Apr 14, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — Apple exemptions send crypto higher 

US president Donald Trump’s administration recently exempted smartphones, computers and other electronics from reciprocal tariffs, providing significant relief for major technology manufacturers like Apple and NVIDIA. This move, announced by US Customs and Border Protection, limits the impact of Trump’s 125% tariff on goods from China and baseline 10% global tariff affecting many countries.

The exclusions cover popular electronics, such as smartphones, laptops, hard drives and memory chips, typically not domestically produced. This decision is welcome news for consumers who feared rising prices due to potential tariffs. It also benefits major tech companies that have made substantial investment pledges in the US domestic markets to the Trump administration.

The tariff reprieve marks a noteworthy easing in Trump's trade conflict with China, effective retroactively from April 5. White House Press Secretary Karoline Leavitt emphasized that America must not depend upon China for critical technologies, highlighting the president's efforts to secure substantial investments from leading tech firms to bolster domestic manufacturing. 

However, the reprieve may be temporary. The exclusions stem from an initial order designed to prevent cumulative tariffs on specific sectors. While certain semiconductor manufacturing equipment is excluded, the announcement doesn’t cover the 20% tariff targeting China, aimed at addressing fentanyl shipments.

Analysts note that while this exemption is a win for the tech industry, uncertainty remains regarding future tariffs. The administration is poised to further investigate semiconductor imports, potentially leading to new tariffs in the coming weeks. As negotiations evolve, other countries may seek similar exceptions, complicating the trade landscape. 

Overall, while this announcement offers temporary relief, the future of tariffs remains uncertain as the administration continues its aggressive trade policies.

Weekly crypto highlight — Bitcoin has its role to play amid volatility

The concept of "safe haven" assets, traditionally represented by gold and government bonds, is being challenged in today’s volatile markets. For decades, investors relied on a classic portfolio structure of 60% equities and 40% bonds, with capital flowing into gold and government bonds during market downturns. These assets were seen as stable and reliable, ideal for safeguarding against volatility. However, in a world marked by constant market activity, geopolitical unrest and rising skepticism toward governments, the definition of a safe-haven asset may require reevaluation.

Enter Bitcoin, a highly volatile and often misunderstood asset. Despite skepticism from many investors, Bitcoin has significantly outperformed traditional safe-haven assets since the COVID-19 market lows, rising over 1,000% since March 2020. In contrast, long-duration bonds have dropped by 50%, and gold, while up 90% over five years, appears less impressive when adjusted for monetary inflation.

However, Bitcoin's status as a safe haven remains debated. During various risk-off events, it’s behaved more like a high-beta asset than a protective hedge. For instance, in March 2020, BTC fell 40%, while the Nasdaq-100 dropped 27%. But during the recent tariff-led sell-off in April 2025, Bitcoin held up better than the Nasdaq-100, suggesting emerging strength.

Non-sovereign assets like Bitcoin could thrive amid geopolitical tensions, given their decentralized, censorship-resistant nature. Traditional safe havens like gold and long-duration bonds are losing their luster, with gold’s gains overshadowed by monetary expansion and rising yields on Treasury bonds.

As Bitcoin continues to demonstrate resilience, it may challenge the notion of what constitutes a safe haven. While it may not fit the classic definition of a low-volatility asset, its durability, neutrality and liquidity make it increasingly relevant in today’s financial landscape. Thus, the traditional playbook for safe-haven assets may need an update.

Advanced

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Weekly Institutional Insights: Apple exemptions send crypto higher; Bitcoin’s role to challenge gold

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.

After initially resisting US president Trump’s “Liberation Day” tariffs, crypto markets joined the global sell-off, with BTC falling from $87K on April 2 to a low of $74K. BTC’s term structure was inverted again before easing, while ETH’s term structure remained inverted. Meanwhile, short-term BTC volatility skews favored OTM puts, reflecting more bearish sentiment than during the Q1 2023 US banking crisis. However, volatility levels decreased after Trump announced a 90-day pause on tariffs (excluding those on China), leading to a significant rally in spot prices.

Please check out the report’s highlights.

BTC open interest declined substantially this week

Bybit’s largest perpetual swap markets initially remained stable during the broader market sell-off and tariff reactions, recovering from the dip after the 

. However, Trump’s recent announcement and subsequent pause of near-unilateral import tariffs significantly impacted these markets, leading to notable declines in open interest for BTC and ETH, which have fallen sharply from their late March highs.

After a brief period of positive funding rates, BTC’s perpetual swap market fluctuated between positive and negative sentiment, indicating traders were hesitant to commit to a strong directional move (similar to trends in options markets). This changed when President Trump announced a 90-day tariff relief, leading to positive jumps in funding rates. Altcoins displayed a similar pattern, with funding rates alternately positive and negative before rising following the tariff announcement.

During the April 6–7, 2025 sell-off, traders sought downside protection, as BTC's spot price fell to $75K in reaction to President Trump’s tariff announcement. The high volume of put options relative to calls indicates strong demand for this protection. Meanwhile, the US's reciprocal tariffs caused a significant inversion in BTC’s at-the-money volatility term structure, which, although it has eased, remains inverted. Additionally, there‘s a stronger skew toward OTM puts at short tenors as compared to the March 2023 US banking crisis. Put open interest has surged over the past week, reflecting extremely bearish sentiment for both the near and long terms.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 9, 2025): Tariffs bring substantial volatility at a level similar to that of the Q1 2023 US banking crisis

In this tutorial, we’ll explore how you can stake and mint Lombard LBTCv on Bybit Web3 Staking with the Bybit Web3 Seed Phrase Wallet. 

In this tutorial, we’ll explore how you can stake BTC to mint 

Please note that in order to get started, you’ll first need to download the Bybit App on the Apple App Store or Google Play Store. 

How to stake and mint LBTCv with Bybit Web3 Staking

: Launch the Bybit App on your mobile device and tap on the 

: Deposit BTC into your preferred Bybit Web3 Seed Phrase Wallet BTC address.

: Once you’ve deposited BTC into your wallet address, tap on the 

drop-down and select the BTC address into which you’ve deposited BTC. 

: Input the exact amount of BTC you’d like to stake, and tap on 

 and sign the message to allow this exact amount of BTC to be staked.

 page. Ensure that the amount of BTC is exactly the same as you wish to stake, and tap on 

: Tap on the icon located at the upper-right corner of the screen to check your transaction history.

: You’ll receive LBTCv in three progressive stages:

: Once you’ve received LBTCv, you can check your points (updated every hour).

If you wish to stake more BTC, simply repeat Steps 7 through 12. However, please

that you won’t be able to stake more BTC as long as you haven’t yet received your LBTCv.

To redeem your LBTC, simply scroll down the 

button. Then, wait three days for the successful redemption of LBTC.

If you wish to cancel your redemption, you can do so within these three days.

Beginner

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How to stake and mint Lombard LBTCv with Bybit Web3 Staking

A Chainlink Spot ETF would bridge TradFi and crypto, offering a simplified way to gain exposure to LINK without the complexities of digital wallets or exchanges.

There's been a recent surge in spot ETF applications as investors look for ways to sidestep the rigid frameworks of traditional finance. The success of 

 — drawing billions in inflows — signals a major shift in the way institutions approach crypto investments. 

 networks, is in line for its own Spot ETF. The proposed fund promises a direct, hassle-free way to invest in Chainlink (LINK), eliminating the need to deal with complex 

 and exchanges. This article explores what a Chainlink Spot ETF is, how it would work, its current market impact and what its potential approval could mean for investors and the broader crypto landscape.

A Chainlink Spot ETF is an exchange-traded fund, backed by Chainlink (LINK) tokens, that would directly track the market price of LINK, a cryptocurrency powering decentralized oracle networks, thus enabling investors to gain exposure without directly holding the asset itself.

 (ETF) would offer investors direct exposure to LINK’s price movements without requiring the investors to handle the digital asset directly. 

Authorized Participants (APs), typically large financial institutions or market makers approved by the ETF issuer, play a central role in maintaining liquidity and aligning the ETF’s market price with its net asset value (NAV). These entities facilitate the creation and redemption of ETF shares by acquiring LINK tokens from exchanges or over-the-counter markets, and transferring them to the ETF’s custodian, a regulated entity responsible for secure storage. 

In exchange, the ETF issuer provides APs with newly created shares, which represent fractional ownership of the underlying assets. The shares are then introduced to secondary markets for investors to trade.

Creation, redemption and listing of shares

When redeeming shares, APs collect ETF shares from the market and return them to the issuer, receiving LINK tokens from the custodian in return. These tokens can be sold on the open market or held, depending upon the AP’s strategy. This creation-redemption process enables an 

 mechanism that stabilizes the ETF’s price, relative to its underlying assets. 

If the ETF is trading at a premium to NAV, APs create and sell shares to capitalize on the price difference, pushing the market price downward. Conversely, if the ETF is trading at a discount, APs redeem shares, reducing supply and driving the price upward. This dynamic ensures that the ETF’s market price remains closely tied to LINK’s actual value. 

Shares are listed on exchanges and traded like traditional stocks, integrating seamlessly into existing portfolios while offering potential tax efficiencies. The structure combines the accessibility of conventional investments with the benefits of cryptocurrency exposure, appealing to those seeking indirect participation in LINK’s market movements through a regulated and familiar framework. For investors, the ETF will simplify exposure to Chainlink by eliminating the need to manage 

 or wallets, or navigate complex crypto exchanges. 

The Hashdex Nasdaq Crypto Index US ETF, which includes Chainlink (LINK), has gained attention as a significant development in the crypto ETF space. This ETF, 

 in February 2025 and currently provides exposure to Bitcoin and Ethereum. 

 with the SEC on Mar 14, 2025 to expand the ETF's scope to include additional cryptocurrencies like LINK, ADA and SOL. This application remains the sole filing for a Spot Link ETF (as of Mar 20, 2025). While the SEC has approved the fund's initial structure, its response to the inclusion of Chainlink and other assets remains pending.

The SEC has historically been cautious about approving spot cryptocurrency ETFs, due to concerns about market manipulation and investor protection. However, the approval of multi-asset ETFs such as NCIQ signals a potential shift in regulatory attitudes. Market sentiment has been cautiously optimistic, with investors viewing these developments as a step toward broader acceptance and integration of cryptocurrencies into traditional financial systems. The timeline for the approval of Chainlink Spot ETFs remains uncertain, but growing institutional interest and regulatory advancements suggest progress in the near future.

Current impact of Chainlink Spot ETF applications on the crypto market

The anticipation surrounding Chainlink Spot ETF applications is clearly influencing market sentiment. Although Chainlink's price hasn’t yet surged dramatically, increased investor interest and speculation about potential ETF approvals have boosted overall optimism. 

Data from LINK and CoinGlass reveals that 

 have fallen to 138.8 million coins, the lowest since September 2024, indicating that investors are holding onto their tokens in self-custody wallets instead of selling. This trend reflects a growing belief that SEC approval for a Spot LINK ETF could substantially boost the token’s price. In addition, Chainlink’s role as one of the largest oracle networks and its innovative cross-chain interoperability protocol for asset tokenization further reinforce this positive outlook.

What will it mean if a Chainlink Spot ETF application is approved?

The approval of a Chainlink Spot ETF would have some significant implications for both the cryptocurrency market and traditional financial sectors, as follows.

If you’re looking to capture the market and trade LINK tokens, Bybit offers the 

A Chainlink Spot ETF would connect cryptocurrency with traditional finance by allowing investors to track LINK’s price without the complications of managing digital wallets. Specifically, it would keep the ETF's price in line with LINK’s market value, increase liquidity and attract institutional investors. Approval of a Chainlink Spot ETF could drive LINK's price higher, similar to trends seen with Bitcoin ETFs, and confirm Chainlink’s importance in the crypto ecosystem, encouraging its use across various industries. 

However, investors need to be cautious of potential short-term price swings and changes in regulations. Overall, this ETF would make crypto investing simpler for a broader audience, strengthening Chainlink’s position and supporting wider acceptance of blockchain technology in the financial world.

Intermediate

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Chainlink Spot ETF: A gateway to decentralized oracle investment

Bybit Learn

Altcoins

An Ethereum killer is a blockchain that addresses the known challenges of Ethereum and attempts to eventually replace it in the crypto market. Read more here.

 has been disrupting the financial world for many years, and its applications extend to accounting, auditing, peer-to-peer transactions, 

 and more. These and other uses are supported through the secure and private transactions that blockchains process, but these blockchains vary in bold ways. One of the more notable and established blockchains is 

, but Ethereum’s reign is being challenged by others touted as “Ethereum killers.”

The Ethereum blockchain is the brainchild of Vitalik Buterin. It was launched in July 2015. It currently has more than 11,900 active nodes. Recently, Ethereum completed its 

. Among other things, the Merge has successfully reduced the blockchain’s energy consumption by 

There’s an unlimited max supply of Ethereum tokens (ETH). As of Apr 4, 2023, ETH is valued at $1,812.99, and its market cap is $218.60 billion. Some of Ethereum's shortcomings are slow transaction processing times and high 

The Ethereum development team is attempting to overcome Ethereum's shortcomings through a series of upgrades. However, these upgrades have been slow in coming, so ETH killers are taking advantage of the lengthy timeline and are jockeying for a top position in the crypto market. Most ETH killers offer improved transaction processing times and much lower fees.

However, ETH killers are unique in their features and functionality. While ETH killers often receive ample attention at the outset, none have yet been successful in their attempts to dethrone the Ethereum ecosystem.

) ecosystems that have generally been designed as Layer 1 platforms, although some 

 can be considered ETH killers as well. While they all share some similarities with the Ethereum ecosystem, they also have standout traits and features that give them strategic advantages over Ethereum. Many of the top ETH killers today have been active for years and are relatively popular, but it remains to be seen if any of them will one day supercede the Ethereum blockchain.

 launched as an alternative to Ethereum, it stood out with greater efficiency due to its 

 consensus mechanism. This is similar to the PoS protocol, but it uses time stamping to facilitate faster processing times. In fact, it’s capable of processing more than 4,000 transactions per second. According to Etherscan, Ethereum can only process 13.2 transactions per second (

). Solana also has substantially lower fees than Ethereum. 

Currently, Solana is predominantly used for NFTs and gaming. In fact, it takes second place to Ethereum with an NFT sales volume of $4.46 million, which is more than four times lower than that of Ethereum. As of Apr 4, 2023, the current market cap of SOL is $7.95 billion. Solana suffered considerably due to the recent 

, but it maintains fundamental strength. Looking forward, Solana will be focusing on launching a 

, which uses a PoS protocol. At a speed of 1,000 TPS, Polkadot isn’t faster than Solana. However, it surpasses Ethereum in actual speed. Polkadot functions with a heterogeneous, multi-chain architecture, which enables several chains to exist on one relay chain. This architecture bolsters the security of the blockchain and enhances scalability. In addition, developers can create parachains, which are their own blockchains. As of Apr 4, 2023, DOT’s market cap is $7.83 billion.

 launched in 2017 and is a Layer 2 solution that uses the Ethereum blockchain. However, its platform provides users with higher scalability and flexibility and lower transaction fees. It also gives users the ability to own their blockchains, while also offering the security and other benefits of Ethereum. In addition, Polygon facilitates communications between various blockchains, including Ethereum. As of Apr 4, 2023, MATIC’s market cap is $10 billion.

 is an ETH killer that uniquely uses the 

 mechanism, which allows it to process a greater number of transactions than the Ethereum blockchain can handle. In addition, Cardano supports smart contract functions as well as DeFi projects. 

Cardano’s blockchain launched in 2017, benefiting from its Alonzo upgrade in 2021 and subsequent 

 upgrade in 2022. The former upgrade allows for improved programming so that the Cardano blockchain is more suitable for NFTs and smart contract projects, while the latter upgrade allows Cardano to become more robust and scalable to improve the overall functionality of the blockchain. Cardano also uses a peer review system for quality control after upgrades are made. This blockchain can execute up to 250 TPS, and its market cap is $13.69 billion as of Apr 4, 2023.

 is another PoS Ethereum killer. It uniquely integrates three interoperable blockchains together, giving it greater scalability than the Ethereum blockchain and other ETH killers. Currently (as of Apr 4, 2023) its market cap is $5.6 billion. 

 launched in 2017, it was compatible with both smart contracts and decentralized apps (

). Uniquely, its user-friendly design enables developers to create and scale projects without an extensive amount of coding and technical expertise. Developers have free access to a wide range of tools. 

 has no transaction fees, and a half-second block time. This blockchain uses specialized software that makes it adaptable, scalable and fast. In addition to its software, 

 operates with a delegated proof of stake (

) mechanism. It features a rewards mechanism for validators that uses newly minted tokens, and it functions with decentralized governance. The market cap for the EOS token as of Apr 4, 2023 is $1.3 billion.

 utilizes both PoS and liquid proof of stake (

) mechanisms that differentiate it from the Ethereum blockchain. In addition, it’s self-governed, which places its users at the helm when deciding which upgrades to make going forward. Tezos also supports DeFi and NFT projects. 

Its utility has yielded notable projects in art, gaming, music and fashion in recent years. In addition, this blockchain is widely recognized by developers for its enhanced security. Tezos operates with community governance, so voting rights are granted to token holders. As of Apr 4, 2023, its market cap is $1.04 billion.

 is different from other ETH killers in its use of a directed acyclic graph (

) network. DAG is a superior variation of the PoS mechanism used by Ethereum in that it’s more efficient, has lower fees and offers enhanced scalability. Other DeFi projects can be built on this Layer 1 platform. FTM’s market cap as of Apr 4, 2023 is $1.24 billion.

 is an open-source network that’s specifically designed to store, create and send all types of money in their digital formats. It uses a digital ledger to support micropayments, global payments and asset exchanges. Its ledger is updated every five seconds or less. Stellar can process 200 TPS. The 

 (FBA) protocol used by Stellar supports cheaper, faster and more energy-efficient transactions as compared to Ethereum. As of Apr 4, 2023, XLM’s market cap is $2.83 billion.

 is a unique network that’s well-known for its 

 technology, which enables ETH token holders to operate on both the Ethereum and NEAR chains. NEAR Protocol is an open-source, PoS project that’s centered around smart contracts. Compared to Ethereum, NEAR’s fees are 10 times lower. This platform also stands out because of its commitment to its community, and to the creation of more developer applications. The market cap for NEAR is $1.7 billion as of Apr 4, 2023.

There are many ETH killers in existence today. Each one attempts to be a better alternative to Ethereum. While these other blockchains have collectively taken a sizable chunk of the crypto market share away from Ethereum, Ethereum continues to hold a substantial amount of the blockchain share compared to any other single platform. 

As is the case with Ethereum, ETH killers have planned upgrades that will raise their appeal further. These upgrades could draw more attention away from Ethereum, and other ETH killers will likely arrive on the scene to further fracture the market share. With this in mind, it may be increasingly challenging for any single blockchain to be as dominant as Ethereum once was. It’s reasonable to speculate that there may continue to be multiple DeFi and NFT blockchains, each with its standout traits and benefits.

While Ethereum has maintained its edge over other blockchains thus far, it has been negatively impacted by this competition in the crypto market. As of August 2020, Ethereum dominated the DeFi space with 94.9% of activity. By May 2021, this had declined dramatically to roughly 64%.

ETH killers currently have strategic advantages over Ethereum, such as greater scalability, faster transaction speeds and cheaper costs. Until these issues have been addressed through planned Ethereum upgrades, ETH killers will likely continue to gain a greater share of the market. Even if Ethereum’s upgrades put it on par with ETH killers in these key areas, it’s not clear if Ethereum will be able to build up its market share to its previous level.

However, Ethereum does have an edge over the ETH killers in a critical area: While ETH killers have achieved superior scalability and speed by prioritizing these factors over security and decentralization, the result has been impugned security and performance. Ultimately, the blockchain network that’s able to address all of these issues properly will likely rise to the top.

ETH killers have gained ample attention in recent years because of various advantages, creating the potential to dethrone Ethereum. At the same time, however, even the top Ethereum killers have their own downfalls. It’s unlikely that any specific blockchain will consume the vast majority of the market share that Ethereum once did. With this in mind, ETH killers simply offer more options for developers and users to choose from.

Top ETH Killers: What Are They & Where Are They Now?

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