{
  "schemaVersion": 3,
  "reportDate": "2026-09-04",
  "generatedAt": "2026-09-04T16:55:35+00:00",
  "currentSnapshotAt": "2026-09-04T16:48:00+00:00",
  "previousSnapshotAt": "2026-09-03T16:48:00+00:00",
  "sourceSnapshots": {
    "current": {
      "id": 265881,
      "timestamp": "2026-09-04T16:48:00+00:00"
    },
    "previous": {
      "id": 255809,
      "timestamp": "2026-09-03T16:48:00+00:00"
    }
  },
  "windowHours": 24.0,
  "currency": "BTC",
  "methodology": {
    "source": "Derivasys proprietary historical SVI surface and canonical BTC index databases",
    "comparison": "Nearest successful surface snapshots approximately 24 hours apart",
    "rrConvention": "25-delta call IV minus 25-delta put IV",
    "bfConvention": "Average 25-delta wing IV minus ATM forward IV",
    "greeks": "Black forward Greeks for a normalized one-BTC ATM-forward call, zero rate, fitted SVI IV",
    "commentary": "Metrics and takeaways are deterministic. Daily headlines and introductions may be model-assisted, constrained to the same stored facts; weekly prose is deterministic.",
    "fixedTenors": "Fixed-tenor measures are published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.",
    "smileReconstruction": "Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.",
    "ultraShortExpiry": "Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.",
    "causalClaims": "The report describes observed surface and realised-volatility changes only and does not infer unsupported market drivers, flows or forecasts.",
    "realisedVolatility": "Annualised root-mean-square of one-minute canonical BTC-USD index log returns using a 365-day basis; all windows end at the current snapshot."
  },
  "realisedVolatility": {
    "source": "canonical/BTC-USD-INDEX (DERIBIT and OKX indexes)",
    "fallbackObservations": 13,
    "fallbackPolicy": "Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.",
    "samplingInterval": "1 minute",
    "annualizationBasis": "365 days",
    "windowEnd": "2026-09-04T16:48:00+00:00",
    "spotMove24hPercent": -1.48,
    "rv24hPercent": 52.23,
    "rv7dPercent": 36.91,
    "rv30dPercent": 37.75,
    "observations": {
      "24h": 1440,
      "7d": 10080,
      "30d": 43200
    },
    "oneWeekAtmIvPercent": 32.01,
    "oneWeekIvMinus7dRvPoints": -4.9,
    "oneWeekIvMinus24hRvPoints": -20.22,
    "oneWeekIvMinus30dRvPoints": -5.74
  },
  "fitQuality": {
    "currentObjective": 0.04417236,
    "previousObjective": 0.07238309,
    "currentLiveError": 67.80031968,
    "previousLiveError": 79.56152116
  },
  "coverage": {
    "currentListedExpiries": 12,
    "previousListedExpiries": 12,
    "comparedListedExpiries": 11,
    "addedExpiries": [
      "8SEP26"
    ],
    "removedExpiries": [
      "4SEP26"
    ],
    "fixedTenors": [
      "1W",
      "2W",
      "1M",
      "3M",
      "6M",
      "9M"
    ],
    "suppressedFixedTenors": [
      "1Y"
    ]
  },
  "commentary": {
    "source": "codex",
    "model": "gpt-5.6-terra",
    "headline": "Bitcoin options reprice lower as 1w ATM IV falls",
    "executiveSummary": "At the cutoff, Bitcoin 1W ATM IV stood at 32.01%, 4.90 volatility points below Bitcoin seven-day realised volatility of 36.91%.",
    "evidenceIds": [
      "largest-standard-tenor",
      "realised-vol",
      "rr25"
    ],
    "newsSummary": "No qualifying news context was retained for the broad Bitcoin options move.",
    "marketContextSummary": "No retained news item provides a supported direct link to the Bitcoin options repricing.",
    "marketContext": [],
    "newsEvidenceIds": [],
    "takeaways": [
      {
        "id": "realised-vol",
        "label": "Implied versus realised",
        "text": "At the 16:48 UTC cutoff, 1W ATM IV was 32.01%, 4.90 volatility points below seven-day realised volatility of 36.91%; 24-hour realised volatility was 52.23% and 30-day realised volatility was 37.75%."
      },
      {
        "id": "front-atm",
        "label": "Front end",
        "text": "Front-end ATM IV decreased, averaging -3.01 volatility points to 34.38% across 1W, 2W and 1M."
      },
      {
        "id": "back-atm",
        "label": "Long end",
        "text": "Long-dated ATM IV decreased, averaging -0.61 volatility points to 39.87% across 6M and 1Y."
      },
      {
        "id": "rr25",
        "label": "Skew",
        "text": "RR25 moved towards puts, averaging -0.81 volatility points to 0.29% across the six headline tenors."
      },
      {
        "id": "bf25",
        "label": "Convexity",
        "text": "BF25 decreased, averaging -0.32 volatility points to 2.09% across the six headline tenors."
      },
      {
        "id": "largest-standard-tenor",
        "label": "Largest standard-tenor move",
        "text": "The largest standard-tenor ATM IV move was -5.04 volatility points at 1W, to 32.01%.",
        "tenor": "1W",
        "value": -5.04
      }
    ]
  },
  "newsEvidence": {
    "schemaVersion": 1,
    "source": "local-news-mcp",
    "generatedAt": "2026-09-04T16:48:00+00:00",
    "window": {
      "startAt": "2026-09-03T16:48:00+00:00",
      "endAt": "2026-09-04T16:48:00+00:00",
      "endExclusive": true
    },
    "collectorWindow": {
      "startAt": "2026-09-03T16:48:00+00:00",
      "endAt": "2026-09-04T16:48:00+00:00",
      "endExclusive": true
    },
    "coverage": {
      "configuredSources": 1,
      "successfulSources": 1,
      "failedSources": 0
    },
    "provenance": {
      "collectionArchitecture": "central-canonical-event-store",
      "mcpServersQueried": 1,
      "assetScopedQueries": 1,
      "macroQueries": 1,
      "canonicalEventsConsidered": 2,
      "publishersRepresented": 2,
      "discoveryEventsScanned": 14,
      "upstreamFeedCount": null,
      "coverageNote": "The local news MCP exposes canonical events, not its upstream feed inventory; legacy feed-count fields below describe the single MCP endpoint and are not comparable with the former RSS collector."
    },
    "selection": {
      "feedsQueried": 1,
      "publishersQueried": 2,
      "feedEntriesScanned": 2,
      "articlesPassingTimeFilter": 2,
      "articlesPassingSourceRelevanceRules": 2,
      "articlesPassingSelectionThreshold": 0,
      "storiesSelected": 0,
      "selectedPublishers": 0,
      "maximumStories": 3,
      "maximumStoriesPerPublisher": 2,
      "minimumSelectionScore": 0,
      "eventsSelected": 0
    },
    "items": [],
    "events": []
  },
  "newsContext": {
    "outcome": "No sufficiently relevant context identified",
    "highest_causal_confidence": "low",
    "section_heading": "No sufficiently relevant context identified",
    "events": []
  },
  "marketRead": {
    "text": "1W ATM IV fell 5.04 volatility points to 32.01%, a large move at the 92nd percentile among 133 comparable historical observations. At the cutoff, realised volatility measured 52.23% over 24 hours, 36.91% over seven days and 37.75% over 30 days. Front-end ATM IV averaged 34.38%, -3.01 points from the prior snapshot, while the long end averaged 39.87%, -0.61 points. 1W RR25 moved 1.82 volatility points toward puts to 0.29%, leaving calls richer than puts. 1W BF25 fell 0.58 volatility points to 1.67%. The nearest eligible forward, 7SEP26, fell $1,156.34 (-1.43%) to $79,813.70. No sufficiently relevant context identified; the strongest assessed relationship has low causal confidence.",
    "wordCount": 105,
    "source": "deterministic structured report facts",
    "evidenceFields": [
      "summaryMetrics.largestAtmMove",
      "realisedVolatility.rv24hPercent",
      "realisedVolatility.rv7dPercent",
      "realisedVolatility.rv30dPercent",
      "summaryMetrics.frontEndAverageAtm",
      "summaryMetrics.longEndAverageAtm",
      "summaryMetrics.largestRr25Move",
      "summaryMetrics.largestBf25Move",
      "summaryMetrics.nearestEligibleForwardMove",
      "newsContext.outcome",
      "newsContext.highest_causal_confidence"
    ]
  },
  "facts": [
    {
      "id": "realised-vol",
      "label": "Implied versus realised",
      "text": "At the 16:48 UTC cutoff, 1W ATM IV was 32.01%, 4.90 volatility points below seven-day realised volatility of 36.91%; 24-hour realised volatility was 52.23% and 30-day realised volatility was 37.75%."
    },
    {
      "id": "front-atm",
      "label": "Front end",
      "text": "Front-end ATM IV decreased, averaging -3.01 volatility points to 34.38% across 1W, 2W and 1M."
    },
    {
      "id": "back-atm",
      "label": "Long end",
      "text": "Long-dated ATM IV decreased, averaging -0.61 volatility points to 39.87% across 6M and 1Y."
    },
    {
      "id": "rr25",
      "label": "Skew",
      "text": "RR25 moved towards puts, averaging -0.81 volatility points to 0.29% across the six headline tenors."
    },
    {
      "id": "bf25",
      "label": "Convexity",
      "text": "BF25 decreased, averaging -0.32 volatility points to 2.09% across the six headline tenors."
    },
    {
      "id": "largest-standard-tenor",
      "label": "Largest standard-tenor move",
      "text": "The largest standard-tenor ATM IV move was -5.04 volatility points at 1W, to 32.01%.",
      "tenor": "1W",
      "value": -5.04
    }
  ],
  "summaryMetrics": {
    "basis": "Fixed-tenor endpoint comparison",
    "unit": "volatility points",
    "atmIvChange": -2.12,
    "rr25Change": -0.81,
    "bf25Change": -0.32,
    "largestAtmMove": {
      "tenor": "1W",
      "current": 32.01,
      "previous": 37.05,
      "change": -5.04,
      "historicalSignificance": {
        "absoluteMove": 5.04,
        "movePercentile30d": 83.3,
        "movePercentileFullHistory": 91.7,
        "currentLevelPercentileFullHistory": 20.1,
        "classificationPercentile": 91.7,
        "label": "large",
        "observations30d": 30,
        "observationsFullHistory": 133,
        "levelObservationsFullHistory": 134
      }
    },
    "frontEndAverageAtm": {
      "current": 34.38,
      "previous": 37.4,
      "change": -3.01
    },
    "longEndAverageAtm": {
      "current": 39.87,
      "previous": 40.48,
      "change": -0.61
    },
    "oneYearMinusOneWeekAtmSlope": {
      "current": null,
      "previous": null,
      "change": null
    },
    "largestRr25Move": {
      "tenor": "1W",
      "current": 0.29,
      "previous": 2.11,
      "change": -1.82,
      "historicalSignificance": {
        "absoluteMove": 1.82,
        "movePercentile30d": 76.7,
        "movePercentileFullHistory": 85.0,
        "currentLevelPercentileFullHistory": 91.8,
        "classificationPercentile": 85.0,
        "label": "notable",
        "observations30d": 30,
        "observationsFullHistory": 133,
        "levelObservationsFullHistory": 134
      },
      "direction": "toward puts",
      "currentSign": "call-rich"
    },
    "largestBf25Move": {
      "tenor": "1W",
      "current": 1.67,
      "previous": 2.25,
      "change": -0.58,
      "historicalSignificance": {
        "absoluteMove": 0.58,
        "movePercentile30d": 93.3,
        "movePercentileFullHistory": 85.7,
        "currentLevelPercentileFullHistory": 28.4,
        "classificationPercentile": 93.3,
        "label": "large",
        "observations30d": 30,
        "observationsFullHistory": 133,
        "levelObservationsFullHistory": 134
      }
    },
    "nearestEligibleForwardMove": {
      "label": "7SEP26",
      "daysToExpiry": 2.633,
      "current": 79813.7,
      "previous": 80970.04,
      "change": -1156.34,
      "percentChange": -1.43
    }
  },
  "tenors": [
    {
      "tenor": "1W",
      "targetExpiry": 1789145340059,
      "availability": "available",
      "unavailableReason": null,
      "atmIv": {
        "current": 32.01,
        "previous": 37.05,
        "change": -5.04,
        "percentChange": -13.6
      },
      "rr25": {
        "current": 0.29,
        "previous": 2.11,
        "change": -1.82,
        "percentChange": -86.26
      },
      "bf25": {
        "current": 1.67,
        "previous": 2.25,
        "change": -0.58,
        "percentChange": -25.78
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": 5.04,
          "movePercentile30d": 83.3,
          "movePercentileFullHistory": 91.7,
          "currentLevelPercentileFullHistory": 20.1,
          "classificationPercentile": 91.7,
          "label": "large",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "rr25": {
          "absoluteMove": 1.82,
          "movePercentile30d": 76.7,
          "movePercentileFullHistory": 85.0,
          "currentLevelPercentileFullHistory": 91.8,
          "classificationPercentile": 85.0,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "bf25": {
          "absoluteMove": 0.58,
          "movePercentile30d": 93.3,
          "movePercentileFullHistory": 85.7,
          "currentLevelPercentileFullHistory": 28.4,
          "classificationPercentile": 93.3,
          "label": "large",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        }
      }
    },
    {
      "tenor": "2W",
      "targetExpiry": 1789750140059,
      "availability": "available",
      "unavailableReason": null,
      "atmIv": {
        "current": 35.15,
        "previous": 37.72,
        "change": -2.57,
        "percentChange": -6.81
      },
      "rr25": {
        "current": 0.64,
        "previous": 1.8,
        "change": -1.16,
        "percentChange": -64.44
      },
      "bf25": {
        "current": 1.8,
        "previous": 2.2,
        "change": -0.4,
        "percentChange": -18.18
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": 2.57,
          "movePercentile30d": 80.0,
          "movePercentileFullHistory": 85.7,
          "currentLevelPercentileFullHistory": 41.0,
          "classificationPercentile": 85.7,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "rr25": {
          "absoluteMove": 1.16,
          "movePercentile30d": 73.3,
          "movePercentileFullHistory": 76.7,
          "currentLevelPercentileFullHistory": 93.3,
          "classificationPercentile": 76.7,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "bf25": {
          "absoluteMove": 0.4,
          "movePercentile30d": 86.7,
          "movePercentileFullHistory": 80.5,
          "currentLevelPercentileFullHistory": 38.1,
          "classificationPercentile": 86.7,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        }
      }
    },
    {
      "tenor": "1M",
      "targetExpiry": 1791132540059,
      "availability": "available",
      "unavailableReason": null,
      "atmIv": {
        "current": 35.99,
        "previous": 37.42,
        "change": -1.43,
        "percentChange": -3.82
      },
      "rr25": {
        "current": 0.65,
        "previous": 1.32,
        "change": -0.67,
        "percentChange": -50.76
      },
      "bf25": {
        "current": 2.09,
        "previous": 2.3,
        "change": -0.21,
        "percentChange": -9.13
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": 1.43,
          "movePercentile30d": 80.0,
          "movePercentileFullHistory": 78.9,
          "currentLevelPercentileFullHistory": 45.5,
          "classificationPercentile": 80.0,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "rr25": {
          "absoluteMove": 0.67,
          "movePercentile30d": 60.0,
          "movePercentileFullHistory": 66.2,
          "currentLevelPercentileFullHistory": 95.5,
          "classificationPercentile": 66.2,
          "label": "routine",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "bf25": {
          "absoluteMove": 0.21,
          "movePercentile30d": 86.7,
          "movePercentileFullHistory": 79.7,
          "currentLevelPercentileFullHistory": 39.6,
          "classificationPercentile": 86.7,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        }
      }
    },
    {
      "tenor": "3M",
      "targetExpiry": 1796402940059,
      "availability": "available",
      "unavailableReason": null,
      "atmIv": {
        "current": 38.34,
        "previous": 39.28,
        "change": -0.94,
        "percentChange": -2.39
      },
      "rr25": {
        "current": 0.03,
        "previous": 0.21,
        "change": -0.18,
        "percentChange": -85.71
      },
      "bf25": {
        "current": 2.35,
        "previous": 2.59,
        "change": -0.24,
        "percentChange": -9.27
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": 0.94,
          "movePercentile30d": 76.7,
          "movePercentileFullHistory": 81.2,
          "currentLevelPercentileFullHistory": 43.3,
          "classificationPercentile": 81.2,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "rr25": {
          "absoluteMove": 0.18,
          "movePercentile30d": 30.0,
          "movePercentileFullHistory": 32.3,
          "currentLevelPercentileFullHistory": 97.0,
          "classificationPercentile": 32.3,
          "label": "routine",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "bf25": {
          "absoluteMove": 0.24,
          "movePercentile30d": 86.7,
          "movePercentileFullHistory": 90.2,
          "currentLevelPercentileFullHistory": 44.8,
          "classificationPercentile": 90.2,
          "label": "large",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        }
      }
    },
    {
      "tenor": "6M",
      "targetExpiry": 1804265340059,
      "availability": "available",
      "unavailableReason": null,
      "atmIv": {
        "current": 39.87,
        "previous": 40.48,
        "change": -0.61,
        "percentChange": -1.51
      },
      "rr25": {
        "current": -0.17,
        "previous": 0.05,
        "change": -0.22,
        "percentChange": -440.0
      },
      "bf25": {
        "current": 2.53,
        "previous": 2.69,
        "change": -0.16,
        "percentChange": -5.95
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": 0.61,
          "movePercentile30d": 70.0,
          "movePercentileFullHistory": 83.5,
          "currentLevelPercentileFullHistory": 6.0,
          "classificationPercentile": 83.5,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "rr25": {
          "absoluteMove": 0.22,
          "movePercentile30d": 46.7,
          "movePercentileFullHistory": 52.6,
          "currentLevelPercentileFullHistory": 96.3,
          "classificationPercentile": 52.6,
          "label": "routine",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "bf25": {
          "absoluteMove": 0.16,
          "movePercentile30d": 83.3,
          "movePercentileFullHistory": 87.2,
          "currentLevelPercentileFullHistory": 44.0,
          "classificationPercentile": 87.2,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        }
      }
    },
    {
      "tenor": "9M",
      "targetExpiry": 1812127740059,
      "availability": "available",
      "unavailableReason": null,
      "atmIv": {
        "current": 41.15,
        "previous": 41.59,
        "change": -0.44,
        "percentChange": -1.06
      },
      "rr25": {
        "current": 0.01,
        "previous": 0.21,
        "change": -0.2,
        "percentChange": -95.24
      },
      "bf25": {
        "current": 2.69,
        "previous": 2.81,
        "change": -0.12,
        "percentChange": -4.27
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": 0.44,
          "movePercentile30d": 76.7,
          "movePercentileFullHistory": 82.0,
          "currentLevelPercentileFullHistory": 7.5,
          "classificationPercentile": 82.0,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "rr25": {
          "absoluteMove": 0.2,
          "movePercentile30d": 50.0,
          "movePercentileFullHistory": 55.6,
          "currentLevelPercentileFullHistory": 96.3,
          "classificationPercentile": 55.6,
          "label": "routine",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        },
        "bf25": {
          "absoluteMove": 0.12,
          "movePercentile30d": 70.0,
          "movePercentileFullHistory": 79.7,
          "currentLevelPercentileFullHistory": 64.2,
          "classificationPercentile": 79.7,
          "label": "notable",
          "observations30d": 30,
          "observationsFullHistory": 133,
          "levelObservationsFullHistory": 134
        }
      }
    },
    {
      "tenor": "1Y",
      "targetExpiry": 1820076540059,
      "availability": "unavailable",
      "unavailableReason": "The target tenor falls outside the listed-expiry range at one or both snapshots; extrapolated values are suppressed.",
      "atmIv": {
        "current": null,
        "previous": null,
        "change": null,
        "percentChange": null
      },
      "rr25": {
        "current": null,
        "previous": null,
        "change": null,
        "percentChange": null
      },
      "bf25": {
        "current": null,
        "previous": null,
        "change": null,
        "percentChange": null
      },
      "historicalSignificance": {
        "atmIv": {
          "absoluteMove": null,
          "movePercentile30d": null,
          "movePercentileFullHistory": null,
          "currentLevelPercentileFullHistory": null,
          "classificationPercentile": null,
          "label": "unavailable",
          "observations30d": 0,
          "observationsFullHistory": 0,
          "levelObservationsFullHistory": 0
        },
        "rr25": {
          "absoluteMove": null,
          "movePercentile30d": null,
          "movePercentileFullHistory": null,
          "currentLevelPercentileFullHistory": null,
          "classificationPercentile": null,
          "label": "unavailable",
          "observations30d": 0,
          "observationsFullHistory": 0,
          "levelObservationsFullHistory": 0
        },
        "bf25": {
          "absoluteMove": null,
          "movePercentile30d": null,
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      {
        "label": "25JUN27",
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    ]
  },
  "marketDiary": {
    "schemaVersion": 1,
    "source": "local-news-mcp",
    "generatedAt": "2026-09-04T16:48:00+00:00",
    "window": {
      "startAt": "2026-09-03T16:48:00+00:00",
      "endAt": "2026-09-04T16:48:00+00:00",
      "endExclusive": true
    },
    "headline": "Bitcoin options reprice lower as 1w ATM IV drops",
    "standfirst": "Bitcoin 1W ATM IV fell 5.04 volatility points to 32.01%. Bitcoin 1W RR25 moved 1.82 volatility points toward puts to 0.29%, while Bitcoin 1W BF25 fell 0.58 volatility points to 1.67%. The evidence is retained as context and does not establish causation for the measured options move.",
    "days": [
      {
        "reportDate": "2026-09-04",
        "headline": "Bitcoin options reprice lower at the front end",
        "summary": "Bitcoin 1W ATM IV fell 5.04 volatility points to 32.01%, below Bitcoin seven-day realised volatility of 36.91%.",
        "macro": {
          "summary": "No qualifying macro context was retained.",
          "events": []
        },
        "crypto": {
          "summary": "No qualifying crypto context was retained.",
          "events": []
        }
      }
    ]
  },
  "headline": "Bitcoin options reprice lower as 1w ATM IV drops",
  "standfirst": "Bitcoin 1W ATM IV fell 5.04 volatility points to 32.01%. Bitcoin 1W RR25 moved 1.82 volatility points toward puts to 0.29%, while Bitcoin 1W BF25 fell 0.58 volatility points to 1.67%.",
  "crossAssetMarketContext": {
    "schemaVersion": 1,
    "source": "market-context-mcp",
    "status": "unavailable",
    "asset": "BTC",
    "sessionDate": "2026-09-03",
    "asOfTimestamp": "2026-09-03T20:00:00+00:00",
    "summary": "Previous session (latest completed): Common benchmark session is available, but persisted BTC cross-asset context is unavailable.",
    "regimeInsights": [],
    "metrics": {
      "cryptoAtmIv30d": null,
      "vix": 14.319999694824219,
      "vix9d": 11.680000305175781,
      "vix3m": 17.420000076293945,
      "ivSpread": null,
      "ivRatio": null,
      "cryptoRealisedVol20d": null,
      "spxRealisedVol20": null,
      "rvSpread": null,
      "rvRatio": null,
      "rvSpreadPercentile": null,
      "rvSpreadPercentileSampleCount": null,
      "rvRatioPercentile": null,
      "rvRatioPercentileSampleCount": null,
      "returnCorrelation30": null,
      "returnCorrelation30SampleCount": null,
      "returnCorrelation60": null,
      "returnCorrelation60SampleCount": null
    },
    "methodology": "Persisted DerivaSys market-context v1; benchmark values are Yahoo Finance US-session closes. BTC cross-asset metrics were unavailable and remain null."
  }
}
