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

Bybit Institutional_Weekly Poster (1) (2).png

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.

block-scholes-x-bybit-report.jpeg

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

lombard tutorial.png

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

chainlink etf.png

Chainlink Spot ETF: A gateway to decentralized oracle investment

Altcoins

GameFi

Adore the idea of a fully realized NFT gaming ecosystem? Wemade Tree and WEMIX tokens achieve this by tying together various blockchain games.

The introduction of innovative concepts such as crypto gamification, blockchain technology and non-fungible tokens (

) is changing the rapidly growing gaming landscape. Fueled by easy access, financial rewards and fun mechanics, the growing popularity of NFT gaming has spawned a community of avid gamers and crypto investors. Who wouldn’t want to have fun while earning money on the side?

NFTs allow unique ownership of digital assets, which can be a compelling investment option. If you’re interested in NFT gaming as an investment and/or gaming opportunity, read on as we explore the WEMIX gaming platform and the potential of WEMIX tokens.

WEMIX is a blockchain NFT gaming platform developed byWemade Tree Pte. Ltd., a South Korean company. Gamers on WEMIX can earn rewards for playing games they already enjoy.

WEMIX games are designed around the concept of 

, the gamification of blockchain-based financial systems that incorporates play-to-earn gaming models. GameFI platforms allow users to buy, sell and trade digital collectibles known as NFTs. The games successfully combine game content with blockchain technology to deliver an entertaining and rewarding experience.

The developers of WEMIX represent an arm of the South Korean gaming group WEMADE. Riding on the back of WEMADE’s successful 

, WEMIX has rolled out a range of blockchain-based games that are easily accessible to every category of user. You don’t have to create a crypto wallet; just download the game app on the play store, and you can start gaming.

Video gaming is a tough and competitive industry, and games can be considered expendable. Gamers often come to the end of the life cycle of a game still eager to move on to its next level. This is partly due to the independent, fragmented nature of games. Developers struggle to produce sequels to extend a game’s lifespan and prevent users from leaving a platform when they get to the end. Avid gamers end up jumping around different platforms to maximize playing opportunities.

WEMIX is at the frontier of building games that aim to address these issues. WEMIX-based games are developed within an interconnected ecosystem of developers, users and platform providers who interact for long-term growth. Users find meaning and interconnection in this online ecosystem that spills over into the real world. Building such an advanced ecosystem leverages the principles of sharing, robust circulation structure and transparency.

Despite the government’s hesitancy toward blockchain-based games, the vibrant South Korean gaming scene is bullish on gaming NFTs. Leading the charge is WEMIX, with over ten game titles currently running on its platform. Many more gaming companies are planning to come aboard in 2022.

How Do WEMIX’s NFT Blockchain Games Work?

Blockchain-based games with NFT functionalities allow players to generate in-game elements that are assigned as NFTs, making them tradable between users. For instance, you can earn real money on the popular 

 by farming and selling an in-game item called 

 (SLP). SLPs are needed to collect and breed Axies, animated pet-like characters which are also tradable on the marketplace. Players are rewarded with tangible value for their skill and effort spent on the platform. 

WEMIX hosts several NFT games with different gameplay and designs, all of which share the same NFT gamification model. The main purpose of 

 is to create a new economy where players can trade digital assets such as collectibles and other game-related items. This creates a decentralized economy where no central authority controls the market. Instead, all transactions are recorded on the blockchain — which, incidentally, also makes it impossible to cheat.

Standard gaming rules and mechanisms apply, such as point scoring and competition for rewards. In-game assets are minted as NFTs, which can be swapped and/or traded for cash.

WEMIX NFT-based games offer a vastly improved gaming experience. Unlike traditional video games, you own any in-game items you acquire or earn. Stored safely in your wallet, you won’t risk losing them in mid-game crashes. For example, in the popular 

, all the high-level gears, weapons and other items you collect in battle or by completing quests are yours to keep, and can be traded or cashed in. 

Similarly, blockchain decentralization in NFT games ensures your game progress is always available — unlike traditional gaming, where a centralized platform holds all the data and is therefore vulnerable to mishaps. The same blockchain-enabled decentralization also allows you to go back to study previous gameplays and upskill yourself.

Then there are the financial incentives. Rewards earned in traditional bird shooting games remain on the screen, only to be used as bragging rights. In contrast, in the simple hunting NFT game BirdTornado, you earn Tornado tokens for shooting down birds. These tokens can be converted to WEMIX tokens that can at least buy you a nice cup of coffee. Of course, if you hang on to the WEMIX tokens, you’ll also benefit from any appreciation in value. 

WEMIX tokens are the highest-level tokens within the WEMIX ecosystem, issued on the public chain for maximum token economy efficiency. Issued in June 2020, the WEMIX Token runs on the Klaytn blockchain, notable for its scalability, speed and low transaction fees.

Users also earn game-specific “game tokens,” which offer a branded token experience within each game while still being convertible and tradable. These tokens have a game-specific purpose and contribute to the sustainability of the WEMIX ecosystem. During gameplay, users earn game tokens such as Tornado (

 that can be swapped for WEMIX tokens, and vice versa.

Users, platform holders and developers are rewarded with WEMIX tokens for their activities within the ecosystem. These shared tokens foster a sense of community and enhance sustainability, one of WEMIX’s key objectives.

WEMIX Tokens are utility tokens. Here are some of their use cases:

, the live WEMIX price as of December 31, 2021 is $9.60, with a 24-hour trading volume of $40,788,848. The current live 

 is $1,183,604,495 and WEMIX is ranked #211, with a 

 of 123,233,682 coins and a maximum supply of 1,015,066,200 coins.

You can buy and sell WEMIX on Bybit, Gate.io, ZT and MEXC, among other crypto exchanges. However, you can’t yet buy WEMIX directly with fiat currency. You first have to buy BTC, USDT or ETH from any major exchange and then transfer it to the exchanges that list WEMIX.

NFT gaming tokens are relatively new to the crypto market and have seen tremendous growth. A 

 noted that NFT games generated $2.3 billion in third quarter revenue, accounting for 22% of all NFT trading volume. But will this trend continue?

WEMIX has outlined a solid growth plan that includes adding more games and token listings with major exchanges. With blockchain gaming gaining traction and rapid growth in user base, it’s expected that WEMIX — with over 600 million users — will be one of the dominant players in that sector. 

Therefore, investing in WEMIX tokens can be profitable in the long term. However, as with other cryptocurrencies, investors face significant volatility risks, so be sure to perform your due diligence beforehand.

WEMIX has been listed on some crypto exchanges, but you can’t buy it directly with fiat currency, unlike other well-known cryptocurrencies. However, you can buy it by first purchasing the stablecoin Tether (USDT) from any reputable exchange, such as Bybit. 

Once you register on Bybit and complete your KYC verification, you’ll be required to select a payment method. You can choose the bank transfer or credit/debit card option, and then buy USDT. Simply use the USDT in your wallet to trade on the spot market 

, and then obtain the WEMIX token. This way, you’re converting your USDT into WEMIX tokens.

With an impressive lineup of fantastic games, WEMIX promises to be a game-changer in the nascent NFT and blockchain gaming sector.

WEMIX has successfully created a platform that integrates core gaming content with blockchain technology. In the process, they’ve managed to create innovative solutions to problems facing NFT game development.

More importantly, by incorporating technology that lowers the barriers to entry for both developers and users, WEMIX has increased mass adoption, furthering the development of sustainable gaming.

The WEMIX road map is geared toward onboarding more games, which will keep it on track to capture a significant chunk of the one billion-plus active gaming population. WEMIX Tokens represent a promising investment opportunity that’s definitely worth keeping an eye on.

WEMIX Tokens: Changing the Face Of Blockchain and NFT Gaming

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards