{"asset":"majors","cadence":"daily","dataArtifacts":{"dataCsv":{"bytes":29049,"mediaType":"text/csv","path":"/v1/research/majors/daily/2026-11-07/data/57791fb84380ce8cac2c0acf68adc464fdf96b201acc3733d156395583b6e86c.csv","sha256":"57791fb84380ce8cac2c0acf68adc464fdf96b201acc3733d156395583b6e86c"},"dataJson":{"bytes":840770,"mediaType":"application/json","path":"/v1/research/majors/daily/2026-11-07/data/fd572ed88b68705ca1a6b8394ff15e365fb0b65df35a639644b39648cf1a19ed.json","sha256":"fd572ed88b68705ca1a6b8394ff15e365fb0b65df35a639644b39648cf1a19ed"},"evidenceJson":{"bytes":3624772,"mediaType":"application/json","path":"/v1/research/majors/daily/2026-11-07/evidence/9606d598b34c52a2e15930cc87ee118caf08e3c2171c2e210118e6919aacef1f.json","sha256":"9606d598b34c52a2e15930cc87ee118caf08e3c2171c2e210118e6919aacef1f"},"schemaVersion":1},"html":"\n\n1M butterfly premiums diverge across crypto majors
\"\" DERIVASYS

Focused research note

1M butterfly premiums diverge across crypto majors

BTC and ETH 1M butterfly premiums widened while SOL’s narrowed, separating relative wing protection from a shared volatility story. The distinction extends across nearby tenors, but directional pricing tells a different story: matched 1M skew deepened its existing downside bias across the cohort, even as SOL 1W skew eased.

Derivasys Research

Report date07 Nov 2026
Current snapshot07 Nov 2026 · 17:31 UTC
CoverageBTC, ETH, SOL
Comparison snapshot06 Nov 2026 · 17:31 UTC

The reading

What the evidence says

The clearest cross-asset distinction is in 1M BF25, the average wing implied-volatility premium over at-the-money volatility. Across the matched daily crypto endpoints, BTC 1M BF25 changed by +0.18 vol points [1] to 1.13 vol points [2], while ETH changed by +0.07 vol points [3] to 1.89 vol points [4]. SOL moved in the opposite direction, changing by -0.21 vol points [5] to 1.62 vol points [6]. This is a divergence in wing premiums relative to ATM, rather than evidence about absolute wing volatility or directional demand. Nearby butterfly changes reinforce the distinction: BTC 1W changed by +0.16 vol points [7] to 1.18 vol points [8], ETH 1W by +0.04 vol points [9] to 2.00 vol points [10], and SOL 1W by -0.18 vol points [11] to 1.42 vol points [12]. At 2W, BTC BF25 changed by +0.04 vol points [13] to 1.13 vol points [14], ETH by +0.12 vol points [15] to 2.04 vol points [16], and SOL by -0.19 vol points [17] to 1.48 vol points [18]. BTC’s 1M BF25 absolute daily move ranked at 94.2nd percentile [19] against its eligible full captured history, 52 observations (observed sampling; 08 Sep 2026–06 Nov 2026) [19]; that individual magnitude rank does not establish rarity of the cross-asset configuration.

ATM volatility, meaning at-the-money implied volatility, shows why the butterfly distinction should not become a claim of broad volatility expansion in BTC and ETH. BTC 1M ATM IV changed by -0.15 vol points [20] to 37.82% [21], ETH 1M by +0.05 vol points [22] to 52.43% [23], and SOL 1M by -1.11 vol points [24] to 54.39% [25]. The corresponding 1W ATM changes were -0.07 vol points [26] for BTC, +0.05 vol points [27] for ETH and -1.06 vol points [28] for SOL. SOL’s 2W ATM change of -1.93 vol points [29] also rules out describing its easing as confined to 1W. Its ordered current ATM levels—1W 56.18% [30], 2W 54.77% [31] and 1M 54.39% [25]—retain a downward-sloping front curve despite the declines.

Directional asymmetry is more aligned at 1M than the butterfly premiums suggest. RR25 measures call-versus-put implied-volatility asymmetry; negative readings indicate higher put volatility. BTC 1M RR25 changed by -0.45 vol points [32] to -3.54 vol points [33], ETH 1M by -0.45 vol points [34] to -4.06 vol points [35], and SOL 1M by -0.95 vol points [36] to -1.35 vol points [37]. Each deepened an existing downside bias. At 1W, BTC RR25 changed by -0.24 vol points [38] to -3.43 vol points [39], and ETH by -0.38 vol points [40] to -6.04 vol points [41]. Thus BTC and ETH combine widening relative butterfly premiums with more negative skew across 1W and 1M, while SOL combines narrowing butterfly premiums with a tenor-dependent skew adjustment.

Spot and realized volatility qualify the options divergence. Over the matching daily crypto interval, BTC spot changed by -0.06% [42], ETH by +0.20% [43], and SOL by -0.61% [44]. Over the common trailing weekly window, realized volatility recomputed from canonical minute prices was 38.51% [45] for BTC, 49.75% [46] for ETH and 58.66% [47] for SOL. Forward 1W IV minus that trailing realized volatility stood at +0.17 vol points [48] for BTC, +2.60 vol points [49] for ETH and -2.48 vol points [50] for SOL. SOL’s negative spread accompanies its lower 1W ATM IV and narrowing 1W butterfly premium, while BTC and ETH retain positive spreads despite widening 1W butterfly premiums. BTC’s separate volatility benchmarks also differ: DS30 was 43.11 vol points [51], BVIV was 41.85 vol points [52], and BVIV minus DS30 was -1.26 vol points [53]. These are distinct benchmark constructions, not substitutes for BTC 1W ATM IV. During the crypto comparison interval, Cointelegraph reported restrictions on transfers involving MEXC. That chronology makes payment access relevant background, but does not identify a cause for SOL’s opposing 1M butterfly move or the shared 1M skew adjustment.

Qualifications and limits

  • BTC’s longer maturities resist extrapolation from its declining 1W and 1M ATM readings: 6M ATM IV changed by +0.27 vol points [54], and 9M by +0.24 vol points [55]. Its ATM repricing therefore changes direction along the curve.
  • SOL 1W skew eased, changing by +0.14 vol points [56] to -4.08 vol points [57]. It remained negative, but its direction opposes both SOL’s worsening 1M skew and the BTC and ETH 1W adjustments; downside-skew deepening is therefore not uniform across assets and tenors.
  • The historical rank uses observed eligible daily moves with gaps retained and no filling; selection and missing dates limit population coverage. DS30 and BVIV are independently timed intraday observations, and DS30’s historical ingestion clock is unavailable.
Further qualifications
  • Forward 1W implied volatility and trailing weekly realized volatility cover different periods. Their spread is descriptive, not a forecast, valuation verdict or trading edge; the realized measure uses observed minute returns and a calendar-day annualization convention.
  • Quoted ATM, butterfly and skew changes do not establish positioning or their cause. The reported payment restriction lacks independently established implementation evidence here, and publication chronology cannot explain the cross-asset divergence by itself.

Verified market snapshot

Current levels and changes over each recorded native interval. Only receipt-matched quotes are shown; an em dash marks a missing matching quote.
Asset · tenorATM IVATM IV changeRR25RR25 changeBF25 change
BTC · 1W38.68 %[58]-0.07 vol pts[26]-3.43 vol pts[39]-0.24 vol pts[38]0.16 vol pts[7]
BTC · 2W37.91 %[59]-0.14 vol pts[60]-3.76 vol pts[61]-0.21 vol pts[62]0.04 vol pts[13]
BTC · 1M37.82 %[21]-0.15 vol pts[20]-3.54 vol pts[33]-0.45 vol pts[32]0.18 vol pts[1]
ETH · 1W52.35 %[63]0.05 vol pts[27]-6.04 vol pts[41]-0.38 vol pts[40]0.04 vol pts[9]
ETH · 2W52.10 %[64]0.03 vol pts[65]-5.81 vol pts[66]-0.45 vol pts[67]0.12 vol pts[15]
ETH · 1M52.43 %[23]0.05 vol pts[22]-4.06 vol pts[35]-0.45 vol pts[34]0.07 vol pts[3]
SOL · 1W56.18 %[30]-1.06 vol pts[28]-4.08 vol pts[57]0.14 vol pts[56]-0.18 vol pts[11]
SOL · 2W54.77 %[31]-1.93 vol pts[29]-2.66 vol pts[68]0.10 vol pts[69]-0.19 vol pts[17]
SOL · 1M54.39 %[25]-1.11 vol pts[24]-1.35 vol pts[37]-0.95 vol pts[36]-0.21 vol pts[5]

Weekly versus monthly curve

Matched native endpoints; inverted means monthly ATM IV is below weekly ATM IV. Regimes compare verified levels; no numerical slope is inferred.
AssetPrior 1WPrior 1MCurrent 1WCurrent 1MCurve regime
BTC38.75 % [70]37.97 % [71]38.68 % [58]37.82 % [21]Remained inverted
ETH52.30 % [72]52.38 % [73]52.35 % [63]52.43 % [23]Remained upward sloping
SOL57.24 % [74]55.50 % [75]56.18 % [30]54.39 % [25]Remained inverted
Recent ATM curve history

One-month minus one-week at-the-money implied volatility. Negative values mean an inverted curve. Each row retains its native observation time; missing days are not filled.

AssetNative observation (UTC)1M minus 1W ATM IV
BTC2026-11-07T17:31:00+00:00-0.86 vol pts [76]
BTC2026-11-06T17:31:00+00:00-0.78 vol pts [77]
BTC2026-11-05T17:31:00+00:00-2.29 vol pts [78]
BTC2026-11-04T17:31:00+00:00+1.11 vol pts [79]
ETH2026-11-07T17:31:00+00:00+0.08 vol pts [80]
ETH2026-11-06T17:31:00+00:00+0.08 vol pts [81]
ETH2026-11-05T17:31:00+00:00-0.56 vol pts [82]
ETH2026-11-04T17:31:00+00:00+1.23 vol pts [83]
SOL2026-11-07T17:31:00+00:00-1.79 vol pts [84]
SOL2026-11-06T17:31:00+00:00-1.74 vol pts [85]
SOL2026-11-05T17:31:00+00:00-7.77 vol pts [86]
SOL2026-11-04T17:31:00+00:00+2.75 vol pts [87]

Cross-asset RR25 change

Cross-asset RR25 change-1.00 vol pts0.00 vol pts1.00 vol pts1W1W · BTC: -0.24 vol pts-0.241W · ETH: -0.38 vol pts-0.381W · SOL: 0.14 vol pts0.141M1M · BTC: -0.45 vol pts-0.451M · ETH: -0.45 vol pts-0.451M · SOL: -0.95 vol pts-0.95
BTC · ETH · SOL. Matched native endpoints, window and units; changes in volatility points.

Figure evidence: [38] [32] [40] [34] [56] [36]

1M BF25 move comparison

1M BF25 move comparison-0.30 vol pts0.00 vol pts0.30 vol ptsBTCBTC · Change: 0.18 vol pts0.18ETHETH · Change: 0.07 vol pts0.07SOLSOL · Change: -0.21 vol pts-0.21
Change. Common recorded native interval and eligible cohort only.

BF25 change by tenor

BF25 change by tenor-0.30 vol pts0.00 vol pts0.30 vol pts1W1W · BTC · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: 0.16 vol pts0.161W · ETH · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: 0.04 vol pts0.041W · SOL · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: -0.18 vol pts-0.182W2W · BTC · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: 0.04 vol pts0.042W · ETH · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: 0.12 vol pts0.122W · SOL · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: -0.19 vol pts-0.191M1M · BTC · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: 0.18 vol pts0.181M · ETH · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: 0.07 vol pts0.071M · SOL · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h: -0.21 vol pts-0.21
BTC · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h · ETH · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h · SOL · 06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC · 24h. Own-run receipt-matched changes; missing or ambiguous points remain gaps.

Figure evidence: [7] [13] [1] [9] [15] [3] [11] [17] [5]

What to watch next

Each monitor describes a verified component or central counterexample of the selected story; observation tests, not a joint forecast.
Story componentNext snapshotObserved conditionComparison periodEvidence
ETH · 1W 25-delta risk reversal08 Nov 2026 · 17:31 UTCCurrent level: at or below -6.04 vol pts (current level).
Between current and prior: strictly above -6.04 vol pts and strictly below -5.66 vol pts.
Prior level: at or above -5.66 vol pts (prior level).		06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC[41] [129] [40]
BTC · 1W 25-delta risk reversal08 Nov 2026 · 17:31 UTCCurrent level: at or below -3.43 vol pts (current level).
Between current and prior: strictly above -3.43 vol pts and strictly below -3.19 vol pts.
Prior level: at or above -3.19 vol pts (prior level).		06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC[39] [88] [38]
SOL · 1W 25-delta risk reversal08 Nov 2026 · 17:31 UTCCurrent level: at or above -4.08 vol pts (current level).
Between current and prior: strictly below -4.08 vol pts and strictly above -4.22 vol pts.
Prior level: at or below -4.22 vol pts (prior level).		06 Nov 2026 · 17:31 UTC → 07 Nov 2026 · 17:31 UTC[57] [169] [56]
Historical sampling methodology

Each rank describes its supplied population. Exact consecutive daily endpoints use fixed UTC anchors and 24 elapsed hours, including across daylight-saving changes. Missing pairs are omitted without interpolation; their absence does not establish why the provider omitted them. Full captured history is bounded by this run. Different captures and windows can have different denominators even when their ranks agree.

MeasurePopulationObserved pairs or levelsRequested windowExcluded pair or level endpoints
BTC 1M.bf25.absolute_move[19]full captured history522026-09-07T17:31:00+00:00 to 2026-11-06T17:31:00+00:002026-09-21T17:31:00+00:00, 2026-09-22T17:31:00+00:00, 2026-09-28T17:31:00+00:00, 2026-09-29T17:31:00+00:00, 2026-10-10T17:31:00+00:00, 2026-10-11T17:31:00+00:00, 2026-10-22T17:31:00+00:00, 2026-10-23T17:31:00+00:00

Source reporting

BF25 = (25-delta call IV + 25-delta put IV) / 2 − ATM IV. Levels and changes are measured in volatility points.

Retrospective report: native market dates are distinct from later retrieval and run clocks. Later capture does not establish availability at the original cutoff.

Source notes

[1] BTC 1M BF25 difference

0.18 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[2] BTC 1M BF25

1.13 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[3] ETH 1M BF25 difference

0.07 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[4] ETH 1M BF25

1.89 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[5] SOL 1M BF25 difference

-0.21 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[6] SOL 1M BF25

1.62 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[7] BTC 1W BF25 difference

0.16 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[8] BTC 1W BF25

1.18 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[9] ETH 1W BF25 difference

0.04 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[10] ETH 1W BF25

2.00 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[11] SOL 1W BF25 difference

-0.18 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[12] SOL 1W BF25

1.42 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[13] BTC 2W BF25 difference

0.04 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[14] BTC 2W BF25

1.13 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[15] ETH 2W BF25 difference

0.12 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[16] ETH 2W BF25

2.04 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[17] SOL 2W BF25 difference

-0.19 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[18] SOL 2W BF25

1.48 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[19] BTC 1M BF25 absolute move percentile

94.23 percentile

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[20] BTC 1M ATM IV difference

-0.15 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[21] BTC 1M ATM IV

37.82 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[22] ETH 1M ATM IV difference

0.05 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[23] ETH 1M ATM IV

52.43 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[24] SOL 1M ATM IV difference

-1.11 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[25] SOL 1M ATM IV

54.39 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[26] BTC 1W ATM IV difference

-0.07 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[27] ETH 1W ATM IV difference

0.05 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[28] SOL 1W ATM IV difference

-1.06 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[29] SOL 2W ATM IV difference

-1.93 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[30] SOL 1W ATM IV

56.18 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[31] SOL 2W ATM IV

54.77 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[32] BTC 1M RR25 difference

-0.45 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[33] BTC 1M RR25

-3.54 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[34] ETH 1M RR25 difference

-0.45 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[35] ETH 1M RR25

-4.06 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[36] SOL 1M RR25 difference

-0.95 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[37] SOL 1M RR25

-1.35 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[38] BTC 1W RR25 difference

-0.24 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[39] BTC 1W RR25

-3.43 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[40] ETH 1W RR25 difference

-0.38 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[41] ETH 1W RR25

-6.04 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[42] BTC spotPrice percentage change

-0.06 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[43] ETH spotPrice percentage change

0.20 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[44] SOL spotPrice percentage change

-0.61 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[45] BTC rv7d.recomputed

38.51 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[46] ETH rv7d.recomputed

49.75 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[47] SOL rv7d.recomputed

58.66 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[48] BTC 1W atmIv-rv7d spread

0.17 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[49] ETH 1W atmIv-rv7d spread

2.60 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[50] SOL 1W atmIv-rv7d spread

-2.48 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[51] BTC btcVol.ds30

43.11 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[52] BTC btcVol.bviv

41.85 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[53] BTC btcVol.bvivMinusDs30

-1.26 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[54] BTC 6M ATM IV difference

0.27 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[55] BTC 9M ATM IV difference

0.24 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[56] SOL 1W RR25 difference

0.14 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[57] SOL 1W RR25

-4.08 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[58] BTC 1W ATM IV

38.68 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[59] BTC 2W ATM IV

37.91 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[60] BTC 2W ATM IV difference

-0.14 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[61] BTC 2W RR25

-3.76 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[62] BTC 2W RR25 difference

-0.21 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[63] ETH 1W ATM IV

52.35 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[64] ETH 2W ATM IV

52.10 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[65] ETH 2W ATM IV difference

0.03 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[66] ETH 2W RR25

-5.81 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[67] ETH 2W RR25 difference

-0.45 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[68] SOL 2W RR25

-2.66 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[69] SOL 2W RR25 difference

0.10 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[70] BTC 1W ATM IV

38.75 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[71] BTC 1M ATM IV

37.97 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[72] ETH 1W ATM IV

52.30 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[73] ETH 1M ATM IV

52.38 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[74] SOL 1W ATM IV

57.24 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[75] SOL 1M ATM IV

55.50 %

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[76] BTC 1M atmIv-1W.atmIv spread

-0.86 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[77] BTC 1M atmIv-1W.atmIv spread

-0.78 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[78] BTC 1M atmIv-1W.atmIv spread

-2.29 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[79] BTC 1M atmIv-1W.atmIv spread

1.11 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[80] ETH 1M atmIv-1W.atmIv spread

0.08 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[81] ETH 1M atmIv-1W.atmIv spread

0.08 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[82] ETH 1M atmIv-1W.atmIv spread

-0.56 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[83] ETH 1M atmIv-1W.atmIv spread

1.23 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[84] SOL 1M atmIv-1W.atmIv spread

-1.79 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[85] SOL 1M atmIv-1W.atmIv spread

-1.74 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[86] SOL 1M atmIv-1W.atmIv spread

-7.77 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[87] SOL 1M atmIv-1W.atmIv spread

2.75 vol pts

Source type: calculation

Observed: 2026-11-07T18:11:49.388450+00:00

[88] BTC 1W RR25

-3.19 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[129] ETH 1W RR25

-5.66 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

[169] SOL 1W RR25

-4.22 vol pts

Source type: calculation

Observed: 2026-11-07T17:31:00+00:00

","provenance":{"canonicalReportSha256":"519793ff2c40719acf49d8ee9cbade7e18ae20b50dacfe9822828e61176b17ec","presentationSha256":"361131137de9e65dc28c131f446864e08e33abc436c3778a17ddb45b635952e2","reviewedReportSha256":"519793ff2c40719acf49d8ee9cbade7e18ae20b50dacfe9822828e61176b17ec","sourceHtmlSha256":"044df49d8ebe853831e7b28abcedfbe2147487068314be1b42dbd48315d61cda","sourceJournalSha256":"9ab7afa725e772c52f2a9e99dfaa52ba21e7e077299e5781fb5b17af7f65f78a"},"reportDate":"2026-11-07","schemaVersion":1,"snapshotUtc":"2026-11-07T17:31:00+00:00","summary":"BTC and ETH 1M butterfly premiums widened while SOL’s narrowed, separating relative wing protection from a shared volatility story. The distinction extends across nearby tenors, but directional pricing tells a different story: matched 1M skew deepened its existing downside bias across the cohort, even as SOL 1W skew eased.","title":"1M butterfly premiums diverge across crypto majors"}