The cryptocurrency market has entered a phase reminiscent of past altcoin seasons, primarily driven by Bitcoin's recent rebound to the $94K–$96K range. 

Altcoin season might have come with reviveding speculation 

The cryptocurrency market has entered a phase reminiscent of past altcoin seasons, primarily driven by Bitcoin's recent rebound to the $94K–$96K range. This resurgence has sparked renewed interest among retail traders, shifting focus from Bitcoin to smaller, more speculative altcoins. The overall market saw a 10% increase in value during the final eight days of April, contrasting with Bitcoin's 7% gain. This trend indicates a growing appetite for risk among investors, particularly in meme coins, which have seen a surge in social media discussions.

However, caution is warranted as elevated crowd enthusiasm often precedes market corrections. Historical patterns suggest that when buzzwords like "altseason" are dominating discussions, it may signal an impending price exhaustion. The current market dynamics reflect a shift toward speculative investments, raising concerns about the sustainability of this enthusiasm.

Bitcoin's bullish sentiment substantially improves

Bitcoin's position as the leading cryptocurrency has remained steady, with discussions around its price fluctuating significantly. Following a period of pessimism, when predictions dipped as low as $10K–$69K, sentiment shifted dramatically with the price recovery. Now, optimistic projections of $100K–$159K are dominating conversations, indicating a reversal in trader sentiment.

Despite Bitcoin's consistent presence in market discussions (approximately 25% of asset topics), the ratio of bullish-to-bearish commentary has grown increasingly favorable. This suggests a growing confidence among traders bolstered by Bitcoin's recent performance. However, it’s essential to monitor whether this bullish sentiment translates into sustained investment, or if it leads to overconfidence that may trigger a market pullback.

Ethere, once a robust contender in the altcoin arena, has struggled to regain retail investor confidence despite recent bullish commentary and promises of innovation from co-founder Vitalik Buterin. Its social media presence has dwindled to about 6–7% of discussions, a significant drop from previous years. This decline highlights the challenges Ethereum faces in re-establishing itself as a go-to investment in a market increasingly dominated by speculative assets.

Conversely, XRP has seen a notable increase in optimism surrounding ETF approvals, with expectations rising to 85%. This shift reflects a broader trend of institutional interest in cryptocurrencies, potentially paving the way for significant capital inflows. Meanwhile, Dogecoin's potential ETF listings have sparked renewed interest, transforming its image from that of a meme coin to a legitimate investment option. The growing dialogue surrounding institutional adoption of Dogecoin and XRP indicates a pivotal moment for these assets, suggesting they may play critical roles in the evolving cryptocurrency landscape.

Advanced

Intro to Santiment.png

Bybit x Santiment social sentiment report: Altcoin sentiment recovers despite Bitcoin’s resilience

Bybit Spread Trading allows traders to simultaneously buy and sell two related instruments in order to hedge risk or profit from price discrepancies. Read more.

Whether markets are flying high or wobbling unpredictably, one thing remains true: traders are always looking for smarter ways to 

 and find profit opportunities. That’s where Bybit Spread Trading comes in. This feature is tailor-made for those who want to go beyond basic buy/sell plays and start taking advantage of price discrepancies between related instruments. In this guide, we’ll walk through exactly how Bybit Spread Trading works, why it matters and how you can start using it today, whether you’re 

is a newly launched Bybit feature that allows users to simultaneously buy and sell two related instruments — such as Spot, Perpetual or Expiry contracts with different settlement dates — in order to hedge risk or profit from price discrepancies.

This type of trading strategy is popular among institutional and professional traders because it enables more precise, controlled market exposure. However, with Bybit’s interface, the barrier to entry is significantly lowered, opening the door for individual traders to tap with just a few clicks into a powerful set of tools.

At its core, Spread Trading on Bybit is about executing what’s called a combo trade. This means entering two positions at once: one long, one short. These positions are taken on related instruments, such as a BTC Spot trade and a BTC Perpetual contract, with the idea that their prices will either converge or diverge in a way that benefits your position.

When you place a buy combo, you’re buying the instrument with the longer expiration (the “far leg”) and selling the one that expires sooner (the “near leg”). 

A sell combo is the reverse: selling the far leg and buying the near leg. The profit (or loss) comes from how the spread between these two instruments shifts over time.

For example, if you believe the spread between a Perpetual and a Quarterly Futures contract will widen, you can buy the combo. If the spread increases after your entry, that movement becomes your profit. Bybit calculates your 

 prices automatically, based on the mark prices and your defined “order price,” so there’s no need to manually crunch the numbers.

Perhaps the most important feature here is atomic execution. This ensures both sides of your combo trade are filled together, in equal quantities, or the trade doesn’t go through at all. It removes “leg risk,” which is the danger of getting filled on one side of the trade, but not the other. In volatile markets, that alone can save you from an unwanted mess.

Spread Trading on Bybit currently supports combinations such as Spot and Perpetual, Spot and Expiry, Perpetual and Expiry, or even two Expiry contracts with different dates. This flexibility lets you build strategies that align with different market outlooks — bullish, bearish or neutral.

There’s a strong reason why Spread Trading is a go-to for many experienced traders: it allows for strategic plays that are more sophisticated than just guessing price direction. On Bybit, it’s not only powerful, but also convenient.

First, you get price certainty. Your spread is locked in at the price you specify. There’s no 

 between legs because the entry prices are automatically calculated and matched. You’re trading the spread, not the individual legs.

Secondly, the trading experience is smoother. Instead of placing two separate orders and manually trying to sync them, Bybit handles everything as a single transaction. You don’t have to worry about whether one leg gets filled and the other doesn’t — that risk is eliminated through atomic execution.

Third, this setup is a great hedge against volatility. By taking opposing positions on two related contracts, you reduce exposure to sharp price movements. Your P&L becomes more about the relative performance between contracts, rather than the market direction itself.

There’s also a strong cost advantage. Trading spreads on Bybit is significantly cheaper than doing it manually. You pay only half the trading fees you’d incur if you placed two individual trades on the order book. For high-volume or 

, that translates to meaningful savings over time.

Finally, it unlocks strategy flexibility. Whether you're 

 funding rates between Spot and Perpetual, doing 

 with different Futures contracts or taking advantage of price convergence before expiry, this platform gives you the tools to execute those ideas efficiently.

How to get started with Bybit Spread Trading 

Now that you have a better understanding of how Bybit Spread Trading works, let’s look into how to get started. Please note that you’ll need to have a Bybit account in order to proceed. If you don’t already have one, please check out our 

 for more information on how to create a Bybit account.

: Log in to your Bybit account and hover your cursor over the 

: The available spreads are organized in a grid, with each tile representing a unique combo. Choose your preferred combo to trade.

Tiles with a border around them signify that Spread Trading offers a better price. Hover over a tile for more details, or use the bar at the bottom of the grid to explore more options.

On the order placement page, set up your order with the following parameters:

to place your order. A pop-up window will appear for you to confirm your order details. Then, click on 

Congratulations — you’ve successfully placed an order!

You can view your Spread Trading orders from any trading page (Spread Trading, Spot and Futures), as they all share the same order data.

 to view your active orders. You’ll be able to view the combo, underlying asset, order price and more. 

If you would like to adjust your order parameters, you may click on the pencil icon under 

. To cancel your order, simply click on the order’s corresponding 

to view your completed orders. To view each order’s information on each leg, click on the order’s corresponding 

button. For additional insights, click on 

Spread trading isn’t for everyone — but if you’re someone who enjoys strategic trading, hedging or arbitrage, it’s a tool worth adding to your arsenal. It appeals to traders who are less interested in taking a directional bet, and more focused on capitalizing on inefficiencies in the market.

You don’t have to be a pro trader to benefit, either. The simplified execution and intuitive UI mean even intermediate users can explore advanced strategies without being overwhelmed. As long as you understand how spreads work, and how your P&L is affected by their movement, you’re already halfway there.

More importantly, in times of market uncertainty or low volatility — when price action feels sluggish — spread trading gives you an alternative way to profit. It keeps you in the game — even when momentum plays aren’t cutting it.

Bybit Spread Trading is a powerful tool that combines simplicity with sophistication. Whether you're looking to hedge, save on fees or experiment with 

 strategies, it offers a clean and user-friendly way to do so. With lower risk, lower costs and plenty of flexibility, Bybit Spread Trading is a smart move for any trader looking to level up their game — especially when markets get messy.

Intermediate

bybit spread trading.png

Bybit Spread Trading: Smart strategies for market swings

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

Positive sentiment around potential US trade deals has fueled a sixth straight day of gains in risk-on assets. Bitcoin, boosted by this sentiment and its own drivers, such as strong ETF inflows and regulatory progress, has outperformed gold and equities, rising 14% over the past month and consolidating at $94K. Bitcoin’s implied volatility has decreased significantly, while realized volatility has stabilized above 30%, a level that’s been its floor for the past 18 months.

Please check out the report’s highlights.

Perp at months’ high; traders not yet all-in

After rallying from $75,000 to over $95,000 in early April, Bitcoin has traded sideways at around $94,000 this week. Open interest remains stable for April, near all-time highs at $8B, while trade volumes have decreased to $10B per day. Lower trade volumes correlate with lower realized volatility, and perp positioning suggests that traders are waiting for another rally before committing to major positions, mindful of recent sell-offs.

Bitcoin volatility declines to 18-month low

Bitcoin’s volatility has declined, nearing a previously held floor of 35–40%, a level from which it has consistently rebounded over the past 18 months. Implied volatility has followed a 10-point drop in realized volatility to just above 30%, the floor of its 18-month range. Options activity shows a preference for puts, as BTC’s spot price is remaining stable. Volatility smile skews favor out-of-the-money calls, particularly for long-term options, while short-term options are nearly neutral.

BTC volatility smiles skew toward OTM calls

Bitcoin's volatility smiles now favor out-of-the-money (OTM) calls across all tenors, recovering from a put-call skew that strongly favored puts earlier in April. Ether is showing a similar recovery at short tenors, but longer-term skew remains slightly bearish. While ETH funding rates are positive, longer-term option smiles are skewing toward puts, thus presenting mixed sentiment. For BTC, derivatives markets are indicating clearer bullish signals, including positive funding rate spikes, positively sloped futures yields and a skew toward OTM calls.

block-scholes-x-bybit-report.jpeg

Bybit X Block Scholes crypto derivatives analytics report (Apr 30, 2025): Bitcoin volatility at 18-month low; data shows traders aren’t yet all-in

Grayscale has launched the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. 

Daily top performer — Curve Finance (CRV)

The S&P 500 rose 0.15% as investors shrugged off recession fears and reacted positively to strong tech earnings, with focus now shifting to upcoming Apple and Amazon results. Gold dropped to $3,245 on US-China trade optimism and a stronger dollar, with Fed rate cut hopes cushioning losses. The Coindesk Indices, which tracks the broader crypto market, fell 0.51%, with Bitcoin and Ether down 1.24% and 0.86%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CRV, which surged 11.4% after Spark's integration of new Curve pools, enhancing stablecoin liquidity and improving DeFi infrastructure.

Curve Finance (CRV), launched in 2020, is a DEX on Ethereum for low-fee swaps between stablecoins and similar assets, with yield-earning pools and DAO governance via the CRV token. Spark has 

 sUSDS/USDT and USDC/USDT Curve pools to its Spark Liquidity Layer (SLL), boosting stablecoin liquidity, enabling easier swaps, and supporting future direct USDT deposits and withdrawals via Spark Savings.

Check out the latest prices, charts, and data of 

 the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. The ETF includes firms like Tesla, Blockstream, and MARA. It reflects the growing trend of companies acquiring Bitcoin as a hedge against inflation. Grayscale's fund aims to provide exposure to companies in sectors like mining, automotive, and energy. Institutional BTC adoption, including Michael Saylor's Strategy, is driving Bitcoin's scarcity, which may lead to a supply crunch and rising Bitcoin prices in the future.

Yesterday, BTC spot ETFs saw $323.3M in outflows, with $32M from GBTC and $291.3M from other ETFs.

 its largest Galxe points event, running from May 4–8, 2025, where users can complete tasks to earn points. They also introduced the AlphaWave competition, a 7-day AI trading contest featuring 25 crypto agents. Users can vote for the agent they think will win to earn rewards and complete Galxe quests. New tasks will be added throughout the week.

Beginner

3.png

Grayscale launches Bitcoin Adopters ETF, tracking companies with BTC treasury strategies

Bybit Learn

DeFi

Vertex is a decentralized exchange that focuses on providing an efficient, high-quality user experience. Learn more about it in this article.

Sign up

One of the biggest debates in the crypto world right now is decentralized exchanges (

). While a decentralized exchange theoretically offers more users' rights and individual flexibility, many customers prefer the security and convenience of a centralized exchange. An exciting new project called Vertex hopes to combine the two concepts and provide the best of both worlds. Can Vertex really create a secure, high-performance system that avoids centralization? Keep reading to find out.

 is a decentralized exchange that focuses on providing an efficient, high-quality user experience. As a vertically integrated exchange, Vertex bundles together multiple crypto exchange services into one accessible front end.

Vertex is a Singapore-based company founded in 2021. The project was created by

. Before creating the company, Tabatabai was the head of trading at 

. During his time in investment management, Tabatabai noticed there was a huge demand for a decentralized exchange that actually worked well.

The Vertex team was inspired by the success of both the 

 decentralized exchange and the Binance centralized exchange. After witnessing user responses to both of these projects, Tabatabai and Peng started thinking of a way to combine the best features of both projects.

Vertex hopes to simultaneously provide users with the convenience of a centralized exchange and the freedom of a decentralized one. In order to achieve 

, Vertex decided to focus on a few specific goals:

) that’s currently built on Arbitrum, with plans to transition to the Ethereum virtual machine (

) in the near future. Its structure consists of multiple 

 layers that are governed by a complex set of 

, handles all the base protocols, such as processing liquidity and storing user accounts. An off-chain trading engine rapidly matches inbound and outbound orders, and then uses 

 to send batched transactions on-chain for verification.

In addition to enabling lightning-fast trading, Vertex also features vertical integration, a strategy that offers several related products through the same system. For example, users can both borrow money through the integrated money market and earn money with an automated market maker (

). All of these products work together in the Vertex system, which offers capital efficiency and an excellent trading experience. The vertical integration also helps to bundle gas fees, so people save money on transactions.

Vertex is all about providing capital efficiency and an unparalleled trading experience. Following are some of the many 

The site's main service is a DEX through which both institutional traders and retail users can buy and sell digital assets. Its trading engine supports basic cryptos and a variety of 

 trading markets. An integrated AMM rapidly fulfills orders. Vertex's integrated money market also lets people borrow assets to make investments via the exchange.

Unlike many other DEXs, Vertex provides both AMMs and central-limit 

. The AMMs allow users to buy tokens from 

, while the central-limit order books let them trade directly with each other.

When working with the integrated money market, you can use your existing 

. Having one universal margin account makes it fast and easy to get the funds you need for creative trading plans. Your assets hedge risk, while still giving you the chance to earn money.

To avoid excessive financial losses from Vertex's integrated money market, the site automatically liquidates investors' one universal margin account if a trade becomes too risky. It also has an insurance fund to help hedge risk by paying off any major insolvencies.

One-click trading lets users enter a secure 

 and finalize all trades with a single click. This makes trading fast and straightforward, especially when used with the integrated automated market maker. Institutional traders can handle everything from liquidity provision to derivatives trading without having to waste time signing each transaction.

Vertex's fee model charges gas fees for transactions, but it also provides valuable rewards. For example, each AMM receives compensation from the funds collected with Vertex's fee model. People also earn rewards for activities such as trading on Vertex, or referring others to the protocol. The Trading Rewards Program includes thousands of dollars worth of rewards.

In 2022, the Vertex road map focused on releasing the DApp's testnet. After successfully testing the system with a smaller set of users, Vertex then opened the mainnet in late 2023 and began to focus on long-term next steps.

. The aim is to create a token and distribute it in a way that raises funds for the project and rewards early adopters. After solidifying its token, Vertex hopes to spend 2024 further expanding its system. As the network continues to attract users, it aspires to become a user-led community that can add new projects as people request them.

 token that’s mainly used for growing the Vertex community. Users can stake the token to get rewards, increase token prices and help fund the system. It’s also a 

 that may eventually be used for voting on new system features.

VRTX has a total supply of 1 billion tokens that will slowly be distributed over the course of five years, to be allocated as follows:

VRTX is currently retailing for around $0.40. Since its release, the coin's price has climbed from around $0.23 to as high as $0.52. This rapid growth without any drastic dips in price suggests that VRTX’s price may continue to rise. CoinMarketCap 

 on VRTX, with the likelihood of more price increases in the future.

 suggests that, if things go well, it may reach $0.59 in 2024 and possibly exceed $1 in value by 2025. However, there's also a slight possibility of a downturn in the future. If the coin performs poorly, it might struggle to surpass $0.90.

Looking to trade Vertex tokens? Get started by signing up for a Bybit account, funding it with cryptocurrency and navigating to the 

To celebrate this listing, Bybit is holding 

 for you to grab a share of the 745,000 VRTX prize pool.

, runs from Nov 21, 2023, 10AM UTC through Dec 4, 2023, 11:59PM UTC. The first 3,000 new users who complete the following two steps during the event period will receive 100 VRTX each:

If you’re already a Bybit user (prior to Nov 21, 2023, 10AM UTC), no worries — because you can still earn 50 VRTX! Simply accumulate a deposit volume of at least 250 VRTX, or deposit 100 USDT and buy 100 USDT worth of VRTX using your Bybit account. Please note that rewards will be distributed on a first come, first served basis to the first 1,000 users.

, is being held from Nov 21, 2023, 10AM UTC through Dec 12, 2023, 11:59PM UTC. Simply stake VRTX and earn up to 99% APY.

Please note that only users who sign up for a Bybit account after this event starts are eligible.

, will be held from Nov 21, 2023, 10AM UTC through Dec 12, 2023, 11:59PM UTC. Simply trade the VRTX/USDT Spot trading pair and accumulate a Spot trading volume worth at least 200 USDT during the event period to earn a share of the prize pool. 

Please note that your ranking will be determined by your trading volume. If you rank higher, you’ll receive more rewards in return.

VRTX has experienced robust growth in the past few weeks, so it's a great choice for investors who want a short-term investment and are comfortable with higher-risk cryptos. Its promise of enabling lightning-fast trading could potentially attract a lot of users. If this occurs, VRTX prices are likely to keep rising in the future.

However, keep in mind that some crypto experts have a more cautious outlook. Vertex sounds exciting in theory, but it hasn't actually released many products yet that differentiate it from its competitors. The Twitter/X community has users spreading rumors that VRTX may be a 

. Modern crypto investors are becoming increasingly cautious about startups, so if Vertex fails to deliver on its promises in the next year, prices may eventually begin to drop.

Vertex’a DEX offers users many exciting features and helpful services. They're still rolling out their mainnet and releasing all of their new products, so it might take some time for this DApp to find success. However, even though it’s still in its early stages, the VRTX crypto is already picking up steam. Investors who like up-and-coming projects should definitely check out Vertex's system.

Vertex (VRTX): Streamlining DeFi Trading on Arbitrum

Compete for 2,500 USDT USDT Every Week

Vertex (VRTX): Streamlining DeFi Trading on Arbitrum

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards