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.

Advanced

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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

Huma Finance 2.0, a composable platform built on Solana, introduces real-world yield derived from global payment financing.

The S&P 500 fell 3.5% as renewed U.S.-China trade tensions erased gains from Trump’s tariff pause. Investors now await consumer sentiment data and bank earnings. Gold jumped 2.6% to a record $3,171 amid U.S.-China trade tensions, weaker dollar, and rising Fed rate cut bets. The Coindesk Indices, which tracks the broader crypto market, are down by 1.50%, with Bitcoin and Ether down 3.29% and 8.79% respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is ZRC, up 34.3%, followed by Zircuit's partnership with Diffuse Protocol to enhance the DeFi ecosystem with real-time data and secure cross-chain interoperability.

Zircuit (ZRC), founded in 2021, is a hybrid Layer 2 blockchain combining optimistic and ZK rollups, offering fast transactions, low costs, and strong security through AI-driven monitoring. EVM-compatible and designed for DeFi, it supports staking and asset transfers via its Liquidity Hub and secure native bridge. Zircuit has 

 with Diffuse Protocol to enhance its platform. Diffuse provides real-time verifiable data feeds, trustless cross-chain data streams, and restaking of assets with collateral abstraction, further strengthening Zircuit's AI-powered hybrid zkEVM and boosting its DeFi ecosystem.

Check out the latest prices, charts, and data of 

, a composable platform built on Solana, introduces real-world yield derived from global payment financing. The platform offers two options: Classic Mode for stable USDC yield and Maxi Mode for increased rewards through Huma Feathers. Through the $PST token, users can engage with DeFi protocols, swap tokens, and use them as collateral. Huma Finance has already processed over $3.8 billion in transactions, providing reliable yields sourced from payment-financing fees instead of market speculation. Huma 2.0 aims to bring a new liquidity model to DeFi, offering a more stable alternative to traditional financial cycles.

Yesterday, Bitcoin spot ETFs saw $149.5M in net outflows, with $44.6M from GBTC and $104.9M from other ETFs.

 has raised an additional $10M in its Series B round, bringing total funding to $35.5M with backing from a16z and other top investors. Users can boost their airdrop points by joining Towns, especially higher-priced ones, and by engaging through daily actions like tipping, inviting friends, and participating in different communities.

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Huma Finance 2.0 launches on Solana, introducing real-world yield and composable DeFi integration

Altcoins

NEM is a fork of NXT with its original codes. It brand itself as a smart asset blockchain for developers to build more scalable projects.

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NEM positions don’t just introduce themselves as another altcoin but instead a more innovative alternative to traditional asset management platforms. It provides higher transparency for users to access their assets at a lower cost. This technology has then branded as a — 

As NEM continues to see growing interests due to its versatility, it was once the world’s 16th largest cryptocurrency by 

. However, NEM took a significant hit that nearly broke with plans to lay off and pivot. But, what went down? 

Ultimately, this begs the question: What exactly is NEM, and how much XEM price movement can attribute to the legitimacy of market movement or is it just an internal struggle? So, what gives NEM?

The NEM.io Foundation is a non-profit organization based in Singapore, announced the launch of NEM in March 2015 as a 

, however disparate from NXT with its original code. The emergence of XEM (the native token of NEM), short for the “New Economy Movement,” is the result of the development of NEM’s unique codebase for advancing the project to make it more scalable. 

Like many other crypto projects, NEM has a road map for its future goals. But it is not simply a means of payment. The NEM team believes that they can tackle many other financial and business areas on top of just global finance. These include smart contracts, crowdfunding, supply chains, gaming data, and legal documents, among many others. And nevertheless, XEM grew significantly in value, with an all-time high of $2.09. 

The way that NEM (XEM) fulfills these goals is by combining several innovative technologies. The most important one is NEM’s novel Proof-of-Importance (PoI) consensus mechanism, introduced to the market by this adaptable blockchain.

In a number of ways, PoI varies from other consensus mechanisms, such as 

 (PoW). The two main differences with PoI are in the time and money that users invest.

, a user with at least 10,000 XEM vested in the system will be qualified to generate new blocks in NEM’s blockchain. Whenever a user successfully generates a new block in the blockchain will be rewarded with the token and receive a portion of the transaction fees.

But that’s not all. In fact, PoI allows users to make transactions with other networks while receiving rewards. NEM will evaluate the total transaction amount and use them to boost the user’s PoI score. Ultimately, the higher your score, the better rewards you’ll receive. To increase your PoI score, all you need is to send more transactions to people.  

NEM’s “smart asset” innovation allows users to tailor how they access and utilize the NEM platform. All of the functions are performed in an open, self-scaling architecture. It is meant for developers to create, distribute and exchange cryptocurrencies quickly. Individuals are also able to transfer money through its public blockchain interface.

Harvesting is a critical component of the PoI consensus mechanism. This code connects your account to a supernode that already exists. The backbone of NEM’s ecosystem is formed out of its supernodes, which can use linked accounts to boost their PoI score and raise the likelihood of block creation in their favor. 

To put it simply, supernodes take an account’s PoI score and use it to execute blocks on its behalf. This method is beneficial because it allows the NEM blockchain to stay safe without demanding enormous amounts of processing power from all users. As a result, NEM and PoI use significantly less energy than a PoW system like Bitcoin’s.

For companies that put a lot of effort into their sustainability plans, these power cuts are a major plus. This gives NEM a substantial competitive advantage. In order to host the harvesting process, NEM nodes don’t need to have their computer or mining equipment operating. 

 business by eliminating the need for expensive mining machines. Let’s take a look at some advantages of harvesting over mining.

One of the biggest advantages of NEM’s platform is higher productivity and, hence, efficiency levels. First, the EigenTrust++ algorithm is integrated into NEM’s blockchain to sustain the PoI reputational design. This protocol can precisely monitor network nodes to guarantee those specifically high-quality contributors are included throughout the consensus mechanism. Deadweights within the network, such as non-contributing nodes, are automatically removed by the system.

The system contains a security clustering algorithm that analyzes past node behavior, allowing nodes in clusters to lend reputation points to their neighbors. When compared to generation one and two blockchains, this method keeps NEM efficient and small.

For corporate clients, multi-signature transactions are a major plus. Administrators at these companies must be able to monitor and grow the network to meet all of the firm’s demands. Companies may use NEM to manage account activity, control assets like XEM from one account, construct new mosaics, and — ultimately — generate new tokens.

All of the multi-signature smart contracts are securely stored directly on NEM’s blockchain. This maintains the company’s dedication to security. The majority of the present market competition does this work through third-party off-chain solutions. The NEM blockchain’s multi-signature capabilities directly raise the bar in terms of competition in the blockchain community.

 the blockchain world via NEM. On the internet, namespaces are similar to what are known as “domain names.” On the NEM blockchain, you may establish and control your own unique domain name. Users can run a domain name three tiers deep, which is not very common. This method gives both users and companies more flexibility and adaptability.

 2014–15. The entire NEM concept started when UtopianFuture, a Bitcointalk forum user, stated that the cryptocurrency NXT had motivated him to create a new initiative. NEM, a forked version of NXT, began operating in March of 2015. It didn’t take long for developers to decide to rebuild NEM from the ground up.

NEM got its own codebase toward the end of the year. As a result of NEM’s enhancements, the platform is now more scalable and thus speedier than the original NXT. The project rose to popularity, and in 2016 the NEM foundation joined the market. This non-profit focuses on collaborations, growth, marketing, and brand awareness as its key approaches toward accelerating the adoption of NEM.

As mentioned above, the NEM blockchain’s native token is XEM. In its ecosystem, XEM plays many more roles than that of a simple currency. XEM can be used to earn voting and approval powers. NEM is also used as a coin with extremely rapid transaction speeds. Up until now, though, XEM’s primary goal has been to make smart contracts easier to use.

Until March 2017, when it gained market momentum and surged, NEM was a sleeping monster. Its price had been trading for less than $0.01 up to that point. NEM’s price rose to a bit more than $0.03 per token during its early bull runs. While most investors expected a large pullback following such highs, the massive late-2017 bull market ignited another bull run for NEM, driving its price above $2, the highest price at which NEM has ever been traded.

With a market value of $1.7 billion and a price of $0.19, NEM now ranks 64th place among cryptocurrency platforms.

Backed in 2019, the NEM Foundation announced they have plans to lay off

 in the wake of severe budget cuts. Subsequently, the newly elected president submitted a funding request to the NEM community that claims to rescue the organization. 

But what really went down can relate to the mismanagement of the previous governance council and the accumulation of debt spent on marketing. Later on, the sparks of argument flew when NEM was burning through 80 million XEM alongside the former foundation president Lon Wong promoted “sketchy” ICO such as Ecobit and 

“Clearly, the NEM Foundation started as an attempt at decentralized governance, and in the end, significantly contributed to the collapse of the XEM price. Further, the NEM Foundation branded itself as decentralized governance, but clearly has plenty of centralized power to do whatever it wants with dev funds.” — 

As of now, XEM coins seem to be going up, but what does the future hold? 

NEM doesn’t provide an explicit year-ahead strategy with particular goals and milestones. Its Catapult upgrade is yet the most significant update currently still in the works. Its details are outlined in NEM’s Catapult white paper. Some of the main features include:

NEM’s Catapult upgrade is one of the key driving factors behind XEM’s price. It’s crucial to point out that NEM was originally developed using Java but is currently being rewritten in C++ as part of the Catapult upgrade. NEM is working on numerous other projects, which also acts as a key driver for its future price. Let’s take a look at some of these ventures.

The number of enterprises and entities that construct projects on the NEM platform will be crucial in determining XEM’s future success and adoption. The more successful and creative the initiatives, the larger the demand will be for the XEM coin.

NEM is supported by a Singapore-based non-profit called the NEM.io Foundation. Its main mission is to “introduce, educate, and promote the usage of the NEM blockchain technology platform to all businesses and organizations on a global scale.” The launch of a $70 million investment fund to aid and support the growth of local blockchain startups is one of the many examples of the foundation’s efforts.

 already been put to use by financial institutions in Japan and throughout the world, has kickstarted the implementation of NEM’s technology.

The NEM ecosystem sets forth several possible real-world use cases, ranging from payments and transfers to logistics solutions, voting systems, and recordkeeping, all of which may stimulate the wider use of the platform. On NEM’s official website, you can see several examples of these use cases already being implemented.

Now, let’s take a look at XEM’s long-term pricing estimates. Price predictions are one of the key factors that will help you determine whether or not XEM is a worthwhile investment. However, it should be noted that it’s wise not to base your entire opinion on simple predictions; they only are potential forecasts and may not always be accurate.

 that in 2021 XEM’s price might hover around $0.365. 

Following WalletInvestor’s prediction, we’ll take a look at that of 

 that by the end of 2021, XEM may be worth an average price of $0.29. TradingBeasts’ price projection for NEM is between $0.32 and $0.47 by the end of 2024. 

Finally, DigitalCoinPrice provided its price prediction for XEM. It 

 by the end of this year and $1.02 by the end of 2025, which is a more optimistic prediction than the forecasts mentioned above.

The first thing you should know about XEM, as with all other cryptocurrency investments, is that it is a high-risk, high-reward investment. It’s doubtful that investing a few hundred dollars in XEM will allow you to retire early. That said, if you wish to put money into XEM, follow the rule for investing in crypto (and other markets): 

“Invest as much as you can afford to lose.”

All things considered, NEM offers considerable advantages. Each XEM coin could be a good investment if it follows a similar trajectory to Ethereum, which, granted, has yet to accomplish all of its goals. 

Besides, the price predictions we touched on earlier are, overall, positive. According to these forecasting experts, there may still be a wild ride for XEM investors. As of now, XEM is showing a bull trend.

However, If XEM is successful in tackling its flaws and management issues, it’ll only boost the confidence of the communities. 

In honor of the demand, Bybit recently introduced a new trading pair (

) that allows users to trade perpetual contracts with up to 100x leverage. All you need to do is sign up for an account and 

XEM, its growing community, and its corresponding blockchain platform, NEM, have proven to be robust and promising. From its PoI consensus and Catapult upgrade to its multi-signature transactions, there’s no doubt this coin is making its way up the market. For the time being, XEM looks to have found its place in the crypto industry. As additional pilot projects go online, you can reasonably anticipate that this particular crypto coin will gain traction with time.

What Is NEM (XEM)? A Beginner’s Guide to a Harvested Crypto

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards