10x Investigación: La volatilidad de Bitcoin continúa comprimiéndose, las instituciones construyen estructuras alcistas

Golden Finance report, April 27, 10x Research released an analysis stating that the implied volatility of Bitcoin has compressed to 39.2%, the lowest level in several months, while the actual volatility has decreased more rapidly, falling to 36.1%.
This is the first time since early 2026 that implied volatility has been slightly higher than actual volatility, and the skewness of the term structure is being repaired.
Market maker Gamma positions are severely skewed bearish, and a “positive Gamma magnet zone” is forming.
Overall, volatility continues to contract, market panic sentiment weakens, and institutional positions are building a bullish structure—not an aggressive upward expectation, but a more orderly, gradual layout.
The derivatives market does not point to a short-term explosive rally, but is quietly laying the foundation for future gains.