Bitcoin surged to an all-time high of $112,000, but volatility triggered by geopolitical events quickly followed this milestone. 

On May 22, 2025, Bitcoin surged to an all-time high of $112,000, but volatility triggered by geopolitical events quickly followed this milestone. The announcement by US President Trump of a 50% tariff on goods from the European Union caused immediate panic among traders, reminiscent of past trade tensions. However, a swift market recovery occurred when the White House delayed the tariff's implementation until Jul 9, 2025, reviving bullish sentiment. 

Let’s look at some market sentiment data.

Crowd sentiment data reveals that trader emotions play a crucial role in market behavior. When Bitcoin reached its peak on May 22, positive sentiment surged, only to be followed by a rapid correction as traders faced unexpected market shifts. This highlights a pattern whereby prices often move contrary to retail expectations, suggesting that emotional responses can act as counterindicators.

Long-term indicators are more optimistic. Since the start of 2025, Bitcoin supply on exchanges has decreased by 147,160 BTC, indicating that many traders are moving assets into long-term storage, reflecting confidence in future price increases. The Mean Dollar Invested Age (MDIA) has also declined, suggesting that older coins are being reintroduced into circulation, a trend often associated with bullish momentum.

 activity has intensified, with spikes in transactions over $100,000 during Bitcoin's price peak. This behavior indicates profit-taking by institutional investors, which can lead to price corrections if not managed carefully. High whale activity at market tops often signals distribution, cautioning retail traders about potential market shifts.

Looking forward, the approaching July 9 tariff deadline will be a critical factor influencing Bitcoin's price trajectory. The market's reaction to this event, combined with ongoing geopolitical tensions, will likely determine whether current sideways movement evolves into a deeper correction or sets the stage for another rally. Stakeholders should integrate macroeconomic news with on-chain data analysis, including metrics like 

 and whale activity, in order to navigate this complex environment effectively.

Advanced

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Bybit x Santiment Social Sentiment Report: Bitcoin’s all-time high leads to loftier expectations

Discover Bybit’s flexible crypto loan options—borrow against your assets to trade, stake, or earn rewards without selling your crypto.

Borrowing funds for your crypto trading can be an excellent capital efficiency measure. In many cases, it pays to borrow the cryptocurrency of your choice against collateral instead of buying it outright. Crypto loans can also help you access unique yield-generation opportunities, such as leveraged staking. Savvy traders and investors in crypto have long known that borrowing is one of the key avenues for improving the efficiency, flexibility and profitability of your operations. 

Bybit offers you several ways to borrow cryptocurrency. These include flexible rate and fixed-rate overcollateralized crypto loans, Unified Trading Account (UTA) auto-borrowing, the Margin Staked SOL product and Launchpool Borrow & Stake. These options allow you to access crypto funds in highly efficient and flexible ways to support your trades, earn 

 rewards or receive early-stage tokens for free. 

In this article, we’ll look in detail at these four ways of borrowing funds with Bybit, and discuss their key features, use cases and benefits. 

1. Crypto Loans — Liquidity without selling

Bybit offers its users overcollateralized crypto loans, with both flexible and fixed-rate interest. Flexible crypto loans feature variable interest, updated hourly based on prevailing market conditions. Fixed-rate loans offer preset interest for borrowing tenures of 7, 14, 30, 60, 90 or 180 days, depending upon your preference. 

Flexible rate loans are supplied directly by the Bybit platform, while fixed-rate loans are procured through Bybit’s 

 (P2P) lending service. Crypto lenders post their offers on Bybit P2P and specify their preferred conditions, such as the loan duration and interest rate. Borrowers may choose from the existing offers, or create a separate loan order with the interest rate and other conditions they’d like to access. The system then evaluates orders from lenders and borrowers in order to find the optimal match and connect the two parties.

Since early May 2025, the two loan varieties have been integrated into a single user interface under a unified product umbrella called Crypto Loans. You can now use the same shared collateral to secure both flexible and fixed-rate loans. Your collateral can also be used across different markets and products on the platform, such as the Spot and Derivatives markets and Bybit staking products.

 (LTV) thresholds applicable for margin limits, margin calls and liquidation — 80%, 85% and 92%, respectively. 

Bybit offers a wide variety of crypto assets for borrowing and collateral, including 

 and the leading high-cap cryptocurrencies, such as 

Interest rates for all Crypto Loans are compounded hourly. Fixed loans have a set rate in a range specified by the supplier and/or borrower, and flexible-rate loans are subject to a floating rate based on market conditions.

Flexible Crypto Loans are particularly useful for traders who wish to borrow with maximum flexibility and efficiency, repaying the amount when they find it most suitable based on their trading activity. For example, if you borrow funds for just 15 hours to facilitate some short-term trades, you’ll only pay interest for those 15 hours and not a single hour more. 

On the other hand, Fixed-Rate Crypto Loans suit borrowers who would like to operate in complete certainty, regardless of market developments, by locking in a preset interest rate.

2. UTA auto-loans — active capital with full control

Borrowing funds is automatically enabled in certain scenarios under your Bybit 

 (UTA). Automatic borrowing in the UTA is triggered when the following situations arise:

UTA loans aren’t available for manual borrowing; they’re only automatically triggered under the above scenarios. However, repayments are possible both in manual and auto modes. Interest rates for these loans are updated on an hourly basis. 

One key benefit of UTA loans is their applicability to spot margin trading on Bybit. With spot margin trading, you can use assets in your spot account as collateral for 

 with leverage ratios of up to 10x. Supported collateral assets include over 200 cryptocurrencies, including all high-cap coins. 

UTA loans are ideal for leverage trading aficionados, and for active traders who place frequent orders and might find themselves short on funds during a particular trade. The auto-borrowing function of these loans ensures that your orders go through, even if there’s a shortfall of funds or specific assets in your wallet. 

3. Margin Staked SOL — yield boost through leverage

 allows you to use leverage to boost your Solana liquid staking yields. To use this product, you’ll need to commit your SOL funds to Solana staking, which Bybit will manage through the use of the 

. Sanctum is a leading provider of infrastructure and services for Solana staking. 

You can borrow additional funds to stake with up to 4x leverage available. Upon staking, you’ll be issued the 

 (LST) that accrues your staking rewards. 

The interest that you pay on the borrowed funds is updated hourly. All interest repayments are handled automatically, either when the user decides to stop staking or their losses reach 90% of their staked principal. You can redeem your SOL funds at any time.

4. Borrow & Stake on Launchpool — multiply your rewards with minimal funds

option through its Launchpool. By staking your crypto funds and borrowing up to 3x of your principal, you can earn rewards through free tokens of projects offered via the Launchpool. Reward tokens for potential future market stars are usually issued for free by early-stage web3 projects.

is extremely user-friendly, and it takes just a single click to borrow and stake. As with the other three methods of borrowing, the interest rate on your borrowed funds is subject to hourly updates.

Choosing the right tool for your strategy

The four Bybit loan options above each have unique benefits and use cases. Deciding which option best suits you will depend upon your trading strategy, goals, available capital, familiarity with spot margin trading, experience level and openness to leverage. 

The below table summarizes the four loan products by user profile, primary use case and capital efficiency model. 

Bybit’s Crypto Loan products are ideal — not just for borrowing, but also for utilizing your existing idle funds for margin trading and staking to amplify yields. Each product type applies to different potential scenarios:

With the above loan options, crypto borrowing is no longer just about meeting fund shortfalls: now it’s a valid strategy to get the most out of your crypto trading.

Intermediate

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Bybit Loan: Flexible paths to capital efficiency

Oil is the most volatile major commodity in global markets, significantly more so than gold. It’s not uncommon for oil prices to rise or fall by 5% or more in a single day. 

Introduction: Oil as the most volatile major commodity

Oil is the most volatile major commodity in global markets, significantly more so than gold. It’s not uncommon for oil prices to rise or fall by 5% or more in a single day. This makes oil one of the most attractive instruments for active traders, offering frequent price swings and rapid opportunities.

Unlike most commodities, oil prices are influenced not only by global demand and macroeconomic conditions, but also by direct supply decisions made by producers. These decisions can trigger major shifts — especially when they come from the OPEC cartel, which plays a unique and powerful role in managing global oil output.

Supply side: OPEC, Russia and market control

Oil supply isn’t fixed like that of gold or silver. It’s flexible and largely managed by OPEC and its allies — known collectively as OPEC Plus — including Saudi Arabia, Russia, the UAE, Qatar and other producers. Together, they control more than 35% of global oil supply.

Their decisions to increase or cut production can move the market instantly. For example, OPEC is now considering a third consecutive supply hike, possibly increasing output by 138,000 or even 411,000 barrels per day. Moves of this scale tend to push oil prices lower.

Traders monitor OPEC meetings closely, because supply decisions directly impact price direction. The next major meeting — scheduled for July 2025 — could set the tone for oil markets for the rest of the year.

Demand side: Tariff tensions and global growth

On the demand side, the biggest current factor is Trump’s trade policy. New tariffs slow global trade, and slower trade reduces global growth — and with it, the demand for oil.

This was clearly seen on April 2, when Trump announced a new round of tariffs. Oil prices quickly dropped from $70 to $54 in just a few days — a 22% decline. Later, when tariffs were delayed, oil prices recovered to above $60.

It’s a clear example of how traders respond to political headlines. If more tariffs are announced, oil could fall again. But if a US-China trade agreement is reached, oil prices might rebound sharply on improved demand expectations.

More catalysts ahead: OPEC, Iran and inflation pressure

Beyond trade policy, the following supply-side catalysts are coming into play.

Oil is traded through two main contracts:

Both contracts are highly correlated. Traders choose between them based on geographic preference, liquidity and contract structure.

Technical analysis: Key levels for WTI crude

Looking at the daily chart of WTI crude, the following important patterns are in play.

These levels offer traders clear entry and exit points, based on momentum, reversals and breakout setups.

Conclusion: Oil is set for a volatile summer

Oil remains one of the most dynamic assets to trade, driven by shifting supply, policy decisions and changing global demand. The combination of OPEC’s actions, geopolitical negotiations and tariff developments creates continuous opportunities.

In the coming weeks, make sure to focus on these key drivers:

From a technical perspective, $60 is the key level. A decisive move above or below it could define the next major trend.

For now, the blend of macro news, OPEC production plans and technical volatility makes oil one of the top markets for traders looking to catch fast and meaningful moves.

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Bybit X FXStreet Commodity Report: Crude oil sees key support at $60 with upside at $68 if tariffs ease

Discover Tokyo Games Token (TGT), Japan’s first AAA web3 gaming token powering immersive play-to-earn experiences like the upcoming TOKYO BEAST.

Japan’s significant share of the global gaming market ranks third largest worldwide and generated $26 billion in revenue in 2024 alone. Now, as the gaming industry’s focus continues to shift toward 

 gaming, it’s not surprising that Japan has jumped on the bandwagon by launching the country’s first blockchain-based AAA gaming platform, Tokyo Games.

With a vision to enrich the current Web3 gaming scene, Tokyo Games will debut into this niche with its much-anticipated AAA game, 

The Tokyo Games Token (TGT), which will facilitate the platform’s growth and functionality, is at the heart of its operations.

The Tokyo Games Token is the token that will be used to drive the operation of all games exclusively built on the Tokyo Games platform. 

The gaming platform is built by Play3 Ltd and is backed by top mobile gaming developers in Japan, such as Cygames and gumi Inc.

The token, which has been dubbed “the first AAA token in Japan,” launched on May 21, 2025, and was issued on the Immutable zkEVM chain.

TGT has a maximum total supply of one billion tokens distributed across various stakeholders on the platform. TGT unlocks have varying vesting schedules designed to promote the project’s health and sustainability.

Notably, the team and the foundation have locked their tokens for one year after the token generation event (TGE) as a show of commitment to making the project successful.

 for the Tokyo Games ecosystem, TGT will have the following three uses:

 is the first web3 game developed by Tokyo Games. Developed through a collaboration with Web3 gaming giant Immutable, 

, a play-to-earn (P2E) game, has a team of over 80 full-time developers and AAA production to produce impressive gameplay.

Its strategic collaboration with Immutable opens up access to the blockchain’s infrastructure, including the Immutable Passport (non-custodial wallet) and the Immutable Global Orderbook for liquidity.

The game’s futuristic storyline takes place in Tokyo, Japan, and comprises three elements: humans, replicants (sentient androids) and BEASTs.

is divided into two systems: BASE and TRIALS.

BASE is for web3 players who leverage BEAST NFTs for a blockchain-based gaming experience. When on the BASE part of the game, you can stake TGT tokens to mint BEAST RAWDISK NFTs. Once minted, you can stake these NFTs to earn rewards. You can create stronger BEAST NFTs in two ways via the LAB feature: breed BEAST NFTs to create a new child BEAST or adjust BEAST parameters according to the battle environment.

 is designed for Web 2.0 players who can win PROXY BEAST, a copy of the BEAST NFT, from gacha and use it to participate in battles for a chance to win TGT tokens and BEAST RAWDISK NFTs.

TOKYO BEAST also lets players participate in prediction games to win TGT tokens. On the BASE system, you can join in prediction games using LUCKY CHIPS, where correct predictions help you earn TGT. LUCKY CHIPS are earned by buying and locking LUCKY TICKET NFTs for as short as a week to two years. The longer the lockup period, the more LUCKY CHIPS the player receives. Meanwhile, players on the TRIALS system can participate in prediction games using TRIALS CHIP, which is obtained by completing daily missions.

You can buy TGT on Bybit’s spot trading platform. To celebrate the listing, Bybit is holding 

 exclusive to the following selected regions in Asia: Japan, Korea, Macau, Taiwan, Brunei, Cambodia, Indonesia, Laos and Vietnam.

A prize pool of nine million TGT tokens is up for grabs for those who participate in the following two events:

Tokyo Games Token is pioneering a new era in Japan’s gaming industry by launching the country’s first AAA web3 gaming ecosystem. At the center of this ecosystem is 

, a P2E game that blends immersive gameplay with blockchain-powered ownership and rewards.

Japan continues to lead in gaming innovation, and TGT brings together the nation’s gaming legacy with decentralized technology’s future. With 

 setting the stage for what's possible in Web3 entertainment, TGT could play a major role in redefining how gamers play, earn and connect digitally.

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Tokyo Games Token (TGT): Japan’s first AAA web3 gaming ecosystem

Bybit Learn

Stablecoin

Hyped for GHO stablecoin? With Aave joining the stablecoin fray, here's everything you must know about the decentralized, multi-collateralized GHO stablecoin.

 by market capitalization, and features dozens of coins. While they operate differently, all stablecoins aim for the same goal: The promise of stability in the volatile crypto space. 

Because they were meant to be immune from market volatility, stablecoins have become popular as a means of global payments and a facilitator of DeFi lending and borrowing. 

 of the algorithmically pegged TerraUSD (UST) eroded trust in the stablecoin landscape, 

, a noncustodial market protocol, announced a new decentralized stablecoin, GHO.

Why is Aave creating the GHO stablecoin? This article examines the new project and what makes it unique.

GHO Stablecoin is a decentralized, multi-collateralized stablecoin pegged to the U.S. dollar. It was proposed by the Aave Companies (the team behind the Aave protocol) in early July 2022 and approved by the Aave DAO (

The new stablecoin will be backed by an assortment of user-selected cryptocurrencies and — most importantly — owned and governed by the Aave community, rather than a single entity. This decentralization is where it significantly differs from other stablecoins in circulation.

Aave Companies introduced the new stablecoin to increase stablecoin adoption by infusing more liquidity and stability into the fast-growing DeFi space. The Aave DAO earns all the interest accruing from GHO lending, providing them with additional revenue. 

Unfazed by the recent collapse of Terra and the resulting impact on the stablecoin market, Aave is betting on a game-changer with the GHO stablecoin.

Before we delve further into the GHO rabbit hole, let's take a peek at the protocol behind it.

Aave (Finnish for ghost) is an open-source decentralized lending protocol that allows users to lend and borrow cryptocurrencies. Aave runs on multiple blockchains including Ethereum, Fantom, Harmony and Avalanche. With a 

, its native crypto, AAVE (ranked 45 out of over 1,000 tokens) 

 from its recent bottom following the announcement of the GHO stablecoin proposal.

Aave and other DeFi lending protocols use smart contracts (bits of code that automate transactions), instead of centralized intermediaries like banks, to facilitate lending and borrowing activities. Essentially, there are no middlemen. When you borrow from Aave, you borrow directly from people who deposit their crypto assets with the protocol. The lenders, in turn, earn interest on their deposited digital assets.

Due to the volatile nature of crypto, borrowers have to overcollaterize — i.e., put up significantly more crypto than they’re borrowing for security. If the value of their collateral drops beyond a preset point, the smart contract will liquidate their collateral in order to cover their loan.

, Aave was originally launched as ETHLend in 2017 and rebranded to Aave a year later. Aave is owned and managed by a collective of token holders, known as the AaveDAO, who direct the path of the protocol through votes.

In the crowded DeFi space, Aave shines by allowing over 20 lendable crypto assets, giving users more options and flexibility. In addition, users can switch between fixed and variable interest rates when they borrow on the platform.

GHO stablecoin is created or minted when a user (or borrower) puts up collateral in a specified ratio. When the user repays the loan, the GHO protocol burns the returned GHO. The interest generated from the borrowed asset goes to the DAO’s treasury. The crypto assets used as collateral generate yield for the borrower.

Unlike purely algorithmically backed stablecoins — such as UST, which uses a complex stabilization mechanism of burning and mining the LUNA coin to keep its dollar peg — GHO proposes the use of “facilitators” who can generate and burn GHO tokens based on yet-to-be-disclosed mechanisms. The facilitator could be a protocol or an entity, and is approved by the Aave DAO. For control, the Aave governance will approve a “bucket” — the maximum GHO a particular facilitator can generate — for each facilitator.

Given the proliferation of stablecoins in the crypto space, you may wonder if there’s any point in launching yet another one. The proposed GHO stablecoin is not just another stablecoin. Aave aims to set the pace for decentralized, crypto-backed stablecoins with the introduction of GHO. A few of its defining features include: 

The GHO stablecoin shares similar characteristics with the popular DAI stablecoin (created by MakerDAO). Both tokens are decentralized and use overcollateralization to keep their peg to the U.S. dollar. However, GHO has the distinct advantage of using position-based minting instead of the collateral vault-specific minting used by DAI. Position-based minting supports more seamless and fairer position management than vault-specific minting. It also allows for better gas optimization.

Overcollateralized With Multiple Crypto Assets

The GHO stablecoin will be backed by a diversified range of cryptocurrencies accepted on the Aave platform and chosen by users. To mint GHO, users will have to deposit a higher value of crypto assets than GHO in a specific ratio. This system is referred to as overcollateralization. Overcollateralization ensures that the risk of GHO losing its USD peg is minimized.

Included in the GHO proposal are plans to integrate GHO with the Aave ecosystem by launching a specific GHO “aToken” and a GHO Debt Token. This system will use the same mechanism as other assets already on the Aave platform. The Aave-GHO integration will drive GHO’s growth on the Ethereum network.

While Aave Companies has stated that the new stablecoin intends to facilitate the growth of the global decentralized stablecoin market instead of competing, comparisons with more popular and established stablecoins will be inevitable. 

 stablecoin is a decentralized, crypto-backed stablecoin pegged to the U.S. dollar. One of the most popular stablecoins, DAI is the brainchild of Maker Protocol, a leading 

 a market capitalization of $7.3 billion, trailing behind USDC as the fourth largest stablecoin by market cap. DAI 24-hour trading volume at the time of publishing is $373,421,640.

Similar to GHO, users create DAI by depositing collateral crypto assets into Maker Protocol’s vaults. Also, like GHO, each DAI minted is backed by collateral with a far higher value than the DAI debt.

However, the makeup of DAI’s collateral structure consists mostly of USDC. Having a decentralized stablecoin primarily backed by a centralized stablecoin defeats the purpose of decentralization. It also subjects the DAI stablecoin to 

DAI uses a collateral vault-specific minting against GHO’s position-based minting. GHO’s position-based minting eases and ensures better position management while optimizing gas spending. 

The recent drama around stablecoins underscores the need for independent verification of claimed backing collateral. GHO’s first audit was carried out by 

 on July 11, 2022, right after development. DAI is no slacker when it comes to audits, either. The reputable Callisto Network conducts regular audits on DAI and the MakerDAO ecosystem. 

 hosted on the Terra blockchain and pegged to the U.S. dollar. Until its collapse in May 2022, LUNA, Terra blockchain’s native crypto, was on the list of top 10 assets by market capitalization, and UST was a leading stablecoin.

Unlike GHO and other decentralized stablecoins, UST wasn’t backed by crypto assets such as BTC or ETH. Instead, 

 to maintain its peg to the U.S. dollar. This stability mechanism works by allowing $1 UST to be redeemed for $1 LUNA. If the UST loses its peg to the dollar, it creates an arbitrage opportunity which — in theory — would incentive the market to regain the peg.

However, this played out differently in the real world, and a series of related events led to the UST depeg and subsequent collapse. UST’s failure has raised concerns over the safety of uncollateralized stablecoins, as well as calls for more regulation of the stablecoin space.

The Frax stablecoin (FRAX) is based on a fractional-algorithmic model. It's the only stablecoin that maintains its peg to the U.S. dollar with a partial collateralization structure. The other part of its supply maintains its peg algorithmically. The market pricing of FRAX determines the ratio of collateralized to algorithmic backing. When the price goes above $1, the protocol reduces the collateral ratio, conversely adjusting it upward when the price falls below $1.

The Frax Protocol consists of two tokens: The Frax stablecoin (FRAX) and the governance token, Frax Share (FXS). Like Aave, Frax is fully decentralized and uses a similar governance system.

The Frax stablecoin was designed to minimize overcollateralization risks. Overcollateralized stablecoins like GHO, which are backed wholly by crypto asset collateral, risk loss of stability when a 

 such as a flash-crash (sudden dip in the price of an asset triggered by massive sell-offs), takes place.

Frax stablecoin is also cheaper and more capital efficient from a supply perspective. Unlike GHO, which will be expensive to collateralize adequately, FRAX’s unique fractional-algorithm design allows it to cut costs (by partially using algorithmic means) to back the stability of the Frax stablecoin.

 24-hour supply of $8,938,553 and a market cap of $1.4 billion. It’s constantly audited, with the most recent one being conducted by 

Stablecoins track the value of other more stable assets, such as fiat or gold. Therefore, it doesn't make any sense to buy GHO for investment purposes since the price remains constant. However, GHO holders can use the stablecoin to hedge against inflation, while still earning interest on their deposited collateral.

The GHO stablecoin will also open up opportunities for investors to stake and earn rewards on the Aave Protocol and other DeFi protocols. Aave token stakers will enjoy a discounted rate on GHO borrowing, which will incentivize investors to help secure the Aave Protocol. This measure is expected to drive value to staked Aave (

With the first vote to approve GHO and make Aave the first facilitator out of the way, two more votes will be required before GHO goes live. The Aave community will be voting next on setting parameters, such as interest rates, collateral assets and caps, etc.

Aave plans to leverage grants and hackathons to promote mass adoption of the GHO stablecoin. The selling points will include the use of GHO as a reliable borderless and permissionless payment system. The development team also hopes that the rapidly growing Layer 2 ecosystem, with its low transaction fees, will provide fertile ground for more developments, involving the widespread use of GHO.

Aave Companies have proposed a new stablecoin, GHO, even though the dust from Terra’s implosion has hardly settled.

The GHO token will be overcollateralized, with multiple crypto assets, which should provide some comfort following the recent events in the stablecoin market.

Instead of competing, the fully decentralized GHO is expected to bring more liquidity and growth to the decentralized stablecoin market, as well as more revenue for the Aave protocol.

What Is GHO & Why Is Aave Creating a Decentralized Stablecoin?

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