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

Delysium brings together humans and AI virtual beings in a groundbreaking virtual society powered by AGI token and AAA-quality gameplay.

Delysium-2d-game-a.png

Delysium-2d-game-b.png

Delysium-playable-whitepaper.png

Delysium-AGI-tokenomics-1.png

Delysium-AGI-tokenomics-2.png

While Artificial Intelligence (AI) has been around for years, it was only with the recent launch of 

 that more people started paying attention to it. The launch was also the catalyst to the AI boom, which resulted in a myriad of AI projects gaining more popularity. One of the most popular AI projects in the crypto space now is 

, in which users can explore an open-world experience, interact with AI Virtual Beings and earn AGI tokens. 

 entails — and how you can start your journey into the AI world. 

 is building an AI-powered virtual society with its token, AGI, to bring 1 billion individuals and 100 billion AI Virtual Beings together on the blockchain. It’s the first playable game with AAA-quality to be listed on the 

 offers a massively multiplayer online (MMO) gaming experience where players can create personalized AI companions and NPCs (non-player characters) to join them in various adventures through games, communities, media platforms and more. Players will be able to forge and evolve their AI Virtual Being’s personality and abilities, as well as interact with them to learn the ropes of crypto, trade assets effortlessly, explore lucrative opportunities and stay ahead of the curve with risk alerts — all through natural language conversations. 

 is set to flourish with the rise of decentralized game publishing (DGP), introducing a multitude of unique games featuring customized tokenomics and exciting on-chain assets such as NFTs and tokens. 

 is a company that specializes in delivering AI solutions to gaming projects. It stands out from other AI solution companies, such as OpenAI and Inworld AI, with its Chaos Box algorithm. 

 algorithm leverages Deep Reinforcement Learning to craft immersive gaming experiences never seen before. 

 is in a strategic partnership with rct AI, and the latter’s Chaos Box algorithm can automatically generate realistic AI Virtual Beings (which are NPCs, or non-player characters), and storylines within games, creating an unparalleled interactive experience for 

, its analytical capabilities provide innovative emergent behavior in characters, without any predefined scripts. Their unique dynamic responses allow users to explore exciting possibilities created by AI, and to be immersed into a completely new world every time they play.

The Impact of Delysium on the AI Gaming Industry

 and its advanced AI technology are poised to revolutionize the AI gaming industry. Through its unique combination of cutting-edge AI technologies, such as natural language processing, machine learning and Deep Reinforcement learning, 

 provides gamers with an immersive gaming experience unlike any other. Each human player and AI Virtual Being has their own storyline, and reactions and conversations with them tend to vary under different circumstances. More details on this are shared in the section below.

Furthermore, by leveraging its own cryptocurrency, the AGI token, 

 tokenomics system provides users with both financial incentives and a secure platform for trading items or abilities with other players. This enables developers to control supply while rewarding users for their loyalty and participation within the game. 

 is also making its mark on the AI gaming industry by introducing the world’s first playable white paper. Unlike other projects that offer readable PDFs and documents to detail a project’s features and goals, 

 takes it a step further by incorporating this information into a 2D game. 

 provides players with one main gameplay mode — Battle Royale (PvP). As a player, you’ll need to join with two others to form a team of three. Seven teams will then compete against one another, and the last team standing wins. During the game, you’ll have to cooperate with your teammates to garner weapons, ammunition, armor, accessories, med kits and more — while trying to stay within the game arena that consistently shrinks with time. Raise your ranking by obtaining loot with tokens, NFTs or other in-game resources. At the end of the game, you’ll receive ranking score improvements — along with unique rewards — once the season ends. 

If you’re wondering if there are any other gameplays available, you’ll be glad to know there will be three other experiences that will launch regularly under creative gameplay experiences from the cooperation of the DMOs (see Delysium Multiverse Operator, below) with the 

. With private ownership rights, these fully-fledged members of the digital web3 ecosystem are able to enjoy game modes and gain income, just like human players. Powered by a comprehensive neural brain system that covers everything from conversations to behavior (thanks to Deep Reinforcement learning), they make every effort possible toward their own success while also promoting prosperity throughout this environment.

Interacting with AI Virtual Beings provides a great sense of engagement and a deeply immersive experience. The conversations players have with AI Virtual Beings can uncover their stories, backgrounds or even personality traits. 

In addition, rct AI's web3 AI Layer Deterrence equips these simulated characters with a sophisticated Conversational System to help them maintain consistent behavior, while also providing further customization options based on individual settings and Training Sets — ensuring that interactions between players are always unique and exciting.

, AI Virtual Beings enjoy a vibrant economy that’s propelled by the Behavior System. This AI layer encourages innovation and creates endless opportunities for each Being to explore different roles along with other players in this captivating virtual world. With the use of 

 has become such an engaging destination.

Players are given the power to craft their own digital worlds with AI Virtual Beings playing major supporting roles as NPCs. Working in tandem, players and developers can use manual rules and scripts to build custom behavior trees for these characters. Through 

, they can be programmed to respond dynamically based on condition triggers and interactions — adding an entire extra layer of realism into virtual experiences.

With the Text-to-Speech system, players are given full control over how their MetaBeing's voice sounds. Custom voices can be crafted with ease using the 

 editor presets, or by recording your own samples. Players also have access to a variety of additional recorded datasets on the Data Marketplace — many are provided directly from professional voice actors — giving players even more options for creating unique and captivating character dialogue.

The Delysium Multiverse is made up of multiple free-to-own Delysium Universes, and each of these Universes is owned by a 

 (DMO). These special game environments offer players unparalleled diversity, with an unrivaled on-chain incentive layer (OIL) that rewards them as they traverse this vast expanse.

In order to become a DMO, you have to hold a Delysium Multiverse License NFT (DML). When using the wallet provided by the DMO to log in to the game, players will receive the exclusive identity of DMO. As a DML NFT holder, DMOs have the power to reward players for their gaming behaviors and performance with customized on-chain incentives, including fungible tokens, NFTs, Layer 1 or Layer 2 assets and even stablecoins. The 

 team is also eager to help build a more personalized gaming experience for gamers by providing an extensive suite of resources — from game content creation tools, all the way up to monetization tools. Together, these two forces provide powerful grounds for creating unique user experiences that keep players engaged across many different levels.

At launch, there were 100 DML NFTs available for players to mint free of charge. If a DMO wants to extend their validity period, they’ll need to lock more AGI tokens. The validity periods and conditions are as follows:

 team offers a hassle-free solution for game servers and maintenance. All the DMO needs to do is set up their own specific identification rules, which means they can get started quickly without worrying about technical issues or costs associated with running the server. In return for their services, 

 receives part of any operational revenue generated each month, helping them maintain high-quality gaming experiences and provide solid support in developing an ever-growing community ecosystem.

 team has created a revolutionary collaboration and incentive system that uses 

 to support its decentralized game publishing structure. By staking AGI, users can vote for DMOs in order to increase prosperity across all 

 Universes. In exchange, they’ll be rewarded with ecosystem incentives derived from part of the revenue generated by DMOs, such as daily AGI incentives and enhanced staking rewards, as well as additional rewards with which users can gain priority access to NFT offerings across the 

For those wanting extra influence on their chosen Universe's fortunes, the 

 (DMA) program allows users to provide an increased voting power that increases the prosperity of each Universe. In return, they’ll share more bountiful incentives. All incentivization within this new DGP framework is designed around fairness-oriented principles.

 has implemented an innovative DGP structure that utilizes two distinct systems — DMO and DMA — to create a balanced ecosystem of fairness-focused incentives and efficient governance. 

Players interested in upgrading their in-game assets can access the 

 to purchase NFTs, including weapons, outfits and collectibles. In the near future, they’ll also be able to purchase and sell assets such as cyberbodies and battle passes.

As the platform’s primary utility token, AGI can be used in the following areas:

Keen to start earning profits from playing an immersive and exciting game filled with AI Virtual Beings? You can start investing today by first signing up for a Bybit account and navigating to the AGI/USDT Spot Trading page. 

Powered by AI web3 Operating System Lucy and strategically partnered with rct AI in AI solutions, 

 is certainly an AI crypto project to look forward to. 

AGI tokens are a unique cryptocurrency that’s specifically designed for use within the 

 gaming platform; it’s primarily used as a reward for completing in-game tasks and transactions between players. This makes it an attractive investment opportunity for those looking to take advantage of the growing popularity of 

Investors will also be glad to know that the team behind 

 is filled with world-class AAA production professionals, who are equipped with skills in R&D and art design. They have years of experience under their belt, and many of them came from companies such as 

 is backed by reputable companies such as rct AI and Deterrence, 

Overall, AGI Tokens represent an exciting investment opportunity for those looking to capitalize on the increasing popularity of 

’s sophisticated DMO and DMA systems, combined with its unique cryptocurrency features, offer gamers an immersive gaming experience that’s sure to become one of the most popular virtual gaming platforms available today. As such, there’s no doubt this is a great time for investors to get in early and earn daily rewards. 

 is unlike any other AI game out on the market. It’s powered by rct AI and focuses more on bringing users an immersive gaming experience in the web3 ecosystem. In addition, 

 AGI token seems to be a great long-term addition to any crypto portfolio. With the world’s first playable white paper, 

 certainly looks promising, especially as time passes and the AI-powered Virtual Beings gain more sentience, enhancing gameplay for gamers and crypto investors alike.

clearly has potential, and we look forward to seeing more of what it can offer.

Delysium (AGI): Powered by AI Web3 Operating System — Lucy

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards