Volreport for Week 45, 2026 (Nov 2 – Nov 6)

All reports

ETH screens cheapest to own this week (IV−RV -16), while SPCX is the most expensive (+17). 25Δ risk-reversals stay negative on ETH, XRP, SOL, BTC, SPCX — the market paying up for downside, leaving calls the cheaper wing. Tokenised gold (XAUT) prints its own ~19 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	$2,241	−0.1%	67.5	51.2	−16.3	Cheap
BTCBitcoin	$76,126	−1.5%	36.5	37.1	+0.6	Fair
XRPXRP	$1.2	−4.8%	56.1	52.5	−3.6	Cheap
SOLSolana	$90	−6.5%	60.0	57.7	−2.3	Fair
XAUTTether Gold	$4,069	+4.8%	16.9	19.1	+2.2	Fair
SPCXSpaceX	$128	−6.1%	62.6	82.4	+17.3	Expensive

Cheapest of the week

Realized-vol cone vs current implied

ETHBuy of the week

Realized-vol percentile envelope across trailing windows · current implied vol overlaid · Ether · ETH index + listed options

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

Implied (51.2) sits −7.8 vols vs the 30-day realized median (59.0) — 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$2,241

1w−0.1%

RV 30d67.5

IV 30d51.2

25Δ RR−7.4

ETH fell 0.1% on the week; 30-day realized pushed up 63→68. Own-book 30-day implied at 51 screens 16 vols under realized — vol is cheap to own here; 25Δ risk-reversal -7.4 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−18.8 vols

Puts pricierCalls pricier

~30d · 21d expiry−7.4 vols

Puts pricierCalls pricier

Spot$76,126

1w−1.5%

RV 30d36.5

IV 30d37.1

25Δ RR−6

BTC fell 1.5% 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 -6.0 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−14.7 vols

Puts pricierCalls pricier

~30d · 21d expiry−6 vols

Puts pricierCalls pricier

Tier 2 — Alts & reference-anchored

Spot$1.2

1w−4.8%

RV 30d56.1

IV 30d52.5

25Δ RR−3.2

XRP fell 4.8% on the week; 30-day realized pushed up 54→56. Own-book 30-day implied at 52 screens 4 vols under realized — vol is cheap to own here; 25Δ risk-reversal -3.2 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−11.3 vols

Puts pricierCalls pricier

~30d · 21d expiry−3.2 vols

Puts pricierCalls pricier

Spot$90

1w−6.5%

RV 30d60.0

IV 30d57.7

25Δ RR−2.2

SOL fell 6.5% on the week; 30-day realized pushed up 56→60. Own-book 30-day implied at 58 is roughly balanced against realized; 25Δ risk-reversal -2.2 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−10.2 vols

Puts pricierCalls pricier

~30d · 21d expiry−2.2 vols

Puts pricierCalls pricier

Spot$4,069

1w+4.8%

RV 30d16.9

IV 30d19.1

25Δ RR+0.5

XAUT gained 4.8% on the week; 30-day realized held near 17. Own-book 30-day implied at 19 is roughly balanced against realized; 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−0.8 vols

Puts pricierCalls pricier

~30d · 21d expiry+0.5 vols

Puts pricierCalls pricier

Tier 3 — Tokenized RWAs & pre-IPO

Spot$128

1w−6.1%

RV 30d62.6

IV 30d82.4

25Δ RR−13.2

SPCX fell 6.1% on the week; 30-day realized pushed up 59→63. Own-book 7-day implied at 82 sits +17 over realized — more expensive, leans toward selling premium; 25Δ risk-reversal -13.2 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 3d expiry−11.3 vols

Puts pricierCalls pricier

~30d · 5d expiry−13.2 vols

Puts pricierCalls pricier

Last week, graded

Tagged alt vol the cheapest to own — SOL 30d realized ~56 into Jun 14Realized firmed to 60 (spot -6.5%) — owning vol paid.

Hit

Flagged XRP realized elevated (~54) with price on the back footRealized firmed to 56 (spot -4.8%) — owning vol paid.

Hit

ETH realized ~63 led the majors; gamma seen underpricedRealized firmed to 68 (spot -0.1%) — owning vol paid.

Hit

BTC the calmest major (~33 realized) — looked for vol to stay anchoredRealized ticked up to 36 (spot -1.5%) — drifted up modestly.

Partial

Tokenised gold expected to stay subdued (~16 realized)Realized ticked up to 17 (spot +4.8%) — drifted up modestly.

Partial

Methodology & sources

ClickHouse index_candles_1d + index_price (RV, cone, spot) through 2026-11-06 close · ClickOptions own book via option_last_books (implied vol, BS model r=4.0%) as-of 2026-11-06 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.