Volreport for Week 35, 2026 (Aug 24 – Aug 28)

All reports

XRP screens cheapest to own this week (IV−RV -45), while SPCX is the most expensive (+66). 25Δ risk-reversals stay negative on SPCX — the market paying up for downside, leaving calls the cheaper wing. Tokenised gold (XAUT) prints its own ~24 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	$2,490	−1.3%	55.0	51.4	−3.6	Cheap
BTCBitcoin	$79,387	+1.1%	36.5	37.2	+0.7	Fair
XRPXRP	$1.42	−2.7%	112.5	67.5	−45.0	Cheap
SOLSolana	$106	+13.6%	62.8	46.0	−16.8	Cheap
XAUTTether Gold	$4,589	0%	20.3	23.5	+6.1	Expensive
SPCXSpaceX	$140	+2.7%	81.1	147.1	+66.0	Expensive

Cheapest of the week

Realized-vol cone vs current implied

XRPBuy of the week

Realized-vol percentile envelope across trailing windows · current implied vol overlaid · XRP · liquid alt

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

Implied (67.5) sits +20 vols vs the 30-day realized median (47.5) — reads expensive 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$2,490

1w−1.3%

RV 30d55.0

IV 30d51.4

25Δ RR+1.9

ETH fell 1.3% on the week; 30-day realized pushed up 53→55. Own-book 30-day implied at 51 screens 4 vols under realized — vol is cheap to own here; 25Δ risk-reversal +1.9 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+5.3 vols

Puts pricierCalls pricier

~30d · 28d expiry+1.9 vols

Puts pricierCalls pricier

Spot$79,387

1w+1.1%

RV 30d36.5

IV 30d37.2

25Δ RR+1

BTC gained 1.1% on the week; 30-day realized pushed up 33→36. Own-book 30-day implied at 37 is roughly balanced against realized; 25Δ risk-reversal near flat (+1.0) — calls and puts level.

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+1.2 vols

Puts pricierCalls pricier

~30d · 28d expiry+1 vols

Puts pricierCalls pricier

Tier 2 — Alts & reference-anchored

Spot$1.42

1w−2.7%

RV 30d112.5

IV 30d67.5

25Δ RR+4.8

XRP fell 2.7% on the week; 30-day realized pushed up 71→112. Own-book 30-day implied at 68 screens 45 vols under realized — vol is cheap to own here; 25Δ risk-reversal +4.8 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+4.5 vols

Puts pricierCalls pricier

~30d · 28d expiry+4.8 vols

Puts pricierCalls pricier

Spot$106

1w+13.6%

RV 30d62.8

IV 30d46.0

25Δ RR+4

SOL gained 13.6% on the week; 30-day realized pushed up 43→63. Own-book 30-day implied at 46 screens 17 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 · 1d expiry+3.3 vols

Puts pricierCalls pricier

~30d · 28d expiry+4 vols

Puts pricierCalls pricier

Spot$4,589

1w0%

RV 30d20.3

IV 30d23.5

25Δ RR−0.5

XAUT gained 0.0% on the week; 30-day realized held near 20. Own-book 7-day implied at 24 sits +6 over realized — more expensive, leans toward selling premium; 25Δ risk-reversal near flat (-0.5) — calls and puts level.

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−0.2 vols

Puts pricierCalls pricier

~30d · 7d expiry−0.5 vols

Puts pricierCalls pricier

Tier 3 — Tokenized RWAs & pre-IPO

Spot$140

1w+2.7%

RV 30d81.1

IV 30d147.1

25Δ RR−4.1

SPCX gained 2.7% on the week; 30-day realized cooled 89→81. Own-book 30-day implied at 147 sits +66 over realized — more expensive, leans toward selling premium; 25Δ risk-reversal -4.1 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 3d expiry0 vols

Puts pricierCalls pricier

~30d · 33d expiry−4.1 vols

Puts pricierCalls pricier

Last week, graded

Tagged alt vol the cheapest to own — SOL 30d realized ~43 into Jun 14Realized firmed to 63 (spot +13.6%) — owning vol paid.

Hit

Flagged XRP realized elevated (~71) with price on the back footRealized firmed to 112 (spot -2.7%) — owning vol paid.

Hit

ETH realized ~53 led the majors; gamma seen underpricedRealized firmed to 55 (spot -1.3%) — owning vol paid.

Hit

BTC the calmest major (~33 realized) — looked for vol to stay anchoredRealized ticked up to 36 (spot +1.1%) — drifted up modestly.

Partial

Tokenised gold expected to stay subdued (~20 realized)Realized held ~ 20 (spot +0.0%) — broadly as flagged.

Hit

Methodology & sources

ClickHouse index_candles_1d + index_price (RV, cone, spot) through 2026-08-28 close · ClickOptions own book via option_last_books (implied vol, BS model r=4.0%) as-of 2026-08-28 09:15 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.