10x Research: Bitcoin maintains range-bound fluctuations on the surface, while the derivatives market anticipates significant volatility

According to the 10x Research report, Bitcoin's price has shown limited fluctuations recently, but the pricing in the derivatives market has begun to reflect potential significant market changes.

The report points out several structural signals in the market: volatility is being bought rather than sold, option skew has shifted back towards downside protection, funding rates have decreased, futures open interest is showing divergence, and there is a continued net outflow from ETFs. The report believes that although the market appears stable at first glance, the funding positions and pricing structure indicate that the market is preparing for unexpected events. Bulls typically view the rebuilding of the U.S. Treasury general account, the end of quantitative tightening, and potential interest rate cuts as liquidity positives, but if the market structure lacks consistent support, macro expectations are unlikely to drive a sustained trend. 10x Research notes that merely having liquidity is not enough to create directional trends; it is still necessary to observe whether leverage levels, position structures, and trading flows are synchronized. This weekly report covers Bitcoin and Ethereum's 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.