10x Research: Bitcoin appears to be range-bound on the surface, but the derivatives market is already pricing in significant volatility.

ME News, December 8 (UTC+8) — According to a 10x Research report, Bitcoin’s price has shown limited volatility recently, but derivatives market pricing has begun to reflect the potential for significant market moves. The report notes several recent structural signals in the market: volatility is being bought rather than sold, option skew is shifting back toward downside protection, funding rates are declining, futures open interest is diverging, and ETFs continue to see net outflows.

The report believes that although the price range appears stable on the surface, capital positioning and pricing structures indicate the market is preparing for unexpected events. Bulls typically view the rebuilding of the US Treasury General Account, the end of quantitative tightening, and potential rate cuts as liquidity positives. However, if market structure lacks consistent support, macro expectations may struggle to drive a sustained trend.

10x Research points out that liquidity alone is not enough to create directional moves; it is still necessary to observe whether leverage, position structure, and trading flows align. 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. (Source: ME)