10x Research: Bitcoin volatility continues to contract, institutional holdings build bullish structures

Golden Finance reports that on April 27th, 10x Research released an analysis stating that Bitcoin’s implied volatility has compressed to 39.2%, the lowest level in several months, while actual volatility has decreased even faster, dropping 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 shrink, market panic sentiment is weakening, and institutional positions are building a bullish structure—not an aggressive upward expectation, but a more orderly, gradual layout.
The derivatives market does not indicate a short-term explosive rally, but is quietly laying the groundwork for future gains.