Injective has launched the TradFi Index on Helix, enabling 24/7 on-chain trading of major publicly traded stocks with up to 25X leverage.

Daily Top Performer — Cookie DAO (COOKIE)

The S&P 500 gained 0.67%, led by tech stocks, despite trade war concerns from Trump’s tariff order. Investors await inflation data and Powell’s testimony. Gold hit a record $2,938, driven by Trump’s tariffs and inflation fears. Up 44% in a year, it outperformed major assets, with $3,000 in sight. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 3.23%, with Bitcoin and Ether rising by 1.06% and 4.29%, 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 COOKIE, which surged nearly 54.5% after Cookie DAO powered the autonomous agent economy with data infrastructure.

Cookie DAO (COOKIE), created in 2024, aggregates AI-driven data from blockchains and social media, providing real-time insights through cookie.fun. Cookie DAO is developing a modular data layer for the agent economy. 

 of its vision focuses on building infrastructure for autonomous intelligence through cookie.fun's market intelligence, Cookie DataSwarm's processing network, and Agent Cookie's autonomous operations.

Check Out the Latest Prices, Charts, and Data of 

, enabling 24/7 on-chain trading of major publicly traded stocks with up to 25X leverage. This permissionless index removes barriers like brokerage accounts and geographic restrictions, allowing global investors to access traditional equities. The move accelerates tokenization, enhances liquidity, and improves market efficiency by bridging traditional finance with DeFi. Injective aims to redefine decentralized trading by making all financial assets accessible on-chain.

Yesterday, BTC Spot ETFs had $241.7M in net outflows, including $46.3M from GBTC and $195.4M from non-GBTC funds.

, a Web3 intelligence platform providing AI-driven insights, raised $100M with backing from DWF Labs, Movement, and Arbitrum. Its BLUAI Points Program offers a confirmed airdrop—users can earn points by completing tasks, linking social accounts, and daily check-ins.

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Injective Bridges Traditional Finance and DeFi With 24/7 On-Chain Stock Trading

"Altseason," a term familiar to many crypto traders, refers to periods when altcoins significantly outperform major cryptocurrencies like Bitcoin and Ethereum.

In the ever-evolving landscape of cryptocurrency, "altseason" represents a pivotal phenomenon where altcoins significantly outperform major cryptocurrencies like Bitcoin and Ethereum. This article delves into the historical patterns of altseason, exploring its implications for investors and the broader market dynamics. By analyzing previous cycles, we uncover the factors that typically trigger these explosive periods of growth, as well as the current market conditions that may signal the next altseason. Understanding these nuances is essential for both seasoned traders and newcomers seeking to navigate the complexities of crypto investing.

Understanding Altseason: What It Is and Why It Matters

"Altseason," a term familiar to many crypto traders, refers to periods when 

 significantly outperform major cryptocurrencies like Bitcoin and Ethereum. Historically, these phases have been characterized by capital rotation from Bitcoin into smaller, riskier projects, often leading to explosive growth in altcoin prices. This phenomenon has been evident in the past three major bull runs, notably in 2017 and 2021, when altcoins surged in value after Bitcoin reached new all-time highs (ATHs).

Bitcoin’s price movements have been cyclical since its inception in 2009. By analyzing historical price data, we can identify distinct periods of boom, bust and recovery. Notably, the two most recent bull runs have witnessed pronounced altseason events, whereby altcoins recorded extraordinary gains, often multiplying their market caps significantly.

For instance, during previous altseasons, the total market capitalization of altcoins surged between 6x and 7x. This explosive growth not only provided immense profit opportunities for traders, but also underscored the 

 inherent in the cryptocurrency space. However, one must also recognize that altseason often precedes the end of a bull run, as profit taking from large-cap tokens leads to a market correction.

Despite the historical significance of altseason, the current cycle appears markedly different. Bitcoin has continued to reach new highs while maintaining a strong market dominance, contrary to the typical pattern in which 

 declines during altseason. This deviation raises critical questions about the nature of the current market, and whether a traditional altseason is imminent.

The Current Landscape: Indicators and Influences

Several factors contribute to the unique dynamics of the current crypto market. First, it’s informative to underscore the importance of Bitcoin’s halving events, which historically precede significant market capitalization and dominance shifts. In previous cycles, Bitcoin's dominance tended to decline approximately 230 days post-halving, leading to a capital rotation into altcoins. However, the recent halving in April 2024 didn’t trigger the expected decline in Bitcoin dominance, suggesting a potential structural change in market behavior.

Moreover, the performance of Ethereum (ETH) relative to Bitcoin has also shifted. Historically, Ethereum served as a primary beneficiary during altseason, often experiencing substantial gains as traders rotated out of Bitcoin. However, since 2022, Ethereum has underperformed not only Bitcoin but also several competing "Ethereum Killers," such as Solana (SOL) and Sui (SUI. This relative underperformance has raised doubts about Ethereum's capacity to lead the market into a new altseason.

 has further complicated the landscape. While the introduction of these ETFs has driven Bitcoin’s price to new heights, it’s also resulted in a capital flow that remains largely focused on Bitcoin and Ethereum. Many institutional investors appear hesitant to rotate their capital into smaller, more speculative altcoins, opting instead to remain in regulated ETF products.

Last but not least, there’s been a significant increase in 

 supply, which has risen by 66% since the start of 2024. This indicates that while institutional activity may explain some market movements, retail engagement remains robust. 

 (CEXs) recorded their largest trade volumes in Q4 2024, suggesting that retail traders are actively participating in the market, potentially looking for altcoin opportunities as liquidity increases.

What Lies Ahead: Potential Scenarios for Altseason

Given the current market dynamics, traders are left to ponder whether an altseason is on the horizon and what form it might take. The accompanying report presents several scenarios that could influence the emergence and nature of the next altseason:

Advanced

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Bybit x Block Scholes Institution Report: Altcoin Rotation — Why Altseason Hasn’t Come This Time?

Feb 10, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly Highlight — Mixed Job Reports Rattle Market

The recent Bureau of Labor Statistics report indicates that U.S. job growth is slowing, yet remains healthy. Nonfarm payrolls grew by 143,000 last month, with upward revisions for November and December 2024, as they added 100,000 jobs. The unemployment rate has dipped to 4.0%, demonstrating a robust labor market, although the annual revisions suggest job gains were softer than initially reported, averaging 166,000 per month in 2024.

Simultaneously, inflation expectations are rising, driven partly by tariffs proposed by U.S. president Trump. Data from the University of Michigan reveals consumers anticipate price increases, which may complicate the Federal Reserve's decision-making. Fed officials have indicated they aren’t in a rush to lower interest rates further after a series of cuts last year, suggesting they prefer to observe how the economy reacts to potential policy changes.

The job growth in January 2025 was primarily concentrated in health care, retail and government sectors, while mining and manufacturing faced declines. Severe weather conditions contributed to nearly 600,000 people missing work, the highest impact in four years.

Despite these fluctuations, hourly wages increased by 0.5% month-over-month and 4.1% year-over-year, reflecting pressure on wages amid labor market tightness. The participation rate in the labor force stands at 62.6%, with notable contributions from foreign-born workers, highlighting immigration as a critical factor in employment growth.

As the Fed assesses the stability of the labor market, upcoming directives from the Trump administration, including potential immigration restrictions, could impact future job growth and economic conditions. While the landscape shows signs of moderation, it remains resilient, with cautious optimism surrounding economic stability.

Weekly Crypto Highlight — Crypto IPOs Coming

As reported, Gemini, the cryptocurrency firm founded by the Winklevoss twins, is potentially exploring an 

 (IPO) this year. The company is currently discussing the listing with potential advisers, although no final decisions have yet been made.

Bullish Global, a crypto exchange operator whose backers include billionaire Peter Thiel, is considering an IPO as soon as this year.

The interest in going public comes amid a surge of crypto firms accelerating their IPO plans since President Trump's election, as he has shown support for the industry. The Winklevoss twins, known for their legal battles with Facebook's Mark Zuckerberg, previously donated Bitcoin exceeding the campaign contribution limit to Trump, later receiving a refund for the excess.

Gemini employs over 500 people across several global locations, including New York, Seattle and London. Recently, the firm agreed to pay $5 million to settle a Commodity Futures Trading Commission (CFTC) lawsuit alleging it misled regulators while trying to launch the first U.S.-regulated Bitcoin futures contract. Additionally, Gemini has committed to returning at least $1.1 billion to customers affected by the Genesis Global Capital bankruptcy as part of a settlement with New York regulators relating to its Gemini Earn program.

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Weekly Institutional Insights: Mixed U.S. Job Reports; Crypto IPOs Coming

In our latest Learn 101 livestream session, crypto experts shared insights on Bybit Copy Trading Gold&FX.

 crypto on Bybit, you can now use copy trading for gold and forex. These markets are unique, and 

 provides an opportunity to learn effective strategies in these markets. In this nineteenth episode of our 

, we uncover Copy Trading Gold&FX Mastery.

 provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.

Joining the livestream on Feb 6, 2025 were two distinguished guests: Argiris Sotirakis, professional trader and founder of 

, and Eric Li, Financial Product Manager at Bybit. Under the moderation of Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, this episode explores Copy Trading Gold&FX Mastery.

Copy Trading 101 — Is It Really That Easy?

Copy trading offers a unique opportunity for investors to potentially outperform the market without dedicating countless hours to analyzing charts. Eric Li, an expert in the field, explains that copy trading involves mirroring the trades of seasoned professionals. 

During his presentation in this Learn 101 livestream, he shares his screen to showcase Bybit’s 

 platforms. For investors looking to diversify beyond crypto, 

 allows you to follow traders specializing in non-crypto assets like gold and forex. To access any of these features, users must first create a separate Copy Trading account on Bybit.

One standout feature of Bybit’s platform is its high-water mark system, which ensures that profits are shared fairly based on individual investments. This transparent approach aligns the interests of both the Master Traders and their Followers.

Argiris emphasizes that copy traders should experience results similar to those of their chosen Master Traders, provided they mirror trades simultaneously. However, he advises against putting all your eggs in one basket. “Diversification,” he says, “is key to minimizing risk and exposure to losses.”

Unlike platforms that rely on fiat currency, Bybit’s Copy Trading Gold&FX uses 

 (USDT). Eric emphasizes that this simplifies transactions and makes it easier for users to quickly follow multiple traders. Moreover, using USDT supports seamless integration with other Bybit features, offering more flexibility for your assets.

When it comes to selecting a trader to follow, Argiris Sotirakis cautions against relying solely on win rates. “A high win rate can be misleading,” he notes. Instead, he recommends evaluating a trader’s performance over time to understand how their strategies perform under different market conditions. He views copy trading as a long-term strategy, pointing out that it may take more than a month to see meaningful results — especially since various strategies thrive in different environments, such as trending markets versus sideways markets.

Eric Li further explains that Bybit offers tools to help users explore various strategy types employed by trading leaders. There are four primary strategy categories, each one focusing on distinct metrics and trading styles. For beginning traders, there’s even a strategy specifically designed to ease them into the world of copy trading. Additionally, traders can search for leaders based on the market they operate in, whether crypto, gold or forex.

One common misconception about copy trading is the perceived loss of control over your assets. Eric Li addresses this concern by highlighting several 

 tools available to users. For instance, copy traders can set custom limits, adjust take-profit levels and even pause or stop copying a trader at any time. “You still have full control over your assets,” Li reassures, “from selecting the right leader to fine-tuning your risk management settings.”

Gold & Forex Trading: The Secret Sauce Pros Don’t Share

Gold is widely regarded as a safe-haven asset, while forex is globally the largest and most liquid market. But many traders still wonder how to profit from the two. According to Argiris, success in these markets hinges on volatility and smart use of 

. Leverage amplifies profits, but managing it wisely is key to minimizing risk.

Recently, gold’s price has seen substantial growth, offering more opportunities for traders. While it’s a less volatile asset than cryptocurrency, leveraging gold can turn small price movements into significant gains. Sotirakis suggests that balancing leverage between crypto and gold helps reduce overall risk. Forex, on the other hand, is far more volatile, and the way leverage is used directly impacts risk exposure. He notes that forex trading can be more stressful, especially for 

Choosing the right strategy is crucial. With a solid 

 ratio, even small market moves can lead to profits. Many smart money strategies from crypto trading also apply to gold and forex, making it easier for traders to diversify across markets.

To help traders get started, Eric Li demonstrates Bybit’s Gold&FX Trading platform, highlighting its 

. This risk-free tool allows traders to practice strategies without using real money, making it ideal for learning during volatile market conditions. Sotirakis also advises using demo trading to test strategies, especially when markets are unstable. If losses pile up, it’s often a sign that your leverage is too high and needs adjustment.

The minimum investment to join Bybit Copy Trading Gold&FX is 100 USDT, though some Master Traders may require a higher amount. Choosing a Master Trader whose trading style aligns with your risk tolerance is essential.

Bybit Copy Trading Gold&FX Fiesta Time! How to Join & Win Big

Looking to dive into Bybit Copy Trading Gold&FX? What better way to start than with the 

, featuring a substantial 130,000 USDT prize pool! But that’s not all — you can also unlock an additional 5,000 USDT in rewards through the 

According to Sotirakis, events like the Copy Trading Gold&FX Fiesta are perfect for those who want to start trading without spending hours analyzing the markets. Moreover, as Li points out, you can copy trade up to 10,000 USDT per 

, giving you the flexibility to maximize your potential rewards.

This Learn 101 livestream session delivers valuable insights about Copy Trading Gold&FX Mastery, showcasing how copy trading simplifies the process of learning from seasoned experts. With Bybit’s demo function, you can practice copy trading strategies risk-free, allowing you to gain confidence without any financial exposure. Getting started is easy — just 

Intermediate

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Learn Live ICYMI: Trade Gold&FX Like a Pro

Bybit Learn

Trading

Bid-ask spread or slippage is one of the basic terms you should know when trading crypto. Learn the fundamentals & trade wisely.

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Negative slippage can cut into your trading profits and separate newbies from experienced traders. With the right strategy, you can minimize slippage and its adverse effects. But first, you must understand the fundamentals of the bid-ask spread, slippage, and related concepts.

In this guide, you’ll learn about the bid-ask spread and slippage, and how to handle their impact.

How Does Bid-Ask Spread Affect Market Liquidity?

Liquidity measures how easily a cryptocurrency can be bought or sold in the market without significantly affecting its market value. A coin or token with strong liquidity will have many sellers and buyers, and a relatively deep order book waiting for orders.

This abundance of buyers and sellers narrows the bid-ask spread. As a result, the bid-ask spread is a good measure of liquidity. The smaller the bid-ask spread, the stronger the liquidity of the cryptocurrency asset. Likewise, with lower liquidity comes more potential for significant price swings and slippage.

A ledger that displays all buy and sell instructions (orders) from the market. The order book shows the current market or order depth.

To execute a trade, bids, and asks are paired up as soon as their requirements are fulfilled. There are two main types of orders:

 The total number of limit orders on the order book ledger. Order depth can be calculated by adding up the volume of limit orders placed. 

For example, the order depth in the image below shows in real-time the number of buyers and sellers with orders awaiting execution in the order book. 

Under the “Price” column, the prices in red are the selling prices, and the prices in green are the buying prices.

The “Quantity” column shows the number of units at the stipulated price, while the “Total” column represents the corresponding accumulated number of contracts.

In this illustration, the current best ask price is “Sell” $31,985.50, and the best bid price is “Bid” $31,985.00. In order for Bitcoin to go up to $31,986.00, buyers must take up all of the 2,806,583 contracts at $31,985.50.

The greater the depth of an order book, the better its liquidity. A deep market offers the ability to maintain prices when executing large transactions. Greater order depth also means a lower chance of price manipulation.

The difference between the expected price of a trade and the actual price at which it executes. There might not be enough interest or volume to fulfill an order at the expected price, especially when executing large orders.

When this happens, a part of the order can be filled at the next available price. Slippage also occurs in times of high market volatility. At such times, the bid-ask spread may change between the time a trader places a market order and the time the market maker or exchange executes the order. Slippage is then negatively correlated with liquidity. Liquidity and slippage have an inverse relationship: when liquidity is high, slippage is low, and with low liquidity, slippage is high.

How Does Liquidity Affect Traders and Exchanges?

Poor liquidity leads to price instability for an asset, which means that slippage and price manipulations are likely to increase. Lower liquidity also means longer waiting times, which could adversely affect traders and broker liquidity providers, especially during a market swing. A good trader understands how liquidity impacts their transactions and develops strategies for picking assets with suitable liquidity.

The bid-ask spread is an important trading concept to understand. Here’s how it works. 

The bid price is the price that a trader is willing to pay for an asset. When you place a buy order, you bid for the asset. Meanwhile, the ask price is the sale price of a crypto asset that will seal the deal.

The bid-ask spread is the difference between the lowest price a seller is willing to accept (the ask price) and the highest price a buyer is willing to pay (the bid price). In markets, the spread results from the difference between buyers’ and sellers’ limit orders. These orders show up as bids and asks in an order book.

The Bid-Ask Spread Percentage Calculation

Comparing the bid-ask spread of different crypto assets is best done using percentages. The formula for the bid-ask percentage calculation is simple: 

Bid Ask Spread Percentage = [(Ask Price − Bid Price) ÷ Ask Price] × 100

For instance, a coin trading at $3.95/$4.05 means the bid price is $3.95, and the ask price is $4.05. You can calculate the bid-ask spread percentage using the given formula: 

[(4.05 − 3.95) ÷ 4.05] × 100 = 2.5% (rounded up to the nearest tenth)

The smaller the bid-ask spread percentage of a crypto asset, the more liquid it tends to be. If you're executing substantial market orders, you'll have a lower risk of paying an unexpected price. This means your slippage is minimal. 

Slippage happens when you create a market order, and an exchange matches your buy or sell request with the limit orders in the order book. The order book will try to fill your order at the best price. However, if there is an insufficient volume at your desired price, the order book will go up the order chain to the next best price. In the end, your order may execute at a less desirable price than expected.

If you want to quickly buy 1,000 units of an asset currently trading at $100 but the market doesn't have enough liquidity to execute your order, your execution price will be different. You'll have to take the orders above your bid price of $100 until your order is completed. This will make your average purchase price higher than the intended $100. 

Slippage can be common in decentralized exchanges, especially without dedicated 

. It's more likely to occur in high volatility, low liquidity markets. 

Slippage isn't always bad for business. Positive slippage occurs when you place a buy order and the asset price decreases. That is, the final execution price is lower than expected for your buy market order. Similar positive slippage occurs when you make a sell order and the price increases. If the final execution price is better than the expected one, your positive slippage actually results in a more favorable trade for you.

Negative slippage is a major concern for any trader. If the price of an asset increases after placing a buy order, or reduces after you enter a sell order, you may face negative slippage.

Slippage is inevitable during fast-paced trading when you’re trying to execute orders quickly. However, you can minimize negative slippage by: 

Trading in cryptocurrencies can be highly profitable, but it carries risks. Aside from the inherent market volatility, there is also the potential for trading losses from the bid-ask spread and slippage. While you can't always avoid these trading costs, it pays to factor them in while making trade decisions. This is especially true for larger volume trades, where the average price per cryptocurrency might end up higher or lower than expected.

Financial markets are structured to provide traders with as many trading options as possible, but market participants still determine whether slippage occurs, as well as its ultimate impact. Informed traders pay keen attention to liquidity constraints to maximize trading profits. 

Explained: What Is The Bid-Ask Spread and Slippage?

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Grab Up to 5,000 USDT in Rewards