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

Crypto Insights

blockscholes

Bitcoin dominated the crypto bull runs of 2015-18 and 2019-22, but both cycles eventually shifted capital into altcoins, creating ‘Altseason’—a period of altcoin outperformance. 

Intro to Ethereum Report

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Bitcoin dominated the crypto bull runs of 2015-18 and 2019-22, but both cycles eventually shifted capital into altcoins, creating ‘Altseason’—a period of altcoin outperformance. Ethereum, as the second-largest cryptocurrency, has typically led this rotation. However, the current cycle (2022-present) is unique, lacking a significant shift from Bitcoin to Ethereum, resulting in no sustained outperformance for ETH.

Historically, ETH surged from $8 to $1,448 between January 2017 and 2018, and from $738 to $4,800 by November 2021. Ethereum’s recent rally, beginning on May 7, 2025, raised questions about its 50% rise in a week and whether it signals an altseason. This report analyzes the current ETH breakout and contextualizes this rally against historical trends.

Ether’s outperformance doesnt suggest an altcoin season coming

Historically, crypto cycles start with Bitcoin reclaiming its all-time high, leading to a euphoric phase before a major crash. Capital then rotates from Bitcoin into Ethereum and other large-cap assets, usually about 200 days after a Bitcoin halving.

In early May 2025, we saw initial signs of euphoria, but Ethereum's rally has not achieved the market-cap dominance of previous cycles. Despite a recent 60% price increase, ETH is still nearly 50% below its 2021 peak and comprises only 9% of the total crypto market.

The recent uptick in ETH dominance coincides with a slight decline in Bitcoin dominance. However, drops of 5-7.2 percentage points are insufficient to signal an altseason, as historical declines typically range from 30-50 points. Therefore, we are not yet in a full altseason.

Pectra is not the primary catalyst behind Ether’s rise

Ethereum's recent rally has been largely attributed to the Pectra upgrade, launched on May 7, 2025. This upgrade enhances Ethereum’s transaction throughput and competitiveness against emerging Layer-1 blockchains. While initial analysis links ETH’s price surge to Pectra, historical patterns reveal that previous upgrades, like the Merge and Dencun, led to "sell-the-news" events rather than sustained rallies.

What sets Pectra apart is that ETH experienced a stronger rally post-upgrade, following a significant downturn in price. However, options market data complicates the narrative; the increase in implied volatility for ETH options indicates that traders were reacting to broader macroeconomic changes rather than just the upgrade itself. Notably, the volatility for short-term options surged after Pectra’s rollout, highlighting that market sentiment shifted in response to external factors.

Ethereum's rally beginning May 8, 2025, was not solely due to the Pectra upgrade; it coincided with President Trump's announcement of a trade deal with the UK, triggering risk-on sentiment in US equity and crypto markets. This led to a simultaneous rally in the S&P 500, Nasdaq-100, BTC, and ETH, with ETH surging over 23%—its largest single-day gain since May 2021.

Shortly after, the US and China announced reduced tariffs, enhancing market optimism. This shift was evident in ETH’s derivatives markets, where the 30-day futures implied yield surged above 15%, indicating strong demand for long positions. Notably, this bullishness stemmed from improving macro conditions rather than anticipation of Pectra.

Perpetual swap funding rates for ETH also stabilized above spot prices, reflecting robust demand for leveraged positions. Additionally, falling gold prices reinforced that the rally in risk assets, including Bitcoin and Ethereum, was driven by easing tariff uncertainties and shifting market sentiment.

Bybit X Block Scholes Institution Report: Drivers and sentiments behind Ether’s recent breakout and how far it can go

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Bybit X Block Scholes Institution Report: Drivers and sentiments behind Ether’s recent breakout and how far it can go

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards