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.

In the past week, cryptocurrencies have surged as optimism grows that the US-China trade war may be easing. Following two days of talks, the US announced a 90-day tariff reduction on Chinese goods from 145% to 30%. ETH has been the biggest winner among the top 10 tokens, rising 40% in a week, though this has led to significant changes in implied volatility. BTC regained $100K for the first time since early February, with positive bias in OTM call skews, but its volatility market remains weak compared to ETH.

Please check out the report’s highlights.

Open interest for ETH surged by $900M over the past week, coinciding with a 40% rise in its spot price. This increase followed US-China trade negotiations, leading to a temporary 30% tariff reduction on Chinese goods. On May 12, 2025, after US Secretary of the Treasury Scott Bessent confirmed the agreement, open interest and perpetual trading volumes hit monthly highs of $9B and $23B, respectively. While open interest has stabilized, trading volumes declined after peaking during a brief pause in the crypto rally between May 11 and 12, 2025.

BTC volatility smiles suggest risk-on sentiment

Despite low short-term volatility expectations, BTC's short-tenor smiles indicate a continued risk-on sentiment, with a 5% skew toward out-of-the-money calls. Early in the week, put option volume surpassed $200M, outpacing $140M for calls, while open interest remains higher for puts than calls.

ETH has outperformed BTC for the second consecutive week, achieving a remarkable 59% return over the past month. This rally came with volatility: ETH's front-end volatility briefly doubled BTC’s 7-day tenor, leading to an inverted term structure. By Monday, ETH had pulled back some gains, causing front-end volatility to drop swiftly, a faster resolution than seen in previous inversions.

However, another rise in spot price toward $2.6K reignited volatility expectations. Open interest and options trading for ETH remain skewed toward calls, with volumes exceeding $150M on May 13, 2025, coinciding with a second price surge after a brief retreat on May 12, 2025.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (May 14, 2025): BTC volatility remains weak relative to ETH

Strategic Bitcoin reserve (SBR): Established on March 6, 2025, integrating Bitcoin into national reserves

Strategic Bitcoin reserve hopes are all the rage

On March 6, 2025, US President Donald Trump signed an executive order to establish the nation's first strategic Bitcoin reserve (SBR). This pivotal initiative positions Bitcoin alongside traditional reserves like gold and oil, signaling a significant endorsement of digital assets by the federal government. The SBR aims to centralize and manage all Bitcoin acquired through legal forfeitures, ensuring these assets serve as long-term strategic holdings rather than being sold off.

The creation of the SBR reflects Trump's broader vision of making the US a global leader in cryptocurrency. By integrating Bitcoin into national reserves, the administration seeks to harness the benefits of digital currencies while providing a hedge against economic turbulence. This strategic move has also spurred state-level policies, as seen in New Hampshire, where legislation was recently passed allowing state investments in cryptocurrencies and precious metals. Such developments indicate a growing trend of governmental adoption of digital assets, reinforcing the legitimacy of cryptocurrencies in the financial landscape.

Institutional accumulation drives down Bitcoin availability

In the private sector, institutional investors are increasingly accumulating Bitcoin. Companies like Strategy (formerly MicroStrategy) have expanded their holdings significantly, purchasing an additional 13,390 BTC for $1.34 billion, which brings their total to 568,840 BTC. Similarly, Metaplanet Inc. invested $126 million to acquire 1,241 BTC, surpassing the national Bitcoin holdings of some countries. This trend highlights a shift in Bitcoin ownership, with retail investors often taking profits during market rallies, leading to a redistribution of Bitcoin toward institutional entities.

As of May 13, 2025, over 19.86 million BTC have been mined. Wallets holding at least 100 BTC account for 60.84% of the total supply, while those with 10 or more BTC control 82.51%. With Bitcoin's price once again having surpassed $100K, it becomes evident that only about 17.5% of Bitcoin is held by wallets with less than $1 million in BTC. This concentration of ownership raises concerns about market accessibility for smaller investors.

The 10–100 BTC tier is primarily composed of small institutional investors, while wallets with over 100 BTC are predominantly held by institutions and liquidity providers. This oligarchic trend suggests that as cryptocurrency market caps rise, retail traders may feel pressured to sell during downturns, further consolidating wealth among larger holders. Notably, the increasing costs associated with 

, such as electricity and equipment, compel many miners — often retail investors — to sell portions of their holdings to cover expenses, exacerbating this trend.

Bitcoin concentration leaves smaller investors at disadvantage

The establishment of the SBR represents a critical milestone in the integration of digital assets into national financial strategies, positioning the US at the forefront of the cryptocurrency revolution. As of mid-May 2025, Bitcoin's price has fluctuated between $102K and $105K, maintaining an optimistic long-term outlook despite short-term volatility. Continued institutional interest, bolstered by supportive governmental policies, enhances the legitimacy and stability of Bitcoin as an asset class.

However, as smaller investors continue to sell during market rallies, larger wallets are increasingly accumulating supply, tightening their grip on the market. Currently, over 80% of Bitcoin's supply is held in wallets containing $1 million or more in BTC. This trend suggests that while individual portfolios may grow, retail investors could find themselves at a disadvantage in an increasingly concentrated market.

In conclusion, the strategic Bitcoin reserve and the surge in institutional investments signal a positive shift for Bitcoin's legitimacy and its role in the global financial system. However, the growing disparity in Bitcoin ownership underscores the need for retail investors to navigate the market carefully. As these dynamics evolve, awareness of trends in institutional accumulation and wealth concentration will be crucial for all participants in the cryptocurrency ecosystem.

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Bybit x Santiment social sentiment report: Bitcoin reserve hopes leave Bitcoin holdings more concentrated

The Smart Copy Mode is a simple-to-use copy trading feature on Bybit that lets you reap profits from the crypto market even without prior trading experience.

Trading cryptocurrencies can be a lucrative way to earn from the ever-volatile crypto market. However, most people shy away from it due to the intense 

Thankfully, the world of trading now has helpful tools that have simplified crypto trading and made it easier even for beginners to make money from price movements.

First launched as part of a major upgrade in early 2023, Smart Copy Mode offers a simplified way to follow experienced traders known as Master Traders and automatically mirror their strategies. Today, it's one of the easiest and most intuitive ways for anyone, even beginning traders, to tap into the expertise of top-performing traders on Bybit and earn profits.

In this article, we’ll explore how Bybit Smart Copy Mode works and how you can safely make profits as a 

Smart Copy Mode is a simple-to-use copy trading feature on Bybit that lets you reap profits from the crypto market even without prior trading experience.

 Smart Copy Mode is part of the three major upgrades to the Bybit Copy Trading platform 

As of 2025, it remains one of the simplest and safest ways for users to realize returns from automatically mimicking successful Master Traders on the platform.

The Smart Copy Mode requires only three steps to follow a 

 and start earning. All you’ll need to do is enter an investment amount (minimum 100 USDT), select a Bybit account to transfer the funds from and click the 

The entire process is optimized for ease and risk control, making it ideal for anyone looking to trade without micromanaging their positions.

Here are some key features of the Bybit Smart Copy Mode that make it easier to trade while minimizing risks:

Rather than blindly copying a Master Trader’s full position size, Smart Copy Mode calculates a ratio based on both your balance and the Master Trader’s, helping you manage exposure proportionally.

Case in point: Let’s say a Master Trader has 10 BTC in their account but they enter a long position with only 1 BTC. In typical copy trading, a Follower who has 1 BTC in their account will automatically copy the trade with the whole 1 BTC, which exposes their entire portfolio.

However, with the Smart Copy Mode, a ratio calculated based on the available balances in the Follower’s and the Master Trader’s accounts will be exposed for copy trading. In this case, if the ratio is calculated to be 10%, the Follower’s copy trade amount will be 0.1 BTC instead of their full balance of 1 BTC. 

This proportional sizing is especially useful for beginners who may not want to expose their entire portfolio to a single trade.

Another amazing feature of the Smart Copy Mode is the Bybit CopyGuard which is designed to limit losses by adding an extra layer of protection for Followers. While most Master Traders strive to consistently implement successful trading strategies, it’s not uncommon to find some trades that will incur losses.

In such instances as a copy trader, you will incur losses similar to the Master Trader. That’s where the Bybit CopyGuard feature comes in handy.

With CopyGuard turned on, all of the Follower’s trades are optimized in the sense that the entry will always be at an optimal price not worse than that of the Master Trader. If an optimal price is not attained, the trade won’t be copied. However, note that at the point of trade execution, 

 may occur, causing small price discrepancies. However, CopyGuard filters out major price differences that could lead to instant losses. 

To give Followers even greater control over their risk exposure, Bybit now offers a Trailing Stop feature within Smart Copy Mode.

This tool automatically adjusts your exit point based on your account’s highest recorded equity. You simply set a retracement percentage (e.g., 20%), and if your equity drops by that percentage from its peak, all positions will be closed, locking in profits and limiting potential losses. 

Let’s say your account equity fluctuates as follows: 500, 450, 600, 900, 800, 1,000, 800. With a 20% retracement rate, the trailing exit equity adjusts accordingly: 400, 400, 480, 720, 720, 800, 800. When your actual equity drops to 800, the trailing stop triggers and your copy trading positions are automatically closed. 

, the final equity upon exit may differ slightly from the calculated exit equity.

The Trailing Stop feature is especially useful for volatile markets, helping you secure gains without manually monitoring every trade.

Together, Bybit’s copy by ratio, CopyGuard and Trailing Stop features work together to ensure that Followers have an extra layer of protection against losses when engaging in copy trading. 

Smart Copy Mode vs. Advanced Copy Mode: Which is better?

 allow you to choose between the Smart Copy Mode or the Advanced Copy Mode. While both provide an avenue for you to successfully copy a Master Trader’s strategy, there are several differences between the two that may make you opt for one over another. They are:

From the above comparison, it’s highly recommended to go for the Smart Copy Mode if you are a beginner to crypto or copy trading since it provides you with loss-limiting features before you learn your way around the field. For advanced traders, you can go for the Bybit Advanced Copy Mode or stick to the Smart Copy Mode.

Smart Copy Mode has made it easier to realize gains from copy trading.

 Regardless of your status as a beginning or advanced trader, you can have the assurance of a safe trading experience even with margin trading as all the risks are mitigated for you through the Smart Copy Mode.

Compared to the Advanced Copy Mode, the copy by ratio, CopyGuard 

 features within Smart Copy Mode help limit losses through reduced risk exposure. The enhanced automated settings on Smart Copy Mode are sure ways to successfully copy Master Traders without fear of wiping out your account. So, 

Beginner

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Bybit Smart Copy Mode: The way to secure copy trading profits

Invest like a VC with just $20. Common Wealth (WLTH) opens access to early-stage crypto projects through a transparent, community-driven platform.

The traditional venture capitalist (VC) investing model is often elitist and out of reach for many retail investors. While this is particularly the case in the world of traditional finance (TradFi), access to promising early-stage crypto assets is also frequently reserved for larger entities, namely institutional investors and 

. When we hear about a wildly successful crypto project and its token, we often find that its early backers are well-known investment funds or cashed-up VCs. These early investors are the ones who benefit the most from the token’s meteoric rise on the market.

 chain that aims to democratize the way VC investment works in the crypto industry. By using a community-driven approach to sourcing and investing in promising projects, the Common Wealth platform reduces barriers to entry to VC activities. Smaller-scale retail investors, both casual and experienced, are the primary beneficiaries of Common Wealth's unique approach to crypto investment.

Common Wealth has partnered with a network of notable crypto investors who refer high-potential projects to the platform, where these projects are carefully evaluated and qualified to be included in the investment products available to the user community. The entire evaluation process is also driven by community governance procedures, making it transparent and secure. Thanks to Common Wealth, investing in high-potential early-stage crypto opportunities is now open to anyone — even investors who want to start with as little as $20.

 (WLTH) is a decentralized platform that allows anyone to become a crypto VC by using a vetting-based, democratized, community-driven approach to selecting promising cryptocurrency investment opportunities.

The core idea behind the project is to tear down barriers to entry for crypto investment, particularly concerning early-stage promising ventures. Common Wealth has partnered with a group of prominent, savvy crypto investors (referred to as “Oracles”) who refer high-potential crypto investment opportunities to the platform. All the referrals are based on projects or assets that at least one so-called Oracle has personally invested in. As of May 2025, the platform works with ten Oracles, all of whom are notable investors with solid track records and standing in the crypto investment world.

The platform's governance community scrutinizes each referred project via “Oracle Ask Me Anything” (AMA) sessions, proposal workshops and analytics. Community investors then vote to decide on the projects' final eligibility. Any Common Wealth user can invest in qualified projects for as little as $20.

There are two main types of investors on the platform: casual and community members. The former typically invest smaller amounts, and pay with fiat currency using credit or debit cards, greatly simplifying access to the selected projects for users without an affinity for cryptocurrency transactions. Casual investors are normally those who adopt a hands-off approach to crypto investing and tend to start with smaller investment amounts.

Members of the second group, community members, invest larger amounts, or actively participate in the decision-making process for project selection. They’re the core of the governance community on Common Wealth. These investors use cryptocurrency to invest, paying with the 

The Common Wealth project was launched in February 2024 on the Base Layer 2 chain. In May 2025, it debuted its native token, WLTH.

All investment opportunities offered on Common Wealth are in the form of funds that provide exposure to promising projects and assets. For instance, the platform’s Priceless Fund invests in 14 high-potential 

 startup projects, while the Alpha Fund is based on early-stage projects in the areas of artificial intelligence (AI), the 

 (RWAs), decentralized physical infrastructure networks (DePINs) and gaming.

Unlike traditional investment funds, Common Wealth funds are completely permissionless and noncustodial, operating through blockchain smart contracts. As such, no central entity can influence fund management, thus ensuring transparency and discouraging vested interests.

Some funds are based on contributions from the wider user community, and are typically capped funds. There are also perpetual funds, which are funded by the investor community that participates in on-platform governance.

Bundles are Common Wealth funds based on a dynamic mix of assets satisfying certain criteria, e.g., a specific crypto niche. The platform has launched three such bundled products: 

Since the bundles are dynamic, the top five assets may switch according to market sentiment. All allocations within the bundles are equally split between their five assets. For instance, if you invest $100 in a bundle, each of the five assets in it will be allocated $20 of your investment.

The Common Wealth platform charges three types of fees:

When you invest in a Common Wealth fund, you’re issued a 

 (Slice NFT) that denotes your share of capital in the fund. Slice NFTs are freely tradable on the market, investors can quickly access liquidity by selling their Slices. Since these NFTs are fractionalized, you can sell a part of your Slice or the whole of it, per your preference.

Distributed Autonomous Operating System (DAOS)

The Common Wealth Distributed Autonomous Operating System (DAOS) is based on a set of 

 that automate the entire workflow of the platform’s governance processes. Project considerations, analytics related to candidate projects, vote management and other functions related to decentralized governance are handled by the DAOS.

 (DAO) consists of a set of rules and an on-chain community, the Common Wealth DAOS is an entire permissionless system of interoperable autonomous nodes that automates and powers all the platform’s governance elements and procedures.

What is the Common Wealth crypto token (WLTH)?

 asset issued on the Base Layer 2 chain. The token has a wide range of functions on the platform. While investments in Common Wealth are based on the USDC stablecoin, all other key functionalities are enabled via WLTH. These include:

WLTH is a capped asset with a maximum supply of 1 billion. As of mid-May 2025, its total supply stands at around 984 million. The chart below shows the token's supply allocation shares and vesting periods upon its launch in May 2024.

As of May 16, 2025, the WLTH token is trading at $0.003877, which is 98.2% lower than its ATH of $0.2148 on Jul 22, 2024 and 82.8% higher than its ATL of $0.002121 on Apr 18, 2025.

Long-term price forecasts for WLTH are mostly bullish.DigitalCoinPrice 

 of $0.0129 in 2027 and $0.0192 in 2030, whileCoinCodex 

 at around $0.0042 in 2027 but rise to $0.014 in 2030.

VC investment in financial markets remains an exclusive club that isn’t easily accessible to everyday retail investors. In most cases, this applies to the crypto market as well. Common Wealth's value to the broader crypto community lies in designing a system that makes investment in promising web3 initiatives accessible to everyone. The platform's novel model creates an opportunity to involve millions of individuals in the VC game. This could lead to significant growth in overall web3-based VC funding, and positively affect the entire crypto investment landscape over the coming years. Finding a future star in the crypto market with as little as $20 has never been easier — thanks to Common Wealth and the VC tools it provides!

Intermediate

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Common Wealth (WLTH): Invest like a VC — without being one

Glossary

The term “bull market” describes an extended period of rising crypto prices and optimistic investors. During a bull market, prices are high and the public isn't concerned about potential downturns.

Have you ever wondered about the “definition of bull market” and why bull markets are associated with optimism and growth, while bear markets evoke images of downturns and uncertainty? In this blog post, we unravel the mysteries of bull markets, delving into their origins, impact on the economy, and how investors can navigate these periods of economic growth.

Let’s examine the catalysts for a bull market and explore how investors can profit from these growth periods.

A bull market is often described as a period of sustained growth in stock prices, typically marked by a 20% or more increase from recent lows. The exact definition of a bull market can elicit differing opinions among experts, as it often varies based on the market index under consideration and how recent the low point was. According to the SEC, a bull market is defined as “a time when stock prices are rising and market sentiment is optimistic,” which can influence an investor’s investment strategy.

, a certified financial planner, emphasizes that not every increase in stock prices necessarily implies a bull market, and similarly, not every decrease in stock prices necessarily implies the end of a bull market or a stock market crash. Identifying the commencement or conclusion of a bull market is not always straightforward for market observers, as temporary fluctuations in stock prices may not provide a full picture of investor sentiment.

Key traits observed during bull markets encompass escalating stock prices, heightened trading volume, increased security valuations, and enhanced liquidity. As a result, companies may elect to reward their shareholders by augmenting dividends and increasing the number of companies going public through IPOs. Valuation metrics, such as PE ratio and dividend yield, can offer investors indications of their position within the bull-bear cycle. The PE ratio of stock indexes, such as the S&P 500, is usually lower than its historic long-term average at the early stages of a bull market or the late stages of a bear market. At the same time, dividend yields are higher than normal.

 can be traced back to animal symbolism and the evolution of market terminology. The terms “bull” and “bear” are thought to have originated from the manner in which each animal attacks its adversaries: a bull thrusts its horns upward, symbolizing a rising market, while a bear swipes its paws downward, symbolizing a falling market.

Over time, these market terminologies have evolved, with bull markets now signifying periods of economic expansion and bear markets indicating times of economic contraction.

Animal symbolism in bull and bear markets represents the aggressive nature of a bull and the defensive nature of a bear, reflecting market trends. Bulls are known to attack by thrusting their horns upward, symbolizing prices going up, while bears swipe their claws downward, symbolizing stock prices falling. This symbolism underscores the importance of understanding market trends and the underlying forces driving them.

Other cultures have also employed different animal symbolism to signify market trends, such as the wolf, ostrich, and pig, further emphasizing the connection between animal behavior and market movements.

Market terminology has evolved over time, with bull and bear markets now representing periods of economic growth and decline, respectively. The terms “bull market” and “bear market” have been utilized since at least the late 19th century, although their precise origins remain debatable. The terms gained popularity during the 18th century and have been used to describe rising and falling markets since then.

This evolution of market terminology has shaped the way investors perceive and navigate the financial markets, helping them better understand the forces at play during different market cycles.

Bull markets impact the economy through various economic indicators and investor sentiment. Economic indicators, such as GDP, employment rates, and corporate profits, tend to be higher during bull markets, demonstrating economic growth. Investor sentiment is generally optimistic during bull markets, resulting in increased investment and expenditure.

Nonetheless, it’s crucial to recognize that not every bull market will have the same impact on the economy, as the effect can vary based on the factors propelling the market.

Economic indicators, such as GDP, employment rates, and corporate profits, often rise during bull markets, signaling economic growth. A bull market is generally associated with a positive influence on GDP, as it can lead to increased consumer and business confidence, resulting in increased spending and investment.

Furthermore, during a bull market, the employment rate typically decreases as the economy expands and businesses experience growth.

Investor sentiment tends to be optimistic during bull markets, leading to increased investment and spending. Many investors become overconfident and more willing to take risks and make investments, bolstered by the belief that stock prices will continue to rise. This optimism drives the positive sentiment in the market and contributes to the upward momentum of the bull market. As bull markets tend to foster such behavior, it is crucial for investors to remain vigilant and avoid getting carried away.

Investors should, however, stay mindful of the potential dangers of overconfidence and recognize the value of preserving a balanced and diverse portfolio.

Investing strategies during bull markets should focus on diversification, risk management, and dollar-cost averaging. By employing these strategies, investors can maximize their potential returns while minimizing the risks associated with market fluctuations.

Before making investment decisions during a bull market, investors should have a clear grasp of their financial objectives and their capacity to bear risk.

Diversification and risk management involve maintaining a balanced portfolio to minimize potential losses during market downturns. By investing in a variety of assets across different industries and categories, investors can reduce unsystematic risk and protect their capital from market volatility.

Beyond diversifying their portfolio, it may be beneficial for investors to collaborate with a financial advisor to devise an all-encompassing investment strategy that caters to their unique needs and financial circumstances.

Dollar-cost averaging involves consistently investing a fixed amount over time, reducing the impact of market fluctuations on investment returns. By investing regularly over a period of time, investors can acquire more shares when prices are low and fewer shares when prices are high, diminishing the overall effect of price volatility.

This strategy is particularly advantageous when utilized with broad-based funds like S&P 500 index funds, a type of broad market index, that have exhibited commendable performance over extended periods.

Bull Market vs. Bear Market: Key Differences

Bull and bear markets have key differences in investment approaches and market cycles. Investment strategies during bull markets prioritize growth and capital appreciation, whereas bear markets necessitate defensive tactics to protect capital.

Market cycles switch between bull and bear markets, each stage persisting for varying lengths and affected by economic elements.

Investors typically employ strategies such as:

in bull markets. Applying indicators to identify potential transitions between bull and bear markets is also vital.

Conversely, in bear markets, investment strategies often adjust to emphasize:

Market cycles alternate between bull and bear markets, with each phase lasting for varying durations and influenced by economic factors. The primary stages in a market cycle are:

Between 1926 and 2019, the average bull market has endured for 6.6 years. Identifying the transition between bull and bear markets can be challenging, as it requires analyzing market trends, economic indicators, and investor sentiment.

Identifying the Current Market: Bull or Bear?

To determine whether the current market is a bull or bear market, investors can analyze market trends, economic indicators, and investor sentiment. For instance, a sustained period of decreasing stock prices may signal a bear market, while increasing stock prices typically indicate a bull market.

Recognizing the signs of a market transition can help investors make informed decisions and adjust their investment strategies accordingly.

Some of the most notable bull markets in history include the post-Great Recession period from 2009 to 2020, during which the S&P 500 experienced a gain of over 300%. Another significant bull market occurred between 2003 and 2007, when the S&P 500 nearly doubled in value. These historic bull markets demonstrate the potential for significant growth and wealth creation during periods of economic expansion, such as the notable bull market we’ve seen in recent years.

When navigating bull markets, investors should prioritize a long-term viewpoint, steer clear of market timing, and concentrate on stocks that pay dividends for consistent returns. By adhering to these strategies, investors can maximize their potential returns while minimizing the risks associated with market fluctuations.

Furthermore, investors should remain vigilant for signs of market transitions and adjust their investment strategies accordingly to capitalize on changing market conditions.

In conclusion, understanding the ins and outs of bull markets is essential for investors looking to capitalize on periods of economic growth. By analyzing market trends, economic indicators, and investor sentiment, investors can identify the current market phase and adjust their investment strategies accordingly. By employing effective investing strategies such as diversification, risk management, and dollar-cost averaging, investors can maximize their potential returns while minimizing risk during bull markets.

A bull market is defined as a period of time in financial markets when the price of an asset or security rises continuously, with stock prices rising by 20% or more over a two-month or longer period. Investor confidence is high during a bull market, and traders employ various strategies to take advantage of this opportunity.

 believe we are already in a new bull market. The majority of investors believe this year's gains have only been a bear market bounce, expecting more trouble ahead. However, there is hope for those looking to carve out gains by picking individual stocks as the stock market forecast for 2023 looks bullish.

A bull market is an upswing in the markets, characterised by favorable economic conditions and job growth, whereas a bear market is a market downturn with economic decline and stock prices falling.

What are 2 characteristics of a bull market?

A bull market is characterized by a prolonged period of rising stock prices and increased investor confidence. Prices typically increase by at least 20% over a two-month period, measured by a broad index such as the Dow Jones Industrial Average or the S&P 500.

A bull market is typically characterized by a growing economy, increased demand, higher profits and rising investor confidence, which together drive up stock prices.

Bull Market

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