[10x Research: Bitcoin Volatility Continues to Contract, Institutional Positions Building Bullish Structure] According to a report by Jinse Finance 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 realized volatility has declined even faster, dropping to 36.1%. This marks the first occurrence since early 2026 where implied volatility is slightly higher than realized volatility, indicating that the skew in the term structure is being corrected. Market makers' Gamma positions are heavily skewed bearish, while a 'positive Gamma magnetic range' is forming. Overall, with volatility continuing to contract and market panic subsiding, institutional positions are building a bullish structure—not an aggressive upward expectation, but rather a more orderly and gradual setup. The derivatives market does not point to short-term explosive moves but is quietly laying the groundwork for future upward trends.