVolatilityLeader": { "asset": "XRP", "metric": "absolute 1W ATM IV change", "value": -6.12 }, "termStructure": { "definition": "1Y minus 1W ATM IV, in volatility points", "currentSlope": { "leader": "XRP", "laggard": "TRX", "highest": 1.01, "lowest": -0.64, "spread": 1.65, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": 1.01, "values": [ { "asset": "XRP", "value": 1.01 }, { "asset": "HYPE", "value": 0.15 }, { "asset": "AVAX", "value": 0.92 }, { "asset": "TRX", "value": -0.64 } ], "previousSpread": 7.34, "spreadChange": -5.69 }, "slopeChange": { "leader": "TRX", "laggard": "AVAX", "highest": 3.96, "lowest": -1.82, "spread": 5.78, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 3.96, "values": [ { "asset": "XRP", "value": 3.67 }, { "asset": "HYPE", "value": 3.36 }, { "asset": "AVAX", "value": -1.82 }, { "asset": "TRX", "value": 3.96 } ] } }, "historicalContext": { "minimumObservations": 20, "observations": 4, "oneWeekAtmIvLevelDispersionPercentile": null, "oneWeekAtmIvChangeDispersionPercentile": null, "oneWeekRr25LevelDispersionPercentile": null, "termStructureDispersionPercentile": null, "availabilityNote": "Cross-sectional percentiles require 20 prior aligned reports." }, "correlations": { "metric": "nearestEligibleForwardPercentChange", "minimumObservations": 10, "lookbackObservations": 30, "pairs": [ { "assets": [ "XRP", "HYPE" ], "value": null, "observations": 4 }, { "assets": [ "XRP", "AVAX" ], "value": null, "observations": 4 }, { "assets": [ "XRP", "TRX" ], "value": null, "observations": 4 }, { "assets": [ "HYPE", "AVAX" ], "value": null, "observations": 4 }, { "assets": [ "HYPE", "TRX" ], "value": null, "observations": 4 }, { "assets": [ "AVAX", "TRX" ], "value": null, "observations": 4 } ], "availabilityNote": "Pair correlations require 10 aligned prior reports." }, "evidence": [ { "id": "alts-cross-1w-atm-change-dispersion", "metric": "1W ATM IV change dispersion", "leader": "AVAX", "laggard": "XRP", "highest": 0.17, "lowest": -6.12, "spread": 6.29, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": -6.12, "values": [ { "asset": "XRP", "value": -6.12 }, { "asset": "HYPE", "value": -3.39 }, { "asset": "AVAX", "value": 0.17 }, { "asset": "TRX", "value": -2.67 } ] }, { "id": "alts-cross-1w-atm-level-dispersion", "metric": "1W ATM IV level dispersion", "leader": "HYPE", "laggard": "TRX", "highest": 67.26, "lowest": 19.21, "spread": 48.05, "highestToLowestRatio": 3.5013, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 67.26, "values": [ { "asset": "XRP", "value": 58.84 }, { "asset": "HYPE", "value": 67.26 }, { "asset": "AVAX", "value": 53.46 }, { "asset": "TRX", "value": 19.21 } ], "previousSpread": 48.77, "spreadChange": -0.72 }, { "id": "alts-cross-1w-rr25-dispersion", "metric": "1W RR25 level dispersion", "leader": "TRX", "laggard": "AVAX", "highest": 3.01, "lowest": 0.21, "spread": 2.8, "highestToLowestRatio": 14.3333, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 3.01, "values": [ { "asset": "XRP", "value": 2.12 }, { "asset": "HYPE", "value": 0.69 }, { "asset": "AVAX", "value": 0.21 }, { "asset": "TRX", "value": 3.01 } ], "previousSpread": 1.72, "spreadChange": 1.08 }, { "id": "alts-cross-term-structure-divergence", "metric": "1Y minus 1W ATM IV slope dispersion", "leader": "XRP", "laggard": "TRX", "highest": 1.01, "lowest": -0.64, "spread": 1.65, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": 1.01, "values": [ { "asset": "XRP", "value": 1.01 }, { "asset": "HYPE", "value": 0.15 }, { "asset": "AVAX", "value": 0.92 }, { "asset": "TRX", "value": -0.64 } ], "previousSpread": 7.34, "spreadChange": -5.69 } ] }, "newsContext": { "outcome": "Relevant altcoin context identified", "summary": "The central research dossier identified canonical events relevant to the covered altcoin markets; they are retained as context rather than assigned as causes.", "events": [ { "id": "07cd103b-30e6-4e72-8cf6-1b25833777c9", "sourceId": "coindesk", "publisher": "CoinDesk", "title": "The bearish 'Bart Simpson' pattern is back as bitcoin and XRP prices pull back", "url": "https://www.coindesk.com/markets/2026/09/02/bitcoin-flashes-the-bart-simpsom-pattern-analyst-debate-whether-it-will-actually-form", "publishedAt": "2026-09-02T12:13:26+00:00", "summary": "CoinDesk reported a pullback in Bitcoin and XRP prices.", "matchedTerms": [ "BTC", "Bitcoin", "XRP" ], "topics": [ "market", "other" ], "sourceKind": "media", "rightsStatus": "link-and-summary", "selectionScore": 0, "relevanceReasons": [ "Canonical other event relevant to ALTS" ], "selectionReason": "Selected as contemporaneous report context; association is not proof of causation.", "canonicalEventId": "07cd103b-30e6-4e72-8cf6-1b25833777c9" }, { "id": "07c14b75-6fd0-4017-acbe-4b9f1a45d4f0", "sourceId": "cointelegraph", "publisher": "Cointelegraph", "title": "HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5B", "url": "https://cointelegraph.com/news/hyperliquid-strategies-equity-facility-2-5-billion", "publishedAt": "2026-09-02T05:48:21+00:00", "summary": "Hyperliquid Strategies expanded its equity facility and reported accumulated HYPE holdings.", "matchedTerms": [ "HYPE", "Hyperliquid Strategies" ], "topics": [ "institutional", "institutional_adoption" ], "sourceKind": "media", "rightsStatus": "link-and-summary", "selectionScore": 0, "relevanceReasons": [ "Canonical institutional adoption event relevant to ALTS" ], "selectionReason": "Selected as contemporaneous report context; association is not proof of causation.", "canonicalEventId": "07c14b75-6fd0-4017-acbe-4b9f1a45d4f0" } ] }, "methodology": { "source": "Stored Derivasys SVI surfaces", "comparison": "Latest successful snapshot at or before the common cutoff versus the nearest successful snapshot 24 hours earlier, within a three-hour tolerance.", "availability": "Current levels remain visible when a 24-hour baseline does not yet exist; changes stay null rather than being inferred from a shorter window." }, "comparedListedExpiries": 20, "summaryMetrics": { "basis": "Equal-weight average across assets with a valid 24-hour baseline", "unit": "volatility points", "atmIvChange": -3.0, "rr25Change": -0.22, "bf25Change": 0.3 }, "commentary": { "source": "codex", "model": "gpt-5.6-terra", "headline": "Altcoin options diverge as XRP leads relative volatility", "executiveSummary": "XRP one-week ATM IV fell 6.12 volatility points, the largest absolute move across the complex, while AVAX one-week ATM IV rose 0.17 volatility points.", "evidenceIds": [ "alts-cross-1w-atm-change-dispersion", "alts-cross-1w-atm-level-dispersion", "alts-cross-1w-rr25-dispersion", "alts-cross-term-structure-divergence" ], "newsSummary": "News coverage included a Bitcoin-and-XRP price pullback and Hyperliquid Strategies’ expanded HYPE equity facility. These developments coincided with the dispersion but do not establish its cause.", "marketContextSummary": "The retained news does not provide a direct explanation for the complex-wide repricing.", "marketContext": [ { "title": "XRP pullback coverage", "explanation": "Available event-time XRP ATM IV observations differed from the lower XRP one-week ATM IV endpoint; the evidence does not support a direct link.", "relationship": "no-clear-link", "confidence": "low", "surface_evidence_ids": [ "alts-cross-1w-atm-change-dispersion" ], "news_evidence_ids": [ "07cd103b-30e6-4e72-8cf6-1b25833777c9" ] }, { "title": "HYPE facility expansion", "explanation": "Available event-time HYPE ATM IV observations were limited and do not explain the broad cross-asset divergence.", "relationship": "no-clear-link", "confidence": "low", "surface_evidence_ids": [ "alts-cross-1w-atm-change-dispersion" ], "news_evidence_ids": [ "07c14b75-6fd0-4017-acbe-4b9f1a45d4f0" ] } ], "newsEvidenceIds": [ "07cd103b-30e6-4e72-8cf6-1b25833777c9", "07c14b75-6fd0-4017-acbe-4b9f1a45d4f0" ] }, "newsEvidence": { "schemaVersion": 1, "source": "local-news-mcp", "generatedAt": "2026-09-02T16:30:00+00:00", "window": { "startAt": "2026-09-01T16:30:00+00:00", "endAt": "2026-09-02T16:30:00+00:00", "endExclusive": true }, "coverage": { "configuredSources": 1, "successfulSources": 1, "failedSources": 0 }, "selection": { "feedsQueried": 1, "publishersQueried": 4, "feedEntriesScanned": 72, "articlesPassingTimeFilter": 7, "articlesPassingSourceRelevanceRules": 6, "articlesPassingSelectionThreshold": 2, "storiesSelected": 2, "selectedPublishers": 2, "maximumStories": 3, "maximumStoriesPerPublisher": 2, "minimumSelectionScore": 0 }, "items": [ { "id": "07cd103b-30e6-4e72-8cf6-1b25833777c9", "sourceId": "coindesk", "publisher": "CoinDesk", "title": "The bearish 'Bart Simpson' pattern is back as bitcoin and XRP prices pull back", "url": "https://www.coindesk.com/markets/2026/09/02/bitcoin-flashes-the-bart-simpsom-pattern-analyst-debate-whether-it-will-actually-form", "publishedAt": "2026-09-02T12:13:26+00:00", "summary": "CoinDesk reported a pullback in Bitcoin and XRP prices.", "matchedTerms": [ "BTC", "Bitcoin", "XRP" ], "topics": [ "market", "other" ], "sourceKind": "media", "rightsStatus": "link-and-summary", "selectionScore": 0, "relevanceReasons": [ "Canonical other event relevant to ALTS" ], "selectionReason": "Selected as contemporaneous report context; association is not proof of causation.", "canonicalEventId": "07cd103b-30e6-4e72-8cf6-1b25833777c9" }, { "id": "07c14b75-6fd0-4017-acbe-4b9f1a45d4f0", "sourceId": "cointelegraph", "publisher": "Cointelegraph", "title": "HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5B", "url": "https://cointelegraph.com/news/hyperliquid-strategies-equity-facility-2-5-billion", "publishedAt": "2026-09-02T05:48:21+00:00", "summary": "Hyperliquid Strategies expanded its equity facility and reported accumulated HYPE holdings.", "matchedTerms": [ "HYPE", "Hyperliquid Strategies" ], "topics": [ "institutional", "institutional_adoption" ], "sourceKind": "media", "rightsStatus": "link-and-summary", "selectionScore": 0, "relevanceReasons": [ "Canonical institutional adoption event relevant to ALTS" ], "selectionReason": "Selected as contemporaneous report context; association is not proof of causation.", "canonicalEventId": "07c14b75-6fd0-4017-acbe-4b9f1a45d4f0" } ] }, "researchDossier": "/Users/seangordon/code/report-publisher-harness/runs/2026-09-02-20260902T163012Z/editorial/dossier.json" }