Bitcoin hit a new all-time high in January 2025, experiencing a maximum drawdown of $36,000.

Bitcoin hit a new all-time high in January 2025, experiencing a maximum drawdown of $36,000. Remarkably, it took just three months for Bitcoin to recover. During this period, it showed more resilience than equities did. In contrast, altcoins have yet to make significant gains. 

 remains unchallenged in this market cycle. The main factor driving this trend is clear: institutional investors are increasingly investing in cryptocurrency, and Bitcoin is the primary beneficiary of this shift.

Bitcoin production is approximately 400 units daily, totaling around 36,000 units quarterly. In Q1 2025, Strategy alone acquired 81,875 units.

Since November 2024, the AUM of Spot Bitcoin ETFs has increased from $56 billion to $134 billion, equivalent to 780,000 units of additional spot Bitcoin purchase, assuming $100,000 per unit, suggesting 300,000 units per quarter.

Despite recent 13F disclosures that present a mixed picture: whereas the State of Wisconsin Investment Board (SWIB) sold its 3,400 BTC-equivalent holdings in BlackRock’s iShares Bitcoin Trust ETF (NASDAQ: IBIT), the Mubadala Investment Company of Abu Dhabi increased its holdings in IBIT from 4,700 to 5,000 BTC-equivalent.

Combining the additions from Spot Bitcoin ETFs and Strategy, we can clearly see that new production of Bitcoin can’t keep up with the demand, so that established Bitcoin holders have to give up their existing positions to new investors. What’s more, we haven’t yet counted the purchase of Bitcoin by Metaplanet or Semler Scientific, and more companies are expected to follow suit.

Nonetheless, we’ve seen most Bitcoin HODLers continue to hold, meaning existing investors tend not to sell their Bitcoin holdings — which puts pressure (known as a liquidity squeeze) on the liquidity supply of Bitcoin. 

Although Bitcoin’s scarcity has propelled it toward a new high, macro factors still matter. Despite its status as 

, in our view, Bitcoin remains a risky asset because it doesn’t generate cash flows as other equities do.

The US and China formally announced a 90-day reduction in tariff rates, with levies on Chinese goods falling to 30%. Negotiating a trade deal with China (arguably the most challenging negotiation on the US’s docket) resulted in a sustained period of renewed optimism that both Wall Street and crypto markets could benefit from. During that period, we saw a material shift in sentiment in Bitcoin’s derivatives market.

A Standard Chartered analyst predicts that the price of each Bitcoin unit will reach $120,000 by 2025. Several other analysts predict $200,000-per-unit BTC within 2025.

Bybit predicts a medium target of around $150,000, referencing the drawdown from the 2024 cycle.

For a long-term investor, it’s more fundamental to focus on the five-year target. 

 predicts a target of $300,000 by 2025. That said, it’s beneficial to take note of gold’s $22.5 trillion market cap. If Bitcoin had the same market capitalization as gold, it would be worth approximately $1 million per unit. In five years, even if it only matches half of gold’s market cap, Bitcoin’s target price will be $500,000.

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Bybit Crypto Insights Report: Bitcoin is set to new highs in 2025 with a short-term target at $135,000

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. 

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.

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

In this article, we break down what contract for differences (CFDs) are, looking at how investors who want leveraged exposure to commodities, currencies, indices and stocks trade CFDs.

A contract for difference (CFD) is a popular investment product for investors who want leveraged exposure to commodities, currencies, indices or even stocks. It allows investors to gain exposure to an investment theme without having to own the underlying asset.

 between a buyer and a CFD broker through which the buyer can speculate on whether a contract price will rise or fall without owning the asset. The price of the CFD moves based on the underlying asset’s price movement

There are CFDs for multiple investment products — stocks, indices, commodities and currencies — available in many countries, including Australia and the UK. However, the SEC 

CFDs are a great option if you want access to an investment theme without owning the underlying asset. Investors can apply leverage, diversify their investment portfolios and even trade after traditional market hours.

A CFD is a contract between a buyer and seller in which both parties agree to pay the difference in the contract’s value once the contract is closed. CFDs can be based on the price movements of stocks, commodities and other financial products. The buyer determines how long the contract lasts and can keep it open as long as they meet the margin requirements.

Investors can initiate a short or long position in a financial product. Once the contract closes, the buyer either pays the CFD issuer if there is a loss or receives a payment if the trade is profitable.

Forex and commodity CFDs are two of the most popular types. These products allow investors to gain exposure to various currencies and commodities without having to pay for the underlying asset.

A forex CFD allows an investor to bet on the 

 of different currencies. Along with the CFD issuer, they agree to exchange the difference in the movement of a currency over a set period. For example, an investor could bet that the US dollar will outperform the Japanese yen. If the USD appreciates, the investor receives this profit. If it depreciates, the investor has to pay for the loss plus the broker fees.

A commodity CFD is similar, but this product 

 an investor to speculate on commodity price movements. There are CFD products for commodities like gold, silver, oil and agricultural products, and they are very popular because these physical commodities are more difficult to invest in.

Investors who don’t want to invest directly in stocks can instead invest in stock CFDs. Unlike with normal stock trading, investors do not have to buy the underlying stock.

One of the main benefits of stock CFDs is that investors can open leveraged short or long positions, and they can potentially earn higher returns without initiating a large position in a stock.

Difference between stock trading on spot and CFDs

Although the outcomes are similar, stock trading on spot and CFDs is 

. The main benefit of CFDs is that they enable you to use leverage. For example, if you want to place a $10,000 trade, you may only need $2,000 in capital.

On the other hand, spot stock trading takes place directly on major markets, like the New York Stock Exchange. When you invest using the spot market, your investment exposure matches the investment amount, and you own the underlying shares in your brokerage account.

Investors choose to trade CFDs over other products for 

: CFDs allow you to trade a variety of products, including currencies, stocks and commodities. Investors can access all these products in a single account, choosing to initiate long or short positions in them.

: Investors with smaller amounts of capital who want greater exposure to investments can take advantage of the leverage that CFDs offer. This can be a favorable investment strategy when managed properly.

: Investors can also access products in multiple global markets, further diversifying their portfolio. In some cases, you may even be able to 

 your portfolio. For example, if you are long Tesla, you can initiate a small short position in a CFD of this stock. You can do the same for other types of CFD products, which are all highly liquid.

Suppose that an investor wants to gain exposure to Coca-Cola’s stock without directly investing in the stock.

They can purchase a CFD that provides exposure to 100 shares at $71 per share, valued at $7,100. They don’t need to pay $7,100 — they only need to meet the margin requirement, which can be as low as $1,420 (20%, at 5x leverage).

If Coca-Cola’s share price increases by 10%, from $71 to $78.1 in 30 days, the investor can decide to close the contract. The gross profit from this trade, which the CFD pays to the investor, is calculated as follows:

(100*78.1) − (100*71) = $7,810 − $7,100 = $710

 other fees, such as the commission rate and financing charges. These charges may be as follows:

: 0.1% to open a trade and 0.1% to close it. In this case, the investor pays $14.91 in fees to open and close the position.

: If the CFD issuer charges an annual financing fee of 7.5%, the daily financing fee is calculated as follows:

CFDs may also charge other fees. The commission rates and financing charges can vary significantly, and some brokers may include the fee in the spread. The example above shows how financing costs could potentially eat into your profit, and how CFDs are generally better for short-term trades. Large downward movements can also easily threaten investors and force them to close their positions. Even a 10% drawdown would have been enough to force the investor to close this position.

This type of trading requires a lot of patience and education, since investing in CFDs can carry higher levels of risk, where even small movements can produce great losses.

Investors who trade CFDs generally initiate larger contract sizes for the extra leverage, which can be very risky if the asset moves in an unfavorable direction. Investors should ensure that they have stop losses in place so that they can exit the trade if necessary.

It is important to note that there are many fees associated with trading CFDs. The combination of fees and financing costs, which can add up over time, can eat away at any profits. CFD investors should also consider the 

Be sure to spend time researching the CFD issuer to ensure they are reputable and that they can fulfill their financial obligation.

Another factor to consider when choosing a CFD issuer is their 

. Consider the following factors carefully:

These costs can quickly add up and reduce your profits, and they can be particularly painful if the underlying asset moves in an unfavorable direction. The combination of leveraged declines and high fees may force investors to realize sharp losses quickly.

Investing in CFDs can be an excellent option for well-informed investors who want to diversify their portfolios and use leverage to aim for higher returns. Like all investments, it is important to understand your portfolio goals and risk tolerance and ensure that investing in CFDs is the best move for your portfolio.

 that it is offering new stock CFD trading services. Its initial offerings allow investors to choose from over 78 stocks, which include some of the leading blue-chip companies like Amazon, American Airlines, Apple and Tesla. With Bybit, you can utilize up to 5x leverage on these CFD trades.

 about how you can gain exposure to stocks, cryptocurrencies, precious metals, commodities and indices.

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What are contract for differences (CFDs)?

Plasma, a blockchain purpose-built for stablecoins and backed by Bitfinex and Founders Fund, will launch the first public sale of its XPL token using Echo's new token sale infrastructure, Sonar.

Daily top performer — WalletConnect (WCT)

The S&P 500 rose 2.05% on Tuesday, lifted by Trump’s delay of a 50% EU tariff and hopes for corporate-friendly policies. Investors now await Nvidia earnings and FOMC minutes for further market direction. Gold dropped 1.2% to $3,302 as Trump’s EU tariff delay lifted risk sentiment and the dollar, pressuring safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, rose 1.18%, with Bitcoin and Ether up 0.71% and 4.14%, 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 WCT up 31.4% after WalletConnect brings $WCT to Solana with key partner integrations.

WalletConnect (WCT), founded in 2018, is a secure, open-source protocol that links mobile wallets to DApps via QR code, using a decentralized network for reliable, scalable access across DeFi. WalletConnect 

 that its token $WCT is launching on Solana via Wormhole NTT, with initial partners including Phantom, Jupiter, Backpack, and Solflare.

Check out the latest prices, charts, and data of 

, a blockchain purpose-built for stablecoins and backed by Bitfinex and Founders Fund, will launch the first public sale of its XPL token using Echo's new token sale infrastructure, Sonar. The sale will distribute 10% of XPL at a $500M FDV, matching the valuation of Founders Fund’s equity investment. Participants earn allocations by depositing stablecoins into a Plasma vault on Ethereum, with tokens distributed after Mainnet Beta. XPL will secure consensus, power EVM execution, and support a Bitcoin bridge. Plasma also announced key partnerships in payments and DeFi to support its goal of global stablecoin adoption.

Yesterday, BTC spot ETFs saw a net outflow of $23.9 million, with $26.9 million pulled from GBTC and a $3.0 million inflow into non-GBTC funds.

, a decentralized stablecoin protocol, has launched its governance token, RESOLV, with a 10% supply airdrop available to eligible wallets until June 27. RESOLV holders can vote on protocol decisions and earn fee shares. The protocol also includes USR, an interest-bearing stablecoin, and RLP, an insurance fund token. USR is delta-neutral and backed by ETH, currently yielding 11% via stUSR. RLP offers a higher 18.3% yield. Resolv’s TVL stands at $422 million.

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Plasma to launch $XPL token sale via Echo’s Sonar at $500M valuation

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In this article, we will dive into Apple (NASDAQ: AAPL), looking at bullish and bearish factors that could impact its performance, and how Bybit users can now trade AAPL CFDs on Bybit Gold & FX.

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Only a handful of companies in the world have the same name recognition and brand value as Apple. The Cupertino-based tech giant has grown consistently over the past 20 years, driven by strong innovation and even stronger brand loyalty. Its tightly integrated system of hardware and software enables high customer retention and a stable recurring revenue stream that most companies can only dream about. This competitive edge has made Apple (AAPL) the most sought-after stock by both individual and institutional investors.

In this article, we will examine Apple (NASDAQ: AAPL) stock, looking at bullish and bearish factors that could impact its performance, and how Bybit users can now trade AAPL stock contract for differences (CFDs) using USDT on 

AAPL has been a powerhouse stock for the past decade. Its exceptional performance has even earned praise from the legendary investor and CEO of Berkshire Hathaway, Warren Buffett, who 

, Tim Cook, saying, “I’m somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I’ve ever made.” 

In May 2015, AAPL was trading at around $31. Ten years later, it now trades at a price of $208 per share, giving Apple a massive $3.12 trillion market cap. However, 2025 has been a bearish year for the stock, which experienced a year-to-date decline of about 16.6% from its closing price of $250.42 on Dec 31, 2024. 

Looking at 2025, several factors suggest a bright future for Apple. The iPhone remains a top choice, with the latest iPhone 16 series cementing Apple as the dominant mobile phone manufacturer with 57.6% of the total 

. Beyond hardware, Apple’s services sector is proving to be a significant growth engine. This segment generated 

 in revenue during fiscal 2024, providing a strong, recurring revenue stream that complements hardware sales.

Apple is also focusing on strengthening its position in the AI race. The rollout of Apple Intelligence across its core operating systems appears to be the first step in making Apple a major player in a field dominated by Microsoft (through OpenAI) and Google. In augmented reality (AR), Apple hopes to build on the success of Vision Pro with the new 

, which is expected to be lighter and cheaper.

It’s not all good news for Apple, as the uncertainty surrounding tariffs presents a major risk for the company. Apple relies considerably on Chinese manufacturing, which faces potential disruptions due to ongoing US–China trade tensions. In addition to tariffs, the company is facing regulatory scrutiny, particularly in Europe, where the European Commission has levied a 

Competitive pressure from rivals like Samsung is high. Samsung’s 

 and upcoming Galaxy S26, with ultra-thin designs and advanced camera systems, are challenging Apple’s dominant position in its flagship high-end mobile market.

Ultimately, the biggest factor that influences AAPL’s performance is likely to be its ability to navigate the tariff landscape. The previous tariff announcement on Apr 2, 2025 led to a stock price decline of nearly 24%, wiping out more than 

 in market cap. While the stock has since recovered most of its losses, the threat of tariffs remains the biggest influencing factor for the stock in the near future. 

On May 19, 2025, Bybit became the first crypto exchange in the world to offer 

 with USDT. With Bybit Gold & FX, verified users can now trade up to 78 stock CFDs in the US market using USDT.

Users can trade with up to 5x leverage. A trading fee of $0.04 per share applies, with a minimum commission of $5 per order.

The ability to trade listed stocks using USDT offers greater diversification for investors and new opportunities for active crypto traders. 

To celebrate this launch, at 10 AM UTC from Jun 2 to 15, all users will receive a 50% discount on trading fees for stock CFD trades made through 

Apple Stock Outlook in 2025: How to trade AAPL on Bybit

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Apple Stock Outlook in 2025: How to trade AAPL on Bybit

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards