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.

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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

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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.

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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

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

Bybit Learn

Live ICYMI

In the inaugural session of Learn Live ICYMI, we gathered an esteemed panel of crypto experts to share insights on the current crypto market. Learn more here.

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As we progress into 2024, the cryptocurrency market has witnessed a vibrant resurgence, heralding what many are calling a new 

. Key drivers of this resurgence include the January 2024 

, which has increased institutional participation, and the anticipation of 

, expected to further reduce coin issuance and potentially boost prices. 

With these developments setting the stage, our new series, 

livestreams, providing you with comprehensive expertise and insights from leading figures in the crypto industry in case you missed the livestream.

, we gathered an esteemed panel of crypto experts: 

, Director of BD and Partnerships at Wintermute; and Hao Yang, Global Head of Derivatives and Financial Products at Bybit. Nathan Thompson, Lead Tech Writer at Bybit, skillfully moderated the 

. The discussion focused on the implications of recent regulatory and economic developments, and nuances of the current market.

YouTube video player

Understanding the Post-ETF & Post-Halving Landscape: Challenges and Opportunities

 in early 2024, along with the April 11, 2024 

 have painted a complex canvas for 2024. Lennix Lai highlighted the new post-ETF market dynamics in his introduction, emphasizing the influx of traditional capital and varied market participants. The uncertainty of post-halving effects, as well as their interplay with broader economic factors, also present a complex scenario. Lai noted, "Halving was more impactful in the early stages. Now, we must consider macroeconomics as well."

Hao delved into the specifics of market supply-and-demand influences, stating that the introduction of a Bitcoin Spot ETF has certainly “opened up the floodgates to institutional money,” which traditionally hasn’t been as involved in crypto. This new demand has driven up prices. However, the halving also cuts supply significantly, even though its impact lessens with each cycle (due to the finite nature of Bitcoin). He further explained that we're seeing a convergence of the total circulating supply toward the 

, which will naturally diminish the supply-side impact over time.

Croft commented on the strategic implications of these events, sharing that both the Bitcoin Spot ETFs and halving narratives have been major topics. While their immediate impacts might not stir significant volatility, BTC price action tends to follow a pattern over months following a halving in what is essentially a sophisticated market that likely has these factors priced in already. Croft emphasized the market's evolving sophistication: "Immediate impacts might be muted, but the long-term effects are worth noting. Historically, the period from halving to peak has extended, showing that the real impact unfolds over months."

Thompson synthesized their insights, concluding that while immediate market reaction may be subdued, underlying shifts in market fundamentals will likely drive significant change over the medium-to-long term.

Market Trends and Predictions: Insights Into the Current Bull Run

The panel then moved on to discuss the current bull run, emphasizing the reduced market volatility, which suggests a maturing market. Hao observed the trend toward market maturity: "As we witness diminishing volatility, it's indicative of a maturing market. This maturity suggests that cryptocurrencies are moving toward mainstream acceptance, making the market less volatile but still rich with opportunities for both retail and institutional investors."

Lai discussed the evolving demographics and behaviors of market participants. As the market matures, the correlation with traditional macroeconomic factors becomes more pronounced. This bull run isn’t just about speculative interest, as it’s being driven by more foundational changes in the market structure that include the effects of the halving and the influx of new institutional players.

"In the short term, Bitcoin behaves like a risky asset class, influenced by positive sentiments pre-halving," Lai said.

Thompson added, "It appears that market participants are reacting preemptively to these events, a behavior akin to front-running, which has historically proven to influence Bitcoin's price trajectory well before the halving actually occurs."

Croft added that the narrative around these market events often precedes actual price action: by the time we see movement, the market has already digested the news. What's compelling is how these narratives develop and run their course over time, shaping market behavior in less direct but profound ways.

Maximizing Market Performance for Crypto Users

Leveraging Derivatives and Options Markets for Enhanced Performance

The next segment discussed ways in which 

 might offer a viable dynamic to certain traders, and how that could impact the market.

, averring that options and derivatives are being used more strategically than ever. They're not just being used for hedging, but are integral to the investment strategies of various institutional players. This is a testament to the market's maturation and the sophistication of the products available. Croft noted, “We’re seeing lots of these guys come into our CFD products” [CFD products are similar to 

] … and these investors “look to go long or short in a particular basket or individual tokens and try to pick out the performers and underperformers.” 

When asked about his usage of the phrase “[basket of] tokens,” Croft clarified that he wasn’t talking about indexes, but rather about how “someone could come in and get ten tokens they want to go short on, and ten tokens they want to go long on, and we can execute that. So it’s those clients choosing those baskets themselves rather than the products being preset.” Croft shared that Wintermute recently launched a new index provider, 

, and is looking toward working with other exchanges to help provide comprehensive, reliable and accessible indices.

The Rise of Meme Coins in the Crypto Market

Lai then discussed the evolution of market products, commenting that as the market evolves, so too must our products. Derivatives and options markets are crucial for providing the flexibility and tools users need to navigate this complex environment.

Hao focused on the technical aspects, maintaining that the real challenges and opportunities lie in enhancing the robustness of these tools. As we develop more sophisticated trading derivatives and options, we're not just creating new investment opportunities — we're also setting the stage for a more resilient market.

Thompson concluded this segment: "Clearly, the role of advanced financial instruments like derivatives and options is becoming more central as the market grows in complexity and scale."

When asked to comment on meme coins, Hao said it’s a “social movement starting from Wall Street and GameStop” and that it’s a “way to get people together … It can be a force for good instead of a tool for speculation.” Hao then shared about Bybit’s new initiative, the 

, explaining that it could be used for a charity or fundraising, linking it to a meme coin that’s “naturally inspiring and easy for people to understand.” In this way, meme coins can “be a force for good, to raise a charity fund for cancer treatment” or other causes.

Croft agreed, sharing his perspective that as long as meme coins are “fully transparent” and the projects make it clear that they’re part of a social movement whose participants who believe in and buy in to the cause, he’s “all for crypto facilitating that.”

Lai commented that memes are a sort of collective, and that not all meme coins are going to be successful. While they may be easy to create, it’s difficult to collectively get consensus from any large group of people. 

, expressing support for it and emphasizing that RWAs are “the link between traditional finance and crypto. That’s the last mile before crypto can be a real financial system, a link to the real-world economy.” He concluded that it’s certainly something he would “bet big on,” especially with more RWAs now on-chain.

How Exchanges and Institutions Adapt to Changing Market Dynamics

Innovation in Exchange Offerings: New Products, Services and Trading Pairs

Lai discussed the continuous need for innovation in the crypto exchange space, saying that as market dynamics evolve, so too must our platforms, focusing not just on expanding product offerings but also on enhancing underlying technology. Decreasing system latency and improving resilience and the sophistication of 

 systems is critical to staying ahead in the fast-paced environment.

Hao emphasized the importance of reliability and scalability, asserting that the foundation of any successful exchange lies in the robustness of its trading systems. As Bybit introduces more complex products and services, our priority remains ensuring that our matching engine and order processing systems can handle increased volumes without compromise. This is crucial for maintaining trust and efficiency in our operations.

Croft highlighted the strategic role of liquidity in product innovation, elaborating that Wintermute is closely involved in the initial stages of product launches by providing liquidity. This collaboration is essential for the successful rollout of new offerings. The ability to support exchanges from day one with robust liquidity helps ensure that new products can find a stable market footing.

Thompson summed up the discussion, observing that the adaptation of exchanges to market changes isn’t just about technological advancements, but also about understanding and integrating the needs of diverse market participants. This approach helps in crafting services that truly meet the evolving demands of the crypto market.

Global Market Integration: Collaborations and Partnerships for Sustainable Growth

Hao envisions a future of deeper integration between crypto and traditional financial systems. He referred to his comment during the segment on real-world assets, elaborating that the last frontier for a mature crypto ecosystem is its integration with the real economy. Tokenizing RWAs and streamlining processes such as clearing and settlement through blockchain technologies are steps toward this integration. These innovations will make many traditional roles obsolete, dramatically improving efficiency.

Lai projects the mainstreaming of crypto in traditional finance: we’re at a turning point, in which cryptocurrency is being woven into the fabric of TradFi services. The integration of trading infrastructure, exchange products and custody solutions between crypto and TradFi is accelerating. This convergence suggests that crypto will soon be an indistinguishable part of the broader financial ecosystem.

 as a critical bridge between fiat and crypto economies. Their growth into yield-bearing and basis-trading instruments shows their potential to transform financial services. These instruments thus play a pivotal role in the integration of crypto markets with TradFi, ensuring liquidity and stability.

Thompson highlighted the importance of collaboration, pointing out that the future of crypto isn't just about technological innovation but also about strategic partnerships. Collaborations between liquidity providers, exchanges and possibly even decentralized platforms are key to creating a seamless, integrated market experience.

 session has laid a comprehensive groundwork for understanding the significant changes and opportunities in the cryptocurrency market. As we continue to explore similar themes in upcoming episodes, our focus will remain on providing in-depth insights and actionable strategies. 

As part of the livestream, Bybit is holding 

 that offers you a chance to participate in our pop quiz and earn a share of the 10,000 

 prize pool. The event period is through Apr 26, 2024, 2PM UTC.

Stay tuned for our upcoming livestream held on May 2, 8AM UTC where we will discuss the meme coin craze! 

Learn Live ICYMI: Riding the Bull Run

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