10x Research: Bitcoin Volatility Continues to Contract, Institutions Build Bullish Positions

On April 27, 10x Research released an analysis stating that Bitcoin’s implied volatility has compressed to 39.2%, the lowest level in months, while the actual volatility has decreased even more rapidly, now at 36.1%. This marks the first time since early 2026 that implied volatility is slightly higher than actual volatility, indicating a repair in the term structure’s skew. Market makers’ Gamma positions are heavily bearish, while a ‘positive Gamma magnet range’ is forming. Overall, the continued contraction of volatility and the reduction of market panic suggest that institutional positions are building a bullish structure—not an aggressive upward expectation, but a more orderly and gradual layout. The derivatives market does not indicate a short-term explosive trend, but it is quietly laying the groundwork for future increases.