10x Research: Bitcoin volatility continues to compress as institutional positions build a bullish structure

BlockBeats news, 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 actual volatility has fallen even faster, now down to 36.1%.

This is the first time since early 2026 that implied volatility is slightly higher than actual volatility, and the skewness of the term structure is being corrected. Market makers’ Gamma positions are significantly tilted towards the downside, while a "positive Gamma magnetic zone" is forming.

Overall, volatility continues to contract, market panic is diminishing, and institutional positions are constructing a bullish structure—not an aggressive expectation of a surge, but a more orderly and gradual layout. The derivatives market is not pointing to a short-term explosive rally, but is quietly laying the foundation for future upside.