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

web3

SuperVerse (previously known as SuperFarm) is a DAO that manages a variety of web3 products. Learn more about how it works in this article.

 products on the market, it can be difficult to distinguish between all the different systems. SuperVerse hopes to solve this problem by creating a single, easily identifiable organization that can manage a broad range of different designs. Where did SuperVerse come from, and is it offering a noteworthy product? Read this guide to find out the answers to these questions and more.

 (previously known as SuperFarm) is a decentralized autonomous organization (

) that manages a variety of web3 products. Its cohesive ecosystem allows users to seamlessly interact with a variety of games, 

SuperVerse got its start as SuperFarm, a cross-chain NFT gaming platform. Founder Elliot Wainman was initially a 

 before realizing that there was a huge amount of potential for combining 

 with the gaming landscape. Launched in 2021, his SuperFarm system was all about farming NFTs and 

As he worked on the SuperFarm project, Wainman began to explore more areas of the digital world. Eventually, his project grew to include so many things beyond NFT farming that it was time for a name change. In 2023, SuperFarm decided to rebrand as SuperVerse. Though it still uses the same token, the organization has greatly expanded its goals. SuperVerse now contains all the former products of SuperFarm along with additional products and software.

According to SuperVerse, its main goal is "to accelerate global crypto adoption by building and delivering web3 products." This is a fairly broad mission that can cover a wide range of different activities. Currently, SuperVerse is choosing to focus on a few specific concepts:

The core of the SuperVerse digital universe includes its token and its DAO. These two mechanics, some of the only components over which SuperVerse has direct control, help to run the rest of the project smoothly. Many of the other aspects of their system, such as the software used for games, are left up to individual developers.

SuperVerse seamlessly manages all payments and funding via the SUPER token, which provides a secure way of rewarding users who take part in the SuperVerse gaming landscape. It's also used to collect funding for the new era of features, and to facilitate payments on the SuperVerse digital marketplace.

Meanwhile, the SuperVerse DAO helps to manage the operational side of the SuperVerse system. It allows all holders of SUPER tokens to participate in running the ecosystem. People can vote on new mechanics and help make decisions about launching new projects.

SuperVerse’s digital world currently contains a blend of investing, gaming and social features. Here are the main products its users can explore.

 is the first game created for the SuperVerse ecosystem. It's a social deduction game in which players interact with each other to find impostors. The game also contains several applications for fans of NFTs. Players can design characters and own their digital assets. As they play, they earn rewards that provide more digital collectibles. In addition to earning digital assets, players can also buy NFTs to better their gameplay. Players who hold certain NFTs get extra perks in the game.

 (GM) is an NFT marketplace where SuperVerse users can go to invest in NFTs. It offers a variety of helpful tools, such as an Ethereum block explorer and customizable analytic software and dashboards. In addition to its trading tools, GigaMart also functions as a community for NFT investors. Verified holders can chat with each other in an exclusive forum, and other users can interact through options such as commenting on NFTs or voting on trends.

However, in November 2023, the SuperVerse team 

 that they’d be pausing operations on GigaMart in order to focus their efforts on expanding SuperVerse as a gaming platform.

The SuperVerse DAO gives users the chance to provide input on the company and interact with others. To join the DAO, users need to purchase SUPER and then stake it in a 

, which provides one vote for each staked token and features a forum for users to discuss ideas and submit proposals.

To help maintain token value, SuperVerse has a 

. Anyone who holds SUPER can choose to temporarily lock their tokens. In return for helping to prevent inflation, stakers receive incremental rewards for their participation. SuperVerse's staking program distributes rewards in the form of ETH.

Since its transition from SuperFarm to SuperVerse, the company has mainly concentrated its efforts on setting up its DAO and teaching the public about its new branding. Now that the operational side of the digital universe has been set up, SuperVerse 

 on what made it popular in the first place: gaming. While the company has been vague about its upcoming plans, it’s hinting at some sort of big announcement. Users speculate that it will be launching new games to help populate the SuperVerse ecosystem.

SUPER tokens have many uses within SuperVerse’s ecosystem. These 

 tokens manage everything from in-game rewards to SuperVerse DAO voting. Initially released by SuperFarm in 2021, SUPER tokens have retained the same name and structure after the transition to SuperVerse.

, of which roughly 800 million have been unlocked so far. The SUPER tokens are being distributed in the following manner:

The SUPER token has varied substantially in price. When the coin was first released in 2021, it quickly reached an all-time high of $4.74. However, by October 2023, it had dropped to an all-time low of $0.070397. As of Dec 12, 2023, its price is sitting at around $0.57.

CoinMarketCap has highlighted the debate as to whether SUPER’s price will keep increasing or not. Many posts have a bearish outlook, referring to SUPER’s lack of real-world utility. However, others are bullish, citing SuperVerse's rumored upcoming announcement. This mixed outlook is also supported by an analysis of historical pricing data. CoinCodex's research 

 will likely sit at around $1 for the next few years, but could experience a few price spikes.

Looking to trade SuperVerse tokens? Look no further than Bybit, a reliable crypto exchange where you can trade SUPER in the form of USDT Perpetual contracts. To get started, you’ll first need to 

 and fund it with cryptocurrency. Then, you can navigate to the 

While some aspects of SuperVerse look exciting, the project isn't necessarily the type of investment that will appeal to most investors. It hasn't offered a lot of information about its designs or plans for the future, and most of its website and social media are filled with abstract phrases and crypto buzzwords. Without its platform offering many useful products to people, the SUPER token’s price is almost entirely reliant on market hype.

Right now, it looks like SUPER might be better as a short-term investment that capitalizes on the brief public interest in NFT gamification. However, there’s always a chance that SuperVerse could release a unique and appealing project and eventually end up making a lot of money. If you're interested in high-risk investments, SUPER might work for you. Just make sure to 

 and avoid investing money you can’t afford to lose.

The SuperVerse web3 ecosystem has the potential to bring a lot of gamified crypto products to users. In the past, it’s had some success marketing digital collectibles like NFTs, but only time will tell whether its new era will be equally successful. Regardless of how things turn out for the SuperVerse company, its token’s volatility may create some great opportunities for investors.

SuperVerse (SUPER): Redefining Web3 Gaming and NFTs

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