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

Tech Deep Dive

Heard about the blockchain trilemma? Find out why developers are struggling to solve this issue of balancing scalability, decentralization and security.

The world around us is all about the trade-offs we make to achieve certain results. The blockchain trilemma is no different, so it’s crucial to understand whether the problems associated with blockchains can ever be solved. Developers are pouring time and energy into solving this problem, and we’ll look at how blockchain scalability, security and decentralization can work together. These three features are fundamental to how blockchains function, with a growing acknowledgment that you can only get two out of the three. That means every blockchain must sacrifice something to work as efficiently as possible.

The blockchain trilemma is the concept that decentralization, security and scalability can’t all be represented in one blockchain.

An Example of the Blockchain Trilemma: Bitcoin’s Scalability

The issue that Vitalik Buterin was talking about is whether or not it’s possible to achieve all three of these features in a single network. Many developers have concluded that achieving all three features is impossible, and that it comes down to making do with what 

 possible with the current technology — and figuring out how to make the trade-off in a real-world environment. As much as each project tries to optimize their network, there will be some shortcomings with each blockchain design. Thus, the key for developers is to figure out how much of each characteristic they’re willing to sacrifice in order to achieve optimal performance.

However, because of this, they control everything to get you transaction times that are shorter than a second. On top of that, the transaction fees are relatively low when compared to many other networks. Because of this, many people are moving toward a cashless society that will remove the need to carry physical money around.

As you can see, blockchain decentralization negatively impacts a network’s security and scalability. Blockchain decentralization is crucial — because it requires that you sacrifice one other feature to have the most optimal network possible. Ultimately, blockchain decentralization is better when one entity or individual doesn’t control the entire network. However, blockchain scalability or security are sacrificed when prioritizing blockchain decentralization.

Unfortunately, blockchain scalability is a significant problem that has kept many cryptocurrencies from being used on a mass scale. In order for a blockchain to be practical, it needs to progress to a stage where it's subjected to thousands of transaction requests and is able to process them rapidly.

Ideally, projects would want their blockchain to be able to scale to millions of 

 (TPS). This is one of the many reasons why Visa and MasterCard are used all over the world. After all, no one would use these cards if you needed to wait 20 minutes or more for your transaction to be processed — and no store would want to use this network if they had lengthy lines because it took so long to process transactions. Blockchain scalability needs to be built in because developers need to figure out how to make it work for specific use cases, rather than just looking at 

Blockchain security is the third feature many networks might choose to relax when it comes to the blockchain trilemma. Good blockchain security means that everything should be robust so that no one can take over the network — for example, capitalizing on network vulnerabilities to insert transactions into a network. 

The major downside to maintaining blockchain security is that it takes a lot of processor power to achieve it. This might be a problem if blockchain decentralization goes into effect as well. When you combine this necessity with the realities of blockchain decentralization and scalability, it means you have to expand processing power tremendously to achieve a small improvement in your TPS rating. These are the things that blockchain developers must balance out when trying to build a network. They have to figure out which one of the three they want to sacrifice.

With blockchain decentralization, another issue is consensus. What is the correct transaction for each ledger? When you’re writing a transaction into the blockchain ledger, how do you ensure that the transaction gets correctly updated to all of the nodes? This takes a lot of processing power — which is why it’s important to understand how to balance security with other features inside a blockchain network. Blockchain security is only going to become more important as its utility increases. An example of security gone wrong is with blockchains that use smart contracts.

The general idea with blockchain security is that it works in retrograde to blockchain scalability. Blockchain security requires that you use additional processing power to ensure that no one exploits the network. However, the major problem with this is that, as a consequence, there is now less power to process transactions. Developers have to decide between processing more transactions or maintaining enhanced security. On top of that, the more decentralized a network is, the longer it’s going to take to reach consensus — making it even more difficult to achieve ideal simultaneous blockchain decentralization and security. Many people are currently attempting to figure out how to make both of these concepts work correctly, without major downsides to the network.

An example of a secure network is Visa, mentioned above. It offers a credit card processing network that delivers millions of TPS. Despite this, blockchain security is never an issue with them. We almost never hear about anything being exploited. However, when something does happen, it’s usually because the vendor has done something prohibited. It’s never the credit card processing company itself with problem that’s been exploited. 

Most blockchains are quite secure, and security breaches aren’t an ongoing problem for most networks. However, as mentioned, security comes at the price of scalability. This has many people thinking of various ways they can improve security and transaction processing capability — without destroying the essence of the network.

Different Approaches to the Blockchain Trilemma

In addition, Avalanche’s minimal hardware requirements are impressive. One can start as a validator with inexpensive hardware for less than 1/10th the price of the hardware needed to become a validator on the Solana network.

It’s clear that being a validator is important for both blockchain decentralization and scalability. However, not many people are incentivized to become validators. Doing so is often too expensive or complicated to make it work, limiting its benefits to just a few

Potential Solutions to the Blockchain Trilemma

There are a few potential solutions to the blockchain trilemma, to be implemented independently. Many developers are also figuring out how to achieve the blockchain trilemma on each part of a network.

Polkadot’s Relay Chain allows multiple blockchain networks to connect to each other quite easily because they can connect to plenty of networks without the downsides inherent to the blockchain trilemma. Parachains run in parallel to the Polkadot blockchain. They use the Polkadot Relay Chain to achieve maximum scalability, security and governance.

Sharding splits up the blockchain and separates it across multiple validators. It’s a risky way of doing things because of the theoretical possibility that all validators holding a certain shard might go down. In this case, the entire piece of the blockchain would be lost. There are several algorithms to prevent this from occurring, which is one of many ways to improve the process Ethereum offers shard chains as a way of improving scalability. This method splits the entire blockchain horizontally, putting the load across multiple servers and making it possible for network participation and processing power to increase geometrically.

A nested blockchain exists within another blockchain. Layer 1 blockchains delegate processing to a nested blockchain, meaning that custom processing solutions can be created relatively easily. This is one of the best and easiest ways to solve the blockchain trilemma without too much difficulty. The biggest example of this is Ethereum Plasma, which uses a separate blockchain that’s anchored to the main chain, capable of offering proof of fraud to arbitrate disputes.

A state channel essentially has delegated transaction processing and capacity. Its nodes don’t require validation, meaning that it’s like an adjacent resource that does what it needs. The Layer 1 network only requires that the final state of the channel be recorded into the blockchain.

A sidechain is essentially a separate blockchain that connects to the main blockchain by using a two-way peg. It increases the existing blockchain’s interoperability and processing power. For example, Bitcoin’s network can use sidechains to process transactions even faster. This is one of the many ways people are getting more performance out of Bitcoin, even when technically it shouldn’t be possible.

There is no one solution when looking at how the blockchain trilemma can be solved. It’s theoretically impossible to achieve the Holy Grail. The best that we can do thus far is to optimize each blockchain as much as possible to achieve its stated goal. We might experience a future with virtually infinite computing power and geometrically faster network transfer speeds. In that environment, the blockchain trilemma could be solved relatively easily. It would stop being a problem because transaction speeds would be propelled “to the moon.”

The blockchain trilemma is currently a major problem for most developers. However, like anything else, once we understand the nature of the problem, we have a much better chance of finding a solution to it. Many developers are working on the complexities of the blockchain trilemma, and they’re quite optimistic — so we should be too.

The Blockchain Trilemma: Can It Ever Be Solved?

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