Bitcoin hit a new all-time high in January 2025, experiencing a maximum drawdown of $36,000.

Bitcoin hit a new all-time high in January 2025, experiencing a maximum drawdown of $36,000. Remarkably, it took just three months for Bitcoin to recover. During this period, it showed more resilience than equities did. In contrast, altcoins have yet to make significant gains. 

 remains unchallenged in this market cycle. The main factor driving this trend is clear: institutional investors are increasingly investing in cryptocurrency, and Bitcoin is the primary beneficiary of this shift.

Bitcoin production is approximately 400 units daily, totaling around 36,000 units quarterly. In Q1 2025, Strategy alone acquired 81,875 units.

Since November 2024, the AUM of Spot Bitcoin ETFs has increased from $56 billion to $134 billion, equivalent to 780,000 units of additional spot Bitcoin purchase, assuming $100,000 per unit, suggesting 300,000 units per quarter.

Despite recent 13F disclosures that present a mixed picture: whereas the State of Wisconsin Investment Board (SWIB) sold its 3,400 BTC-equivalent holdings in BlackRock’s iShares Bitcoin Trust ETF (NASDAQ: IBIT), the Mubadala Investment Company of Abu Dhabi increased its holdings in IBIT from 4,700 to 5,000 BTC-equivalent.

Combining the additions from Spot Bitcoin ETFs and Strategy, we can clearly see that new production of Bitcoin can’t keep up with the demand, so that established Bitcoin holders have to give up their existing positions to new investors. What’s more, we haven’t yet counted the purchase of Bitcoin by Metaplanet or Semler Scientific, and more companies are expected to follow suit.

Nonetheless, we’ve seen most Bitcoin HODLers continue to hold, meaning existing investors tend not to sell their Bitcoin holdings — which puts pressure (known as a liquidity squeeze) on the liquidity supply of Bitcoin. 

Although Bitcoin’s scarcity has propelled it toward a new high, macro factors still matter. Despite its status as 

, in our view, Bitcoin remains a risky asset because it doesn’t generate cash flows as other equities do.

The US and China formally announced a 90-day reduction in tariff rates, with levies on Chinese goods falling to 30%. Negotiating a trade deal with China (arguably the most challenging negotiation on the US’s docket) resulted in a sustained period of renewed optimism that both Wall Street and crypto markets could benefit from. During that period, we saw a material shift in sentiment in Bitcoin’s derivatives market.

A Standard Chartered analyst predicts that the price of each Bitcoin unit will reach $120,000 by 2025. Several other analysts predict $200,000-per-unit BTC within 2025.

Bybit predicts a medium target of around $150,000, referencing the drawdown from the 2024 cycle.

For a long-term investor, it’s more fundamental to focus on the five-year target. 

 predicts a target of $300,000 by 2025. That said, it’s beneficial to take note of gold’s $22.5 trillion market cap. If Bitcoin had the same market capitalization as gold, it would be worth approximately $1 million per unit. In five years, even if it only matches half of gold’s market cap, Bitcoin’s target price will be $500,000.

Advanced

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Bybit Crypto Insights Report: Bitcoin is set to new highs in 2025 with a short-term target at $135,000

Bitcoin dominated the crypto bull runs of 2015-18 and 2019-22, but both cycles eventually shifted capital into altcoins, creating ‘Altseason’—a period of altcoin outperformance. 

Bitcoin dominated the crypto bull runs of 2015-18 and 2019-22, but both cycles eventually shifted capital into altcoins, creating ‘Altseason’—a period of altcoin outperformance. Ethereum, as the second-largest cryptocurrency, has typically led this rotation. However, the current cycle (2022-present) is unique, lacking a significant shift from Bitcoin to Ethereum, resulting in no sustained outperformance for ETH.

Historically, ETH surged from $8 to $1,448 between January 2017 and 2018, and from $738 to $4,800 by November 2021. Ethereum’s recent rally, beginning on May 7, 2025, raised questions about its 50% rise in a week and whether it signals an altseason. This report analyzes the current ETH breakout and contextualizes this rally against historical trends.

Ether’s outperformance doesnt suggest an altcoin season coming

Historically, crypto cycles start with Bitcoin reclaiming its all-time high, leading to a euphoric phase before a major crash. Capital then rotates from Bitcoin into Ethereum and other large-cap assets, usually about 200 days after a Bitcoin halving.

In early May 2025, we saw initial signs of euphoria, but Ethereum's rally has not achieved the market-cap dominance of previous cycles. Despite a recent 60% price increase, ETH is still nearly 50% below its 2021 peak and comprises only 9% of the total crypto market.

The recent uptick in ETH dominance coincides with a slight decline in Bitcoin dominance. However, drops of 5-7.2 percentage points are insufficient to signal an altseason, as historical declines typically range from 30-50 points. Therefore, we are not yet in a full altseason.

Pectra is not the primary catalyst behind Ether’s rise

Ethereum's recent rally has been largely attributed to the Pectra upgrade, launched on May 7, 2025. This upgrade enhances Ethereum’s transaction throughput and competitiveness against emerging Layer-1 blockchains. While initial analysis links ETH’s price surge to Pectra, historical patterns reveal that previous upgrades, like the Merge and Dencun, led to "sell-the-news" events rather than sustained rallies.

What sets Pectra apart is that ETH experienced a stronger rally post-upgrade, following a significant downturn in price. However, options market data complicates the narrative; the increase in implied volatility for ETH options indicates that traders were reacting to broader macroeconomic changes rather than just the upgrade itself. Notably, the volatility for short-term options surged after Pectra’s rollout, highlighting that market sentiment shifted in response to external factors.

Ethereum's rally beginning May 8, 2025, was not solely due to the Pectra upgrade; it coincided with President Trump's announcement of a trade deal with the UK, triggering risk-on sentiment in US equity and crypto markets. This led to a simultaneous rally in the S&P 500, Nasdaq-100, BTC, and ETH, with ETH surging over 23%—its largest single-day gain since May 2021.

Shortly after, the US and China announced reduced tariffs, enhancing market optimism. This shift was evident in ETH’s derivatives markets, where the 30-day futures implied yield surged above 15%, indicating strong demand for long positions. Notably, this bullishness stemmed from improving macro conditions rather than anticipation of Pectra.

Perpetual swap funding rates for ETH also stabilized above spot prices, reflecting robust demand for leveraged positions. Additionally, falling gold prices reinforced that the rally in risk assets, including Bitcoin and Ethereum, was driven by easing tariff uncertainties and shifting market sentiment.

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Bybit X Block Scholes Institution Report: Drivers and sentiments behind Ether’s recent breakout and how far it can go

In this article, we break down what contract for differences (CFDs) are, looking at how investors who want leveraged exposure to commodities, currencies, indices and stocks trade CFDs.

A contract for difference (CFD) is a popular investment product for investors who want leveraged exposure to commodities, currencies, indices or even stocks. It allows investors to gain exposure to an investment theme without having to own the underlying asset.

 between a buyer and a CFD broker through which the buyer can speculate on whether a contract price will rise or fall without owning the asset. The price of the CFD moves based on the underlying asset’s price movement

There are CFDs for multiple investment products — stocks, indices, commodities and currencies — available in many countries, including Australia and the UK. However, the SEC 

CFDs are a great option if you want access to an investment theme without owning the underlying asset. Investors can apply leverage, diversify their investment portfolios and even trade after traditional market hours.

A CFD is a contract between a buyer and seller in which both parties agree to pay the difference in the contract’s value once the contract is closed. CFDs can be based on the price movements of stocks, commodities and other financial products. The buyer determines how long the contract lasts and can keep it open as long as they meet the margin requirements.

Investors can initiate a short or long position in a financial product. Once the contract closes, the buyer either pays the CFD issuer if there is a loss or receives a payment if the trade is profitable.

Forex and commodity CFDs are two of the most popular types. These products allow investors to gain exposure to various currencies and commodities without having to pay for the underlying asset.

A forex CFD allows an investor to bet on the 

 of different currencies. Along with the CFD issuer, they agree to exchange the difference in the movement of a currency over a set period. For example, an investor could bet that the US dollar will outperform the Japanese yen. If the USD appreciates, the investor receives this profit. If it depreciates, the investor has to pay for the loss plus the broker fees.

A commodity CFD is similar, but this product 

 an investor to speculate on commodity price movements. There are CFD products for commodities like gold, silver, oil and agricultural products, and they are very popular because these physical commodities are more difficult to invest in.

Investors who don’t want to invest directly in stocks can instead invest in stock CFDs. Unlike with normal stock trading, investors do not have to buy the underlying stock.

One of the main benefits of stock CFDs is that investors can open leveraged short or long positions, and they can potentially earn higher returns without initiating a large position in a stock.

Difference between stock trading on spot and CFDs

Although the outcomes are similar, stock trading on spot and CFDs is 

. The main benefit of CFDs is that they enable you to use leverage. For example, if you want to place a $10,000 trade, you may only need $2,000 in capital.

On the other hand, spot stock trading takes place directly on major markets, like the New York Stock Exchange. When you invest using the spot market, your investment exposure matches the investment amount, and you own the underlying shares in your brokerage account.

Investors choose to trade CFDs over other products for 

: CFDs allow you to trade a variety of products, including currencies, stocks and commodities. Investors can access all these products in a single account, choosing to initiate long or short positions in them.

: Investors with smaller amounts of capital who want greater exposure to investments can take advantage of the leverage that CFDs offer. This can be a favorable investment strategy when managed properly.

: Investors can also access products in multiple global markets, further diversifying their portfolio. In some cases, you may even be able to 

 your portfolio. For example, if you are long Tesla, you can initiate a small short position in a CFD of this stock. You can do the same for other types of CFD products, which are all highly liquid.

Suppose that an investor wants to gain exposure to Coca-Cola’s stock without directly investing in the stock.

They can purchase a CFD that provides exposure to 100 shares at $71 per share, valued at $7,100. They don’t need to pay $7,100 — they only need to meet the margin requirement, which can be as low as $1,420 (20%, at 5x leverage).

If Coca-Cola’s share price increases by 10%, from $71 to $78.1 in 30 days, the investor can decide to close the contract. The gross profit from this trade, which the CFD pays to the investor, is calculated as follows:

(100*78.1) − (100*71) = $7,810 − $7,100 = $710

 other fees, such as the commission rate and financing charges. These charges may be as follows:

: 0.1% to open a trade and 0.1% to close it. In this case, the investor pays $14.91 in fees to open and close the position.

: If the CFD issuer charges an annual financing fee of 7.5%, the daily financing fee is calculated as follows:

CFDs may also charge other fees. The commission rates and financing charges can vary significantly, and some brokers may include the fee in the spread. The example above shows how financing costs could potentially eat into your profit, and how CFDs are generally better for short-term trades. Large downward movements can also easily threaten investors and force them to close their positions. Even a 10% drawdown would have been enough to force the investor to close this position.

This type of trading requires a lot of patience and education, since investing in CFDs can carry higher levels of risk, where even small movements can produce great losses.

Investors who trade CFDs generally initiate larger contract sizes for the extra leverage, which can be very risky if the asset moves in an unfavorable direction. Investors should ensure that they have stop losses in place so that they can exit the trade if necessary.

It is important to note that there are many fees associated with trading CFDs. The combination of fees and financing costs, which can add up over time, can eat away at any profits. CFD investors should also consider the 

Be sure to spend time researching the CFD issuer to ensure they are reputable and that they can fulfill their financial obligation.

Another factor to consider when choosing a CFD issuer is their 

. Consider the following factors carefully:

These costs can quickly add up and reduce your profits, and they can be particularly painful if the underlying asset moves in an unfavorable direction. The combination of leveraged declines and high fees may force investors to realize sharp losses quickly.

Investing in CFDs can be an excellent option for well-informed investors who want to diversify their portfolios and use leverage to aim for higher returns. Like all investments, it is important to understand your portfolio goals and risk tolerance and ensure that investing in CFDs is the best move for your portfolio.

 that it is offering new stock CFD trading services. Its initial offerings allow investors to choose from over 78 stocks, which include some of the leading blue-chip companies like Amazon, American Airlines, Apple and Tesla. With Bybit, you can utilize up to 5x leverage on these CFD trades.

 about how you can gain exposure to stocks, cryptocurrencies, precious metals, commodities and indices.

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What are contract for differences (CFDs)?

Plasma, a blockchain purpose-built for stablecoins and backed by Bitfinex and Founders Fund, will launch the first public sale of its XPL token using Echo's new token sale infrastructure, Sonar.

Daily top performer — WalletConnect (WCT)

The S&P 500 rose 2.05% on Tuesday, lifted by Trump’s delay of a 50% EU tariff and hopes for corporate-friendly policies. Investors now await Nvidia earnings and FOMC minutes for further market direction. Gold dropped 1.2% to $3,302 as Trump’s EU tariff delay lifted risk sentiment and the dollar, pressuring safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, rose 1.18%, with Bitcoin and Ether up 0.71% and 4.14%, 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 WCT up 31.4% after WalletConnect brings $WCT to Solana with key partner integrations.

WalletConnect (WCT), founded in 2018, is a secure, open-source protocol that links mobile wallets to DApps via QR code, using a decentralized network for reliable, scalable access across DeFi. WalletConnect 

 that its token $WCT is launching on Solana via Wormhole NTT, with initial partners including Phantom, Jupiter, Backpack, and Solflare.

Check out the latest prices, charts, and data of 

, a blockchain purpose-built for stablecoins and backed by Bitfinex and Founders Fund, will launch the first public sale of its XPL token using Echo's new token sale infrastructure, Sonar. The sale will distribute 10% of XPL at a $500M FDV, matching the valuation of Founders Fund’s equity investment. Participants earn allocations by depositing stablecoins into a Plasma vault on Ethereum, with tokens distributed after Mainnet Beta. XPL will secure consensus, power EVM execution, and support a Bitcoin bridge. Plasma also announced key partnerships in payments and DeFi to support its goal of global stablecoin adoption.

Yesterday, BTC spot ETFs saw a net outflow of $23.9 million, with $26.9 million pulled from GBTC and a $3.0 million inflow into non-GBTC funds.

, a decentralized stablecoin protocol, has launched its governance token, RESOLV, with a 10% supply airdrop available to eligible wallets until June 27. RESOLV holders can vote on protocol decisions and earn fee shares. The protocol also includes USR, an interest-bearing stablecoin, and RLP, an insurance fund token. USR is delta-neutral and backed by ETH, currently yielding 11% via stUSR. RLP offers a higher 18.3% yield. Resolv’s TVL stands at $422 million.

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Plasma to launch $XPL token sale via Echo’s Sonar at $500M valuation

Altcoins

Blockchain

GameFi

Explainers

Verasity (VRA) is an attention-based video and gaming platform built on the Ethereum blockchain that aims to solve the current advertising model

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You don’t have to be a millennial to have heard of the games

. Indeed, electronic sports (esports) have taken over the globe. According to 

, the projected number of monthly esports viewers in the U.S. in 2022 stands at 29.6 million. From interactive 

 projects to fancy merchandise on esports platforms, the gaming industry is rife with opportunities.

However, despite the multibillion-dollar revenue streams available in the esports industry, a huge chunk is getting lost through advertising fraud. 

, out of the $455 billion spent on advertisements, approximately 40% is lost to ad fraud as the advertisements are actually watched by bots rather than humans.

Verasity was created because of this very challenge. Complete with an innovative esports platform and advanced adtech structure, Verasity is on a mission to disrupt fraud in the gaming and video content industry by leveraging 

Let’s dig deeper into the ambitious Verasity network and examine how it’s strategically positioned to cause a seismic shift in the world of esports one token at a time.

Laser-focused on esports, Verasity is an attention-based video and gaming platform built on the 

 that aims to solve the current advertising model.

 Founded in 2018 by RJ Mark, a seasoned tech hardware and software developer for over 25 years, Verasity aims to integrate with video platforms such as YouTube and Vimeo to provide crypto rewards to viewers and create a fair system for platforms to earn more revenue.

Their core focus lies in preventing ad fraud. Using the patented Proof of View (PoV) technology, Verasity seeks to eliminate the systematic scams plaguing digital advertising on esports networks. Brands are losing billions to malicious players who use bots and other avenues to manipulate views. Unlike 

 that can safely execute a user’s game plan, ad bots are abusive and destructive to a platform.

Additionally, Verasity has developed a robust 

(non-fungible token) authentication chain to curb fraud by creating blockchain-based ownership of esports assets. Verasity aims to take advantage of the NFT boom in the crypto space to give value to esports lovers around the globe.

VRA is Verasity’s native token. It’s convenient to use for staking, earning and spending on the Verasity ecosystem. 

VRA can be easily earned by watching video content and ads, which helps raise engagement and, in turn, revenue for video platforms. Available for trade in multiple cryptocurrency exchanges, VRA started as an 

Verasity presents a unique approach to anti-fraud prevention in the adtech sector through a strategic interplay of 

 technology. The duo work hand-in-hand to provide benefits for all three parties involved in the video streaming platform — advertisers, creators and viewers. 

VeraViews is a blockchain-based adtech stack that uses off-chain and on-chain elements to ensure video ads reach real users. 

 (PoV) is a patented system that securely verifies audience views, recording the metrics on an immutable public blockchain.

Using PoV tech, VeraViews can confidently detect whether a bot or human is viewing an ad based on real-time viewer behavior. Traditionally, any questionable views needed a detailed fraud analysis that could take months, causing delayed payments to advertisers. 

First, brands or agencies initiate a VeraViews ad campaign by depositing VRA tokens to the VeraWallet. This action creates an 

 pool that pays publishers and rewards participating viewers.

Viewers watch the ads, and PoV retrieves the statistics to analyze in real time. Each valid ad view logged in the blockchain unlocks the escrow pool and distributes the VRA tokens to the publishers and viewers. 

In this way, VeraViews ensures that brands and sponsors pay for only valid and verifiable ad engagement; creators and publishers get paid within a few days; and viewers are rewarded for watching ads.

Apart from VeraViews adtech stack, there are several other verticals that constitute the Verasity ecosystem. They are:

 is the vault of Verasity’s ecosystem. As the official wallet for VRA, users can store, earn and stake tokens on it. As mentioned earlier, the wallet has an escrow feature that lets video publishers and advertisers fund their ad campaigns. Their pooled VRA tokens are rewarded to viewers for watching the ads.

VRA token holders can also stake their assets and receive an 18.25 percent annual yield in VRA rewards. As VRA is an ERC-777 token compatible with any Ethereum-based wallet, users can seamlessly transfer their VRA tokens from their VeraWallet to an Ethereum-compatible wallet.

 is a platform that integrates esports with digital currencies to transform the way people play and watch esports. Its incentivized model creates endless opportunities for gaming enthusiasts to get rewarded with VRA tokens for watching and competing in game tournaments. The earnings made in VRA tokens can then be used to redeem in-game currencies and items. VeraEsports has partnered with some of the biggest names in the gaming industry, such as 

, to bring gamers world-class tournaments. 

Through its robust website, players can join both public and private tournaments and even create tournaments complete with a prize pool and rules. Its intuitive API also lets users connect third-party tournaments to the platform.

program, viewers get rewarded with VRA tokens for actions on the publisher site. A custom-built SDK allows integration with some of the world’s most popular publisher sites such as YouTube, Twitch, JW Player and Brightcove, among others.

A video player that supports the program can be identified through a trophy icon on the top right of the platform’s interface. When the trophy turns green and you click on it, you’ll be directed to VeraWallet, where you’ll receive VRA tokens for watching content on these video players. Viewers can also consume plenty of rich content directly on 

These strategic integrations on Verasity imply that its network is ready to connect with millions of publishers and users who already support online video players. The Watch & Earn program provides a real-world use case for VRA through the reward model.

Verasity has also developed its own online video player, VeraPlayer, which utilizes sophisticated technology to create a user-friendly cost-effective platform.

Broadcasters can connect to the cloud directly using a laptop as opposed to relying on a server farm to broadcast. This innovative feature cuts down costs for broadcasters drastically since it eliminates the need to invest in expensive server equipment. Meanwhile, viewers can easily watch content from any browser without having to install extra software or plug-ins.

VeraWallet is also built into the VeraPlayer, which allows viewers to track their rewards from watching content from Verasity.tv or brand campaign ads. 

VeraVerse is an advanced NFT ecosystem on Verasity that will escort Verasity into the lucrative world of NFTs. 

Through its gaming partners, Verasity will collect and create in-game items and content. These authentic digital items will be available on the platform’s NFT marketplace.

Since it can already track viewership through the VeraEsports platform, Verasity aims to create value for NFTs through VeraVerse. Additionally, VeraVerse will leverage PoV technology on VeraViews to store data related to 

. The information will help identify the origin of the art and authenticate the seller, which will help reduce NFT fraud drastically.

Verasity (token ticker: VRA) has a maximum supply of 20 billion VRA tokens, of which 50% has been burned as of Oct 2, 2023, leaving a circulating supply of 10 billion. 

While many crypto price aggregator portals like CoinGecko and CoinMarketCap include an extra 90 billion tokens in its maximum supply, these 90 billion tokens are actually PoV tokens issued on the same contract as VRA tokens. 

PoV tokens power Verasity’s ad stack technology and are meant to serve as marker tokens to assist with data circulation price in the network. While released on the same contract, PoV tokens will not affect the circulating supply of VRA tokens. Nevertheless, the confusion between these two tokens has led the VRA team to propose a plan to 

Similar to most coins in the crypto market, VRA’s price isn’t immune to volatility, and has witnessed various price swings over the years. In April 2021, Verasity price hit its first all-time high of $0.05, then came tumbling down to $0.01 in May. 

Since then, however, the VRA price started a long descent that stretched into 2022. From late April 2022, it fell below its support price of $0.02, dropping to a low of $0.005 in June after the 

. In early 2023, Verasity saw a positive uptrend, rising to $0.01 in mid-February. However, the uptrend did not last long, and Verasity soon plummeted to hover between $0.004 and $0.006 over the rest of 2023.

Price prediction experts hold a conservatively optimistic view of this token. Both 

 have similar projections for VRA, believing that VRA price will grow to between $0.01 and $0.02 in 2025 and exceed $0.06 by 2030. .

Verasity aims to provide anti-fraud solutions for NFTs and in the advertising space. By creating products such as VeraViews and Proof of View, it’s headed in the right direction when it comes to authenticating digital items and eliminating abusive players in adtech. 

 is also packed with exciting new developments, such as the enhancement of VeraViews technology with machine-learning and artificial intelligence modules and the rollout of VeraCard as a complement to the VeraWallet. The introduction of VeraCard will likely give the VRA token even more utility and value.

Keep in mind that our views aren’t meant as investment advice. Since the market is highly volatile and largely unpredictable, it’s paramount to do your own research and follow the latest crypto news before investing in any crypto asset.

VRA is available on leading crypto exchanges such as Bybit. You can buy VRA on Bybit by creating an account on the platform and funding it with USDT. Once funded, you can trade the 

 Perpetual Contract on Bybit’s intuitive trading terminal. 

From Oct 31 to Nov 13, 2023, Bybit is hosting 

, offering a total prize pool of 50,000 USDT! In the first event, you can earn from a 25,000 USDT prize pool by accumulating a Spot trading volume of at least 500 USDT worth of VRA. The second event allows you to trade VRA with a 

 for a chance to win from a 5,000 USDT prize pool. Finally, in the third event, trade a minimum of 100,000 USDT worth of VRAUSDT to earn from a 20,000 USDT prize pool. Don't miss out on these exciting opportunities!

In the few years that Verasity has been in the crypto space, its accomplishments have been formidable as compared to those of similar technologies, especially in the Video on Demand market. The platform’s VeraEsports tournaments have also been a force to reckon with in the esports industry.

Backed by a solid leadership and development team, Verasity is on track with its revamped road map to deliver game-changing products to the esports and adtech industry.

Verasity: Revolutionizing Adtech and Esports with VRA Crypto

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