Volreport for Week 26, 2026 (Jun 22 – Jun 26)

All reports

SPCX screens cheapest to own this week (IV−RV -35), while XAUT is the most expensive (-1). 25Δ risk-reversals stay negative on SOL, ETH, XRP, BTC, XAUT — the market paying up for downside, leaving calls the cheaper wing. Tokenised gold (XAUT) prints its own ~26 vol — a calm, low-beta anchor against the crypto names.

Vol Value Scoreboard

IV(30d) − RV(30d), ranked cheapest → most expensive

Asset	Spot	1w %	RV 30d	IV 30d	IV − RV	Verdict
ETHEther	$1,583	−7.5%	66.0	54.0	−12.0	Cheap
BTCBitcoin	$60,351	−5%	48.6	40.7	−7.9	Cheap
SOLSolana	$72	+3.2%	75.9	57.5	−18.4	Cheap
XRPXRP	$1.05	−7.8%	61.4	51.9	−9.5	Cheap
XAUTTether Gold	$4,084	−1.6%	26.6	25.5	−1.1	Fair
SPCXSpaceX	$156	−13.1%	111.0	75.9	−35.1	Cheap

Cheapest of the week

Realized-vol cone vs current implied

SPCXBuy of the week

Realized-vol percentile envelope across trailing windows · current implied vol overlaid · SpaceX · tokenised pre-IPO

Realized range (min–max)Middle half (p25–p75)Median realizedImplied today

Implied (75.9) sits −30.8 vols vs the 30-day realized median (106.7) — reads cheap to own.

Reading the tiers below: the 25Δ Risk Reversal

A 25Δ risk reversal compares two equally out-of-the-money options — a 25-delta call and a 25-delta put — and takes the difference in their implied vol. A negative number means puts cost more: the market is paying up for downside protection, and calls are the relatively cheap wing. A positive number is the reverse — calls cost more, puts are the cheap wing.

Tier 1 — Liquid listed options

Spot$1,583

1w−7.5%

RV 30d66.0

IV 30d54.0

25Δ RR−9.7

ETH fell 7.5% on the week; 30-day realized pushed up 61→66. Own-book 30-day implied at 54 screens 12 vols under realized — vol is cheap to own here; 25Δ risk-reversal -9.7 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−22 vols

Puts pricierCalls pricier

~30d · 35d expiry−9.7 vols

Puts pricierCalls pricier

Spot$60,351

1w−5%

RV 30d48.6

IV 30d40.7

25Δ RR−9.9

BTC fell 5.0% on the week; 30-day realized pushed up 43→49. Own-book 30-day implied at 41 screens 8 vols under realized — vol is cheap to own here; 25Δ risk-reversal -9.9 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−13.3 vols

Puts pricierCalls pricier

~30d · 35d expiry−9.9 vols

Puts pricierCalls pricier

Tier 2 — Alts & reference-anchored

Spot$72

1w+3.2%

RV 30d75.9

IV 30d57.5

25Δ RR−6.9

SOL gained 3.2% on the week; 30-day realized pushed up 68→76. Own-book 30-day implied at 58 screens 18 vols under realized — vol is cheap to own here; 25Δ risk-reversal -6.9 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−9.8 vols

Puts pricierCalls pricier

~30d · 35d expiry−6.9 vols

Puts pricierCalls pricier

Spot$1.05

1w−7.8%

RV 30d61.4

IV 30d51.9

25Δ RR−9.1

XRP fell 7.8% on the week; 30-day realized pushed up 57→61. Own-book 30-day implied at 52 screens 10 vols under realized — vol is cheap to own here; 25Δ risk-reversal -9.1 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−12.4 vols

Puts pricierCalls pricier

~30d · 35d expiry−9.1 vols

Puts pricierCalls pricier

Spot$4,084

1w−1.6%

RV 30d26.6

IV 30d25.5

25Δ RR−2.5

XAUT fell 1.6% on the week; 30-day realized held near 27. Own-book 30-day implied at 26 is roughly balanced against realized; 25Δ risk-reversal -2.5 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−2.3 vols

Puts pricierCalls pricier

~30d · 35d expiry−2.5 vols

Puts pricierCalls pricier

Tier 3 — Tokenized RWAs & pre-IPO

Spot$156

1w−13.1%

RV 30d111.0

IV 30d75.9

25Δ RR+4

SPCX fell 13.1% on the week. Own-book 30-day implied at 76 screens 35 vols under realized — vol is cheap to own here; 25Δ risk-reversal +4.0 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 3d expiry−8 vols

Puts pricierCalls pricier

~30d · 35d expiry+4 vols

Puts pricierCalls pricier

Last week, graded

Tagged alt vol the cheapest to own — SOL 30d realized ~68 into Jun 14Realized firmed to 76 (spot +3.2%) — owning vol paid.

Hit

Flagged XRP realized elevated (~57) with price on the back footRealized firmed to 61 (spot -7.8%) — owning vol paid.

Hit

ETH realized ~61 led the majors; gamma seen underpricedRealized firmed to 66 (spot -7.5%) — owning vol paid.

Hit

BTC the calmest major (~43 realized) — looked for vol to stay anchoredRealized blew out to 49 (spot -5.0%) — vol broke higher against the call.

Miss

Tokenised gold expected to stay subdued (~25 realized)Realized ticked up to 27 (spot -1.6%) — drifted up modestly.

Partial

Methodology & sources

ClickHouse index_candles_1d + index_price (RV, cone, spot) through 2026-06-26 close · ClickOptions own book via option_last_books (implied vol, BS model r=4.0%) as-of 2026-06-26 15:46 UTC · RV-only where no IV solves

Vol Value Scores compare ClickOptions' own-book implied volatility to trailing realized volatility on the same underlying — a relative-value read, not a forecast.