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.

Advanced

Intro to Santiment.png

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

bybit spread trading.png

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.

block-scholes-x-bybit-report.jpeg

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

3.png

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

GameFi

web3

Explainers

Altcoins

Farcana is a free-to-play multiplayer web3 game set in a futuristic sci-fi world. 

2401-T16454_Skinny_Banner_for_Blog_and_Learn_Row_53_728x90.png

Farcana-FAR-tokenomics.jpeg

Skinny_Banner-1600x400.webp

 has disrupted the multibillion dollar gaming industry with innovative and exciting 

 projects entering the web3 space. One such project is 

, a fast-paced, free-to-play futuristic multiplayer game with explosive tactical quests whose players can immerse themselves in a Sci-Fi 

 (BTC) and in-game assets by participating in 4v4 team-based tournaments. With a successful NFT drop and airdrop under its belt, 

 has set its eyes on ensuring that its players have an even more exciting experience ahead.

 game and see what web3 gaming enthusiasts can expect from it.

 is a free-to-play multiplayer web3 game set in a futuristic sci-fi world

Players can engage in thrilling third-person battles and earn enticing rewards along the way, such as BTC and non-fungible tokens (

This tactical shooter game consists of diverse weaponry and unique characters, with players teaming up into fours (4v4) to battle it out in tournaments. Farcana’s economy is fully controlled by its players, who can also own assets in the game and trade in the marketplace.

The game, which was created by Farcana Studios, is a flagship product of the Dubai, UAE company, which is looking to revolutionize and decentralize the esports industry through blockchain gaming.

Founded and headed by Ilman Shazhaev, Farcana Studios employs over 120 professionals across the globe who are working to push the boundaries of gaming. Furthermore, the project has reputable advisors and partners with solid experience in the gaming and blockchain world, such as Animoca Brands, IndiGG, 

 is one of the projects using Unreal Engine 5, the next-generation game creation platform by Epic Games (the force behind legendary games such as

, you can expect powerful, real-time 3D graphics coupled with flexible and dynamic gameplay.

 is a futuristic game based on a research initiative in 2079 after a catastrophic event that destroyed Earth in 2065. Following the destruction, the United Nations evacuated people to Mars, where a life-changing substance known as Axelar was discovered. Axelar has the power to transform humans and give them supernatural powers. 

The people whom Axelar has transformed are the ones who form teams of four to compete in a galactic event known as the Farcana Championship, in which they must use their weapons and skills to battle it out. Winning the Farcana Championship not only grants you a space in the Triumph club (coveted by many), but also gives you a chance to acquire a piece of Mars.

To keep the community engaged and vibrant,

 hosts tournaments that reward winners with real prizes, including FAR tokens, BTC and NFTs.

 offers high-quality, fast-paced and thrilling gameplay. Not only does the game consist of 24 unique characters with diverse roles, but as a player, you’re spoiled for choice when it comes to the diversity of weaponry you can use for battles, as the shooting mechanics of the weapons are top-notch.

Whether you’re a spectator or participant in the competitive battles, you’re sure to get hooked on 

To keep players immersed in the battles, 

 game, and shed light on achieving endless possibilities by using Axelar abilities. Each team in the game gets four stars — Frontliner, Tactician, Healer and Disruptor. There are a total of 24 stars players can choose from, such as Muaddi, Cerberus and Diana. The roles of the stars are as follows:

 presents its players with advanced and diverse weaponry. Its futuristic guns are easy to control with powerful shooting abilities during arena battles and other quests.

 weapons are categorized into four types: Action, chaos, tactical and anti-aim. The weapons available to players include a lightning gun, SMG, assault rifle, poison barrel and echo pulse gun.

 since they provide an avenue for players to engage in competitive battles with real prizes at stake. The tournament system in Farcana is fully automated to ensure a smooth gaming experience. 

’s automated system sets up the server for you and helps you create matches and search for opponents.

The Farcana Autumn Tournament is a highlight of the project. After a successful tourney in November 2023, preparations for the next one are already underway. The total prize pool for the 4v4 shooter event is 0.12 BTC, distributed daily to the winners systematically. There are a total of 100 winners each day in the two-day event.

 gaming economy. Its core use is to ensure smooth transactions in the game (think of FAR as 

You can also use FAR to buy the following:

FAR has a total supply of 5 billion tokens. Of this supply, tokens have been distributed as follows:

Farcana also held a FAR token airdrop campaign, in which participants received FAR tokens for completing several engaging missions in the game. Over 10,000 people participated in the airdrop within the first 24 hours. The team has promised possible 

Non-fungible tokens are also a part of the 

 ecosystem. Farcana has released the following exclusive NFTs.

Farcana held its Mars Enigma Vaults NFT drop on Dec 19, 2023. This highly anticipated event saw Farcana unleash 777 exclusive vaults, floated on the 

 NFT marketplace. The NFTs were crafted on Polygon to ensure fast and cheap minting. According to Farcana, the NFT drop was highly successful, since eager enthusiasts rushed to grab the NFTs in record time.

 are quickly becoming a trend in the crypto space. Farcana has announced it will hold an ordinal NFT mint in 2024. The free mint collection is designed for gamers, who get to share in the Ordinal Mint. According to the team, only 333 NFTs will be minted. They’ll be based on the 

 and packed with utilities that gamers can tap into for a more exciting gaming experience.

You can buy the FAR token on Bybit, available on Bybit's Spot trading terminal as a 

 and get verified. Once successful, you can load your account using the various 

 options on the user-friendly platform. Upon funding, you can proceed to buy your FAR tokens.

From Jan 31 to Feb 20, 2024, new users who sign up with Bybit can also earn a 10 USDT airdrop in a 

. Rewards are limited to the first 104 participants on a first-come, first-served basis, so make sure you register quickly to snap up this airdrop now.

While the GameFi space in crypto may seem overpopulated, 

’s innovative gaming platform is designed to stand out from the rest of the blockchain games. Built on the powerful Unreal Engine 5 that’s associated with famous games such as 

, you can expect advanced gaming mechanics in this futuristic game. Whether you’re a player, spectator or NFT enthusiast, you’ll find 

The Farcana team is dedicated to redefining web3 gaming.

had a successful 2023, as its project held the Farcana Autumn Tournament in November and a highly anticipated NFT drop in December. For the future, the team has promised to add more stars and weapons to the game. There will also be more in-game features for players to explore.

Farcana (FAR): A Web3 Galactic Battle Shooter Game

Compete for 2,500 USDT Every Week

Earn Points by Completing Tasks

Event Rules

Weekly Leaderboard