10x Research: Bitcoin appears to be maintaining range-bound trading, but the derivatives market has already anticipated significant volatility.

According to a report by 10x Research, Bitcoin prices have seen limited volatility recently, but pricing in the derivatives market has begun to reflect potential for significant price movements. The report points out several structural signals emerging in the market recently: volatility is being bought rather than sold, option skew has shifted back towards downside protection, funding rates have fallen, futures open interest is diverging, and ETFs are experiencing continued net outflows.

The report argues that although the market appears stable within a range, fund positioning and pricing structures indicate that the market is preparing for unexpected events. Bullish investors typically view the rebuilding of the US Treasury's general account, the end of quantitative tightening, and potential interest rate cuts as liquidity-boosting factors; however, without a consistent market structure, macroeconomic expectations are unlikely to drive a sustained trend.

10x Research points out that liquidity alone is not enough to create a directional market trend; it is also necessary to observe whether leverage levels, position structures, and trading flows are synchronized. This weekly report covers Bitcoin and Ethereum derivatives positions, volatility trends, funding rates, ETF and stablecoin flows, options activity, and potential ranges and key catalysts for the next 1 to 2 weeks.