The crypto market is experiencing underlying turbulence despite appearing calm, according to a report by 10x Research. As the new year approaches, the market is marked by low activity, but derivatives positioning suggests otherwise. Volatility is narrowing, funding rates are rising, and leverage ratios remain high, even as trading volume declines by 30%. ETF fund flows, stablecoin trading, and futures positions are misaligned, indicating potential shifts in market structure. Bitcoin's current downtrend may reverse in January, with its Relative Strength Index (RSI) at 43% signaling a bullish outlook, while the Stochastic Oscillator at 30% suggests bearishness. Bitcoin is 4.5% away from a trend change, with key levels at $88,421 and $98,759. Ethereum also shows potential for a bullish shift, with an RSI of 44% and a Stochastic Oscillator at 23%. Ethereum is 5% from a trend change, with critical levels at $2,991 and $3,363. Both Bitcoin and Ethereum have seen significant declines in 30-day realized volatility, indicating potential market adjustments.