10x Research: Bitcoin Volatility Continues to Decline, Institutional Holdings Building Bullish Structure

BlockBeats News, 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 realized volatility has dropped even faster, now at 36.1%.

This is the first time since early 2026 that implied volatility has been slightly higher than realized volatility, and the skewness of the term structure is being corrected. Market maker Gamma positioning is heavily skewed to the short side, while a "positive Gamma magnet range" is forming.

Overall, as volatility continues to shrink and market fear subsides, institutional positions are building a bullish structure—not an expectation of aggressive price surges, but a more orderly, gradual setup. The derivatives market does not indicate a short-term explosive rally, but is quietly laying the groundwork for future gains.