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 Guide

Discover how Bybit can help you profit from the Ethereum Shanghai upgrade, no matter what kind of investor you are.

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After a successful implementation of the 

 in September 2022 that saw Ethereum complete its shift to a 

, enabling investors to finally unstake their ETH tokens from Ethereum’s 

 after a lock-up period of over two years.

While the upgrade could be bullish for Ethereum, since you can now 

 your tokens without worrying about liquidity, locking your tokens on the platform will still be expensive, since you’ll need 32 ETH to secure the network. 

 and other liquid staking derivatives still prove a viable option for investors looking to explore numerous 

 opportunities, while simultaneously receiving rewards for staking Ethereum.

Are you looking to reap big from the Ethereum Shanghai Upgrade? Bybit provides various ways to invest in stETH and other liquid staking derivatives. Whether you’re a CEX Purist, a DeFi Believer or an LSD Opportunist, Bybit is the perfect platform to help you maximize profits.

In this write-up, we’ll explore these three types of investors and learn how you can leverage various options on Bybit to profit from the Ethereum Shanghai Upgrade.

Type 1: The CEX Purist (Stake on Bybit Earn)

Are you looking to invest in ETH and stETH directly on a centralized exchange (

)? Then you’re a CEX Purist, and Bybit Earn offers the most flexible way to stake your tokens.

Earn High APR in the Most Transparent Way

By staking your ETH with Bybit Earn, you get to earn a high APR of up to 6% while also enjoying a secure and reliable experience. All staking data is tracked on-chain, which means greater transparency when compared to other types of staked/wrapped ETH tokens (like cbETH or bETH) that have no on-chain data tracking.

 Do your own research (DYOR) before jumping on a stake that promises a high APR. Based on our testing and research on historical data on 

 and Ethereum from official sources such as 

, the most common APR is around 4 to 6%, and all official liquid staking derivatives tokens are based on Ethereum’s APR.

Compared to other CEXs, Bybit provides the most liquid way to stake ETH. This is because stETH can be used on many protocols, unlike other liquid staking tokens such as bETH, which can only be used on Binance.

What’s more, you can use your stETH tokens as collateral in Bybit’s 

 that lets you manage all your assets in one account, which helps you manage risk better and improve capital efficiency since you get to hold tokens while earning interest even when trading.

 opportunities on the Bybit Spot market. For instance, when you stake 1 ETH in return for 1 stETH, you can potentially sell your stETH as an stETH/ETH pair on Bybit to earn 1.005 ETH, should the price of the trading pair exceed the 1:1 ratio.

Further, as a whale investor, you won’t incur 

 and transaction fees while minting stETH on Bybit Earn, fees that are typically incurred when you trade stETH or ETH on most other exchanges. The 1:1 minting function eliminates these fees, which could be astronomical for large orders.

Bybit allows you to convert your ETH tokens to stETH with just one click. This is more convenient and provides a better user experience (UX) than existing CEXs. For instance, obtaining Coinbase’s cbETH requires users to first stake their ETH and wrap the asset afterward to receive cbETH. 

Type 2: The DeFi Believer (Stake on Bybit Web3)

 stETH, you enjoy the most liquidity from ETH and get to trade while earning a passive income from staking, since stETH tokens can be used to earn yield on DeFi platforms such as 

. If you’re a firm DeFi Believer wanting to engage with ETH directly on Curve and Lido, you can choose to stake on Bybit Web3 with 

. By staking your tokens in a Bybit Wallet, you’ll enjoy more speed and convenience than when using these platforms directly.

With Bybit Web3, you’ll only need to hold a single currency — unlike Curve, where you’ll need to hold both ETH and stETH in order to receive Curve’s LP tokens. Further, you can choose this currency from a diverse range of tokens such as ETH, stETH, 

As a DeFi enthusiast, you’ll find that staking on Bybit Web3 is highly convenient — since you get to stake your tokens in one place to earn a high APR of up to 6.5% (including all LP tokens, and  CRV and LDO reward tokens given by Curve).

However, if you stake directly on Lido and Curve, you’ll need to go through an 11-step process to achieve the exact APR (6.5% for Lido + Curve) — whereas on Bybit, it 

Finally, the liquidity available in the Bybit Wallet is higher than that of DeFi protocols such as Curve. By investing in stETH or ETH via Bybit Wallet, the higher liquidity ensures that you’ll truly be able to collect your earnings at any time.

Type 3: The LSD Opportunist (Trade From Eight LSD Tokens)

Liquid staking derivatives (LSDs) are a perfect way to make the most of 

 by capturing opportunities from all ends. If you’re an LSD Opportunist, the Bybit trading platform is ideal for achieving maximum returns. You’ll get to trade eight LSD-related tokens: ETH, stETH, LDO, 

You’ll also be able to participate in two LSD events designed to celebrate the Ethereum Shanghai Upgrade 

The Shapella Upgrade is pivotal to the future of Ethereum’s blockchain, and provides lucrative opportunities for different types of investors. Whether you’re a CEX Purist, a DeFi Believer or an LSD Opportunist, Bybit gives you diverse opportunities to invest and profit from this upgrade. What are you waiting for? 

 with Bybit today to leverage the numerous opportunities presented by the Ethereum Shanghai Upgrade!

What Kind of ETH Shanghai Investor Are You?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards