[10x Research: Bitcoin Maintains Surface-Level Range Trading, Derivatives Market Anticipates Significant Volatility] Odaily Planet Daily reports that according to a 10x Research report, Bitcoin's price has shown limited fluctuations recently, but the pricing in the derivatives market has started to reflect potential major market movements. The report highlights several structural signals in the market: volatility is being bought rather than sold, option skew has shifted back toward downside protection, funding rates have declined, futures open interest is diverging, and ETFs continue to experience net outflows. The report suggests that while the price appears stable within a range, capital positioning and pricing structures indicate the market is preparing for sudden events. Bulls typically view the rebuilding of the U.S. Treasury General Account, the end of quantitative tightening, and potential rate cuts as liquidity positives. However, if market structures lack consistent support, macro expectations may struggle to drive sustained trends. 10x Research emphasizes that liquidity alone is insufficient to create directional movements; it is still necessary to observe whether leverage levels, position structures, and trading flows align cohesively. This weekly report covers Bitcoin and Ethereum derivatives positions, volatility trends, funding rates, ETF and stablecoin flows, options activity, as well as potential ranges and key catalysts for the next 1 to 2 weeks.