10x Derivatives Edge: BTC & ETH Volatility/Options Analysis

Signals That Move Markets

Author

10x Research
September 03, 2025

We’ve split our weekly volatility analysis into two parts to make it easier to digest. This report provides the full market context and color, while the earlier Smart Options Plays report zeroes in exclusively on actionable trade ideas.

This week’s 10x Derivatives Edge breaks down the signals you can’t afford to miss. We analyze the latest shifts in Bitcoin’s implied volatility, risk reversals, and term structure—showing what traders are really pricing in ahead of September’s market catalysts. Ethereum’s volatility premium is dissected, along with strategies to capture mispricings in the ETH/BTC spread.

We highlight where dealer positioning could accelerate moves, and why certain “gravity dates” in September matter for both BTC and ETH. Finally, we outline two actionable trade ideas designed for very different market views—one for holders seeking protection, and one for buyers who want upside with a buffer. The setups are clear, the risks are defined, and the timing could not be more critical.

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