SOL 1W ATM eases as downside skew deepens

SOL’s 1W at-the-money volatility declined while downside asymmetry deepened and the butterfly premium widened. The distinction matters: lower 1W ATM volatility accompanied greater relative pricing of downside protection and wings, while longer-tenor ATM volatility increased.

Derivasys Research

Report date06 Nov 2026

Current snapshot06 Nov 2026 · 17:31 UTC

CoverageSOL

Comparison snapshot05 Nov 2026 · 17:31 UTC

The reading

What the evidence says

SOL’s 1W ATM, or at-the-money implied volatility, changed by -4.89 vol points ^[1] to 57.24% ^[2] over the crypto comparison window. This easing accompanied a deeper existing downside bias: 1W RR25, the call-versus-put IV asymmetry, moved from -0.19 vol points ^[3] to -4.22 vol points ^[4], changing by -4.03 vol points ^[5]. Meanwhile, 1W BF25—the average wing IV premium over ATM—changed by +0.54 vol points ^[6] to 1.60 vol points ^[7]. The economic signal is a reshaping of the 1W smile: its center eased while downside asymmetry and the relative wing premium increased.

The 1W ATM decline contrasts with increases further along SOL’s curve. Over the same crypto window, 1M ATM changed by +1.14 vol points ^[8] to 55.50% ^[9]; 2M ATM changed by +2.00 vol points ^[10], and 3M ATM by +2.66 vol points ^[11]. Despite these opposing changes, 1W ATM remained above 1M ATM, preserving an inverted relationship between those tenors. Smile repricing also extended beyond 1W: 1M RR25 changed by -0.69 vol points ^[12] to -0.40 vol points ^[13], crossing from positive to negative. The 1M BF25 premium changed by +0.36 vol points ^[14] to 1.83 vol points ^[15], while 2W BF25 changed by +0.59 vol points ^[16] to 1.67 vol points ^[17]. The 2W butterfly adjustment therefore rules out describing the relative wing repricing as confined to 1W.

The magnitude of SOL’s 1W BF25 adjustment stands out within its eligible rolling-window history. Its absolute daily move ranked at 100th percentile ^[18], with sample size and bounds of 30 observations (observed sampling; 07 Oct 2026–05 Nov 2026) ^[18]. This comparison supports attention to the 1W butterfly premium specifically; it does not establish that the combined ATM, skew and butterfly configuration is historically unusual.

Spot and realized volatility qualify the interpretation of SOL’s 1W options easing. SOL’s spot return over the crypto comparison window was +0.56% ^[19], so the deepening negative 1W RR25 accompanied a positive spot return. Trailing realized volatility, recomputed from canonical minute log returns over the weekly window, was 59.38% ^[20]. Forward 1W ATM IV minus that trailing realized measure was -2.14 vol points ^[21]. This negative spread places the lower 1W ATM quote below the measured trailing realized level, but the different forward and backward periods prevent a forecast or a cheapness conclusion.

Qualifications and limits

BF25 measures a premium relative to ATM; its increase does not independently establish an increase in absolute average wing IV or directional demand.
Historical ranks describe eligible observed samples with their native daily horizons; selection and missing dates can affect the comparison. They are neither population rarity estimates nor joint significance tests.
The spot and options changes share the crypto comparison endpoints; trailing realized volatility covers an earlier weekly interval and uses a calendar-year annualization basis with complete observed minute-return coverage. These descriptive relationships do not identify a catalyst, investor positioning or a trading edge.

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 · tenor	ATM IV	ATM IV change	RR25	RR25 change	BF25 change
SOL · 1W	57.24 %^[2]	-4.89 vol pts^[1]	-4.22 vol pts^[4]	-4.03 vol pts^[5]	0.54 vol pts^[6]
SOL · 2W	56.70 %^[22]	1.06 vol pts^[23]	-2.76 vol pts^[24]	-3.32 vol pts^[25]	0.59 vol pts^[16]
SOL · 1M	55.50 %^[9]	1.14 vol pts^[8]	-0.40 vol pts^[13]	-0.69 vol pts^[12]	0.36 vol pts^[14]
SOL · 2M	55.34 %^[26]	2.00 vol pts^[10]	0.37 vol pts^[27]	-0.45 vol pts^[28]	0.34 vol pts^[29]
SOL · 3M	55.39 %^[30]	2.66 vol pts^[11]	0.65 vol pts^[31]	-0.81 vol pts^[32]	0.28 vol pts^[33]

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.
Asset	Prior 1W	Prior 1M	Current 1W	Current 1M	Curve regime
SOL	62.13 % ^[34]	54.36 % ^[35]	57.24 % ^[2]	55.50 % ^[9]	Remained inverted

SOL BF25 curve

Current · 06 Nov 2026 · 17:31 UTC · Comparison · 05 Nov 2026 · 17:31 UTC. Tenors are equally spaced categories, not elapsed time. Gaps remain unconnected.

Figure sources: ^[41] ^[42] ^[43] ^[44] ^[45]

SOL: size of daily changes in the 1-week butterfly premium (BF25)

Observed samples in teal. Current statistic: 0.54 vol pts (red). Change sizes ignore direction: increases and decreases of the same size are ranked together. BF25 is the average implied volatility of the 25-delta call and put minus at-the-money implied volatility. n=30; 2026-10-07 to 2026-11-05; source-selected observed sample, no fill.

^[18]

BF25 change by tenor

SOL · 05 Nov 2026 · 17:31 UTC → 06 Nov 2026 · 17:31 UTC · 24h. Own-run receipt-matched changes; missing or ambiguous points remain gaps.

Figure evidence: ^[6] ^[16] ^[14]

What to watch next

Each monitor describes a verified component or central counterexample of the selected story; observation tests, not a joint forecast.
Story component	Next snapshot	Observed condition	Comparison period	Evidence
SOL · 1W ATM implied volatility	07 Nov 2026 · 17:31 UTC	Current level: at or below 57.24 % (current level). Between current and prior: strictly above 57.24 % and strictly below 62.13 %. Prior level: at or above 62.13 % (prior level).	05 Nov 2026 · 17:31 UTC → 06 Nov 2026 · 17:31 UTC	^[2] ^[34] ^[1]
SOL · 1W 25-delta butterfly premium	07 Nov 2026 · 17:31 UTC	Current level: at or above 1.60 vol pts (current level). Between current and prior: strictly below 1.60 vol pts and strictly above 1.06 vol pts. Prior level: at or below 1.06 vol pts (prior level).	05 Nov 2026 · 17:31 UTC → 06 Nov 2026 · 17:31 UTC	^[7] ^[46] ^[6]
SOL · 1W 25-delta risk reversal	07 Nov 2026 · 17:31 UTC	Current level: at or below -4.22 vol pts (current level). Between current and prior: strictly above -4.22 vol pts and strictly below -0.19 vol pts. Prior level: at or above -0.19 vol pts (prior level).	05 Nov 2026 · 17:31 UTC → 06 Nov 2026 · 17:31 UTC	^[4] ^[3] ^[5]

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.

Measure	Population	Observed pairs or levels	Requested window	Excluded pair or level endpoints
SOL 1W.bf25.absolute_move^[18]	rolling 30 calendar days (UTC)	30	2026-10-06T17:31:00+00:00 to 2026-11-05T17:31:00+00:00	None

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