At 10 meters, the pellet should NOT be key-holing.
If you are using copy paper for targets, my guess is you are getting target tears, not key-holing.
Copy paper targets have to be secured to a good backer. The backer is like a cutting board for the knife (the pellet). If there is no cardboard behind the target, where the pellet hits, the paper will tear. So you have to regularly replace the backing, or move the target around the backer to keep cardboard behind the target. And the tighter the groups, the more you have to replace the backer or move the target. And if you shoot TIGHT groups, you may have to limit the number of shots per target.