Aave has integrated Chainlink’s Smart Value Recapture (SVR) on Ethereum Mainnet to recapture liquidation-related MEV, historically lost to block builders, and redirect it to DeFi apps.

The S&P 500 fell 1.53% last week amid tariff concerns, with investors awaiting jobs data and earnings. Gold dips to $3,025 as Ukraine peace talks reduce safe-haven demand, but Fed rate cut expectations may limit losses. Market focus shifts to U.S. retail sales data for further direction. CoinDesk Indices, which tracks the broader crypto market, rose 1.06% in the past 24 hours, Bitcoin dropped 0.75%, while Ether rose 0.07%. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is ZRO, up 9.3%, as Wyoming partners with LayerZero for multichain stablecoin development.

LayerZero (ZRO), launched in 2021, is a cross-chain interoperability protocol enabling secure blockchain communication. It has raised $260M+ and reached a $3B valuation. Supporting 48 blockchains, its V2 upgrade enhances security and programmability. Its first DApp, Stargate Finance, enables seamless cross-chain transfers. Wyoming Stable Token Commission has 

 with LayerZero to develop the WYST stable token, announced at the DC Blockchain Summit. Test WYST has been deployed on multiple blockchain testnets using LayerZero’s Omnichain Fungible Token standard, meeting legislative requirements for a multichain stable token. The Commission aims to launch a fiat-backed, fully reserved stablecoin soon.

Check out the latest prices, charts, and data of 

 Chainlink’s Smart Value Recapture (SVR) on Ethereum Mainnet to recapture liquidation-related MEV, historically lost to block builders, and redirect it to DeFi apps. Developed with BGD Labs and Flashbots, SVR enables Aave to reclaim Oracle Extractable Value (OEV) from liquidations, boosting protocol revenue. Initially applied to select markets (tBTC, LBTC, AAVE, LINK), the recaptured revenue will be split between Aave (65%) and Chainlink (35%). SVR is also the first Chainlink service integrated with Payment Abstraction, allowing seamless LINK conversions for fees. Future upgrades will enhance decentralization, gas efficiency, and cross-chain functionality.

The BTC spot ETF data for the week of March 24–28, 2025, shows a total of $196.4 million in Non-GBTC, with no changes in GBTC. The week's total was negative due to a significant drop on March 28, where Non-GBTC was down by $93.2 million. The current total from inception stands at $36,334 million for Non-GBTC and -$22,526 million for GBTC.

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Aave integrates Chainlink SVR to recapture MEV and boost DeFi revenue

Mar 31, 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 — Payroll is expected to further soften

US employers likely slowed hiring in March amid rising consumer caution and a dimmer economic outlook due to concerns over higher tariffs. Payrolls increased by 138,000, falling short of the 151,000 rise from the previous month, marking the slowest average job growth since October. The unemployment rate is expected to remain at 4.1%.

The labor market report comes as economic data shows a significant slowdown in Q1, with personal spending barely rising, soft disposable income growth and declining consumer sentiment over inflation fears.

Federal Reserve Chair Jerome Powell and other Board of Governors members will address the economic outlook shortly after the jobs data release next Friday. The anxiety surrounding President Trump's aggressive trade policies is mounting, especially with the expected significant tariff increase on imports.

Trump stated he is unconcerned about potential auto price hikes due to these tariffs. 

 predicts that effective tariffs could reach around 15% next year, the highest in nearly a century, which may keep the Fed from lowering rates amid inflation risks.

With consumer confidence waning, any significant drop in job growth could heighten economic concerns. Upcoming manufacturing and services surveys from the Institute for Supply Management (ISM) and S&P Global are anticipated to provide further insights.

Weekly crypto highlight — Ether doubts mount as volatility rattles market

Vitalik Buterin, Ethereum’s founder, was once celebrated as a visionary in the cryptocurrency realm. Known for his quirky style and idealistic views, he’s aimed to revolutionize finance and digital life via Ethereum, a significant competitor to Bitcoin. However, as Ethereum enters its second decade, it’s struggling to meet early expectations amid a rapidly evolving industry influenced by political shifts, notably under Donald Trump.

Developers are leaving, early supporters are frustrated — and Ethereum's token (ETH, or Ether) has underperformed compared to Bitcoin and other competitors. Complaints about Buterin's leadership have intensified, leading him to express the challenges of maintaining a positive environment for talent within the Ethereum Foundation.

Despite Ethereum remaining the world’s second-largest cryptocurrency, its value plummeted approximately 44% in 2025, marking its worst quarterly performance since 2022. While BTC has gained 30% over the past year, ETH has declined 45%, losing ground to rivals like Solana, which has experienced 83% growth in developer activity.

Analysts have downgraded Ethereum's year-end forecast by 60%, citing an identity crisis and dwindling dominance. At a recent conference, Buterin acknowledged the unmet promises of Ethereum but stressed the need for sustainable long-term value.

Buterin, who authored the Ethereum white paper in 2014 after dropping out of college, envisioned a decentralized platform for digital contracts and applications. Despite Ethereum's speculative highs, he has remained detached from material wealth.

In contrast to the crypto landscape embracing Trump's rhetoric, Buterin has maintained a critical stance, labeling “politician coins” as risky and detrimental to democracy. He hasn’t commented further on these issues, reflecting his commitment to Ethereum's foundational ideals amid shifting industry dynamics.

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Weekly Institutional Insights: US payroll expected to weaken; Ether doubts mount

Following the success of recent Bitcoin and Ethereum Spot ETFs, asset managers are actively pursuing the creation of spot ETFs for altcoins. Learn more here.

US president Donald Trump's return to office has ignited renewed institutional interest in 

 (ETF) applications centered on these innovative digital assets. This surge reflects a growing recognition of altcoins as viable investment opportunities. 

In this article, we’ll take a deep dive into the dynamic 

 landscape, spotlight key altcoins that are drawing ETF proposals and discuss the potential market impact and regulatory challenges. 

An altcoin spot ETF application is a formal request submitted to regulators to create an exchange-traded fund (ETF) that directly holds altcoins (cryptocurrencies other than 

) as underlying assets, allowing investors regulated exposure to the altcoins’ real-time market prices without owning the altcoins themselves.

How does an altcoin spot ETF application work?

The process of applying for such an ETF in the United States involves several detailed steps, primarily overseen by the Securities and Exchange Commission (SEC).

During its review, the SEC assesses several critical factors to determine whether the altcoin is suitable for inclusion in an ETF. The agency examines the market surveillance capabilities of the exchange, ensuring it can effectively monitor trading activities to prevent fraud and manipulation. In addition, the SEC evaluates custody solutions to guarantee secure storage of the altcoin, protecting it against theft or loss. Finally, the agency considers the liquidity and market size of the altcoin, assessing its market maturity through indicators (such as trading volume and market capitalization) to ensure it can adequately support an ETF structure.

Current altcoin spot ETF application landscape

 in the United States in 2024, asset managers have expanded their focus to other cryptocurrencies. Major firms Grayscale Investments, Bitwise, VanEck and Canary Capital have filed applications with the US SEC for ETFs tied to cryptocurrencies such as 

 from Bloomberg Intelligence have assigned a 90% approval probability for a Litecoin ETF in 2025, with 

, Solana and XRP following at 75%, 70% and 65% likelihoods, respectively. 

In the international scene, Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), 

 Spot XRP ETF, the Hashdex Nasdaq XRP Index Fund. This ETF allows investors to gain direct exposure to XRP through Brazil's B3 stock exchange without the need to purchase and store the cryptocurrency themselves. 

Why is there a sudden rise in altcoin spot ETF applications?

Several factors have contributed to the surge in altcoin spot ETF applications.

An overview of altcoins with spot ETF applications

The growing interest in altcoin spot ETFs has led several asset managers in the US to file applications for a range of digital assets. Below is a detailed list of the altcoins currently targeted by spot ETF applications, along with the companies behind each filing.

 is a high-performance blockchain platform renowned for its scalability, speed and low transaction costs achieved through its unique Proof of History (PoH) 

. In February 2025, the SEC acknowledged several Spot Solana ETF applications from prominent asset managers, as follows.

Currently under review, these applications collectively carry an estimated 70% likelihood of approval, though this outlook may be affected by the regulatory classification of SOL as a security. 

 is a decentralized cryptocurrency launched in 2011 as a faster, lower-cost alternative to Bitcoin. Dubbed "digital silver," it uses a 

 (PoW) consensus mechanism and serves primarily as a payment network.

Several asset managers have submitted applications for a Spot Litecoin ETF.

The SEC’s final decisions are expected by late 2025. Bloomberg analysts estimate a 

 for Litecoin ETFs in 2025, due to Litecoin’s commodity classification and reduced regulatory risks as compared to other cryptocurrencies. Analysts also highlight that Litecoin’s technical similarities to Bitcoin are favorable factors in the ongoing review process.

’s decentralized blockchain platform is designed to enable interoperability between different blockchain networks. Pending DOT Spot ETF applications include the following.

The applications are under review by the SEC, and 21Shares recently 

its application in early March, 2025, indicating active collaboration with the SEC. 

 is a third-generation blockchain platform that uses a 

 (PoS) consensus mechanism, making it more energy-efficient than PoW blockchains. It’s known for its rigorous, peer-reviewed development process and focus on sustainability, scalability and interoperability. 

filed the first-ever (and, so far, only) Spot Cardano ETF application 

 with the SEC, aiming to list the ETF on the New York Stock Exchange (NYSE). 

Grayscale's Spot Cardano ETF application is currently under review by the SEC, with the regulatory body 

 on Feb 24, 2025. The SEC's decision is expected by August 2025. 

 is a decentralized public network that uses the novel 

 (based on a directed acyclic graph, or DAG) to offer high-speed, secure and energy-efficient transactions. It’s designed as an alternative to traditional blockchain systems, supporting applications across various industries like finance, gaming and healthcare. 

The following asset managers have submitted HBAR Spot ETF applications.

The SEC review process for the HBAR Spot ETFs has begun. It can take up to 240 days for a full response. However, HBAR isn’t considered a security by the SEC, which could potentially expedite the approval process for an HBAR Spot ETF. 

 is a decentralized oracle network that helps connect smart contracts to real-world data, ensuring that these contracts can securely and reliably access external information. 

Although no asset managers have filed for a Spot ETF focused solely on Chainlink (LINK), the asset is gaining exposure through broader crypto ETF filings. For instance, Hashdex's crypto ETF, which also features major cryptocurrencies like Bitcoin and Ethereum, includes Chainlink in its portfolio. This ETF application 

 on Nov 25, 2024, and is currently under review.

 cryptocurrency that originated as a satirical take on the burgeoning digital currency market. Despite its humorous beginnings, Dogecoin has developed a significant following and has been used in various charitable events and crowdfunding campaigns. 

Asset managers who have submitted applications for Dogecoin (DOGE) Spot ETFs include the following.

These applications are currently under review by the SEC, and a decision regarding Grayscale's application is anticipated by mid-October 2025. 

 blockchain platform developed by Ava Labs and launched in September 2020. It’s designed to support fast, scalable and secure 

The following asset managers have submitted applications for 

These applications are currently under review by the SEC. 

 is a Layer 1 blockchain platform developed by Aptos Labs, founded in 2021 by former Meta (Facebook) employees Mo Shaikh and Avery Ching. Leveraging the Move programming language, initially created for Meta's Diem project, Aptos aims to deliver a scalable, secure, and efficient infrastructure for DApps. 

As of now, Bitwise Asset Management is the only asset manager that has 

 for an APT Spot ETF. The application, submitted on Mar 5, 2025, is still pending with the SEC.

 is the native digital asset of the XRP Ledger, an open-source blockchain designed to facilitate fast, low-cost and energy-efficient cross-border payments. XRP aims to provide a scalable alternative to traditional financial systems such as SWIFT. 

All of these applications are currently under review by the SEC, with possible approvals expected later in the year.

 is a Layer 1 smart contract platform designed to enhance digital asset ownership by making transactions fast, secure and accessible. Its PoS consensus mechanism and use of the Move programming language enable Sui to support high-speed transactions and a wide range of DApps, positioning it as a scalable solution for various blockchain use cases. 

 with the SEC to launch an ETF tied to the spot price of SUI. This filing represents the first, and for now, only attempt to introduce a SUI-backed ETF in the United States.

The SEC has acknowledged receipt of Canary Capital's application, kicking off the regulatory review process. 

 is an Ethereum Layer 2 blockchain platform built to improve scalability and efficiency. It leverages the Move programming language for faster transaction speeds and lower costs, seeking to establish itself as a next-generation blockchain solution.

 for an ETF designed to track the MOVE token. Submitted on Mar 10, 2025, this marks the first, and currently the only, application for a MOVE Spot ETF.

The SEC is currently reviewing the application, having confirmed receipt.

Could this trend pave the way for crypto mainstream adoption?

The growing number of altcoin spot ETF applications and potential approvals could significantly impact the cryptocurrency landscape, potentially accelerating mainstream adoption. Here's how.

Historical data suggests that significant regulatory milestones, such as ETF approvals, often lead to market rallies. For instance, following the SEC's approval of Bitcoin Spot ETFs in early 2024, Bitcoin's price surged over 

, reaching a peak of $100,000. This rally contributed to the overall cryptocurrency market cap’s climb to approximately $3.5 trillion. Similarly, spot ETF approvals could trigger a bull run, as increased demand drives up prices. With easier access to crypto investments, more individuals and institutions may enter the market, further driving adoption and innovation within the ecosystem.

While the outlook is optimistic, it's essential to approach these developments with caution.

, and their market movements can be unpredictable. Investors should 

 and consider their risk tolerance before investing in cryptocurrencies or related products.

The altcoin Spot ETF landscape is rapidly expanding as asset managers like Grayscale, Bitwise, 21Shares and Canary Capital file applications for digital assets beyond Bitcoin and Ethereum. With ETFs targeting Solana, Litecoin, Polkadot, Cardano and other altcoins, these initiatives aim to enhance market accessibility and institutional participation, though final approval remains subject to regulatory review.

Intermediate

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Crypto ETF landscape: An overview of altcoins with ETF applications

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.

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Candlestick

Trading

Double top & double bottom patterns can critically illustrate a reversal in market direction. But is it useful in crypto trading? Learn more.

Double top and Bottom Trading

Cryptocurrency retail traders have borrowed the entire arsenal of technical analysis tools used in traditional markets, so they don’t have to reinvent the wheel. Even though the crypto market is still emerging and thus highly volatile, the prices are behaving based on the same old principles that relate to our intrinsic nature. Above all, the double top and double bottom is clearly a must-know for every trader. 

The double bottom and top can accurately illustrate a reversal in market direction reversal, and it’s not a surprise they remain popular in all markets.

As an introduction, the double bottom pattern (W-shape) is a bullish reversal formation on the candlestick chart, though it can also be visible on the bar and even line charts. It is also conveyed as a mirror of the double top pattern (M-shape), which is a bearish reversal pattern. 

Of course, these patterns can also relate to the traders’ psychology, and it’s best suited for analyzing the intermediate to longer-term view of a market. But the best part is, they work exceptionally well for cryptocurrencies like Bitcoin and 

Still, how are they applicable in crypto trading? Are they any different when in use in other markets beyond the traditional stock market? Let’s dive right in. 

The double bottom pattern forms when two price bottoms are positioned at relatively the same level while a neckline acts as a resistance. This pattern shows up at the end of a downtrend and signals its reversal. 

Typically, traders would usually wait for the price to break above the neckline to go for a long position. Still, you should only go long if you’re confident because there are chances where you’ll end up trading against the trend.

The key to using a double bottom pattern is the longer the duration between the two lows in the pattern, the greater the probability that the chart pattern will be successful

. That also translated to the fact that this technical analysis indicator is more suitable for long-term trades as it supports the exploitation of recurring patterns.

Still, there are mistakes you should avoid for a more accurate analysis. That said, when a double bottom is used correctly, the results are quite impressive, but it can also be detrimental when you’re not careful. So, how does it work, and how do you even spot them? 

Determining a double bottom is not as difficult once you lay hold onto the fundamentals. It is one of those patterns that shows up regularly, visible, and provides a decent signal. The pattern is differentiated with its three main characteristics:

Here is the market psychology behind this formation:

That’s it! That is how clear and straightforward the double bottom pattern is. 

To recap, the Double Bottom Pattern (W-shaped) tells us the existing 

 has likely bottomed out, and the price is about to reverse.

We have already described the main course of action, but there is more to know. For example, when you trade the double bottom, you should determine the patterns whose gaps between the lows are larger. Such patterns are likely to be spotted easily, which increases the chances of neckline breakout and thus a reversal.

When trading the double bottom, most traders would enter the market right after the price breaks above the neckline, but you can try a different approach.

Instead of waiting for a clear breakout to form, you can stay calm and watch the market a bit – the price can potentially reverse lower right after breaking above the neckline. You want to see a visible strength from bulls instead of hesitation. So here is how you can proceed:

In other words, you should not hurry to open the buy order when the price is breaking above the neckline but instead wait to see whether there is a pullback. This way, you’re making sure that when you enter the market, bulls are strong enough.

You can trade the double bottom whenever you spotted it, especially when the existing bearish trend reached the oversold level. For this, you can employ technical analysis indicators like the Relative Strength Index (RSI) or Stochastic.

 might not always be at the same level. More often, the second bottom might go lower as bears try harder to break below the previous low. But, if the price manages to bounce back from the second low, the pattern remains valid and is worthy of your consideration.

Please be wary that sometimes when such a pattern shows up, bears are trapped, as they go short right after the price breaks below the first low. That is signaling bulls because bears are demoralized when the price bounces back.

Also, when the second bottom is lower than the first one, it makes sense to check whether the pattern doesn’t form a bullish divergence with the RSI, which will be an even stronger signal for you.

The double top is a bearish reversal pattern that signals the 

. It is formed by two price highs form at the same level and a neckline that acts as local support. Traders would wait for the price to break below the neckline, after which they open short positions.

You can observe double tops quite often, though some of them might not be ideal. The pattern consists of three main elements:

When the market reaches the overbought level, it might face resistance and form the double top pattern. It starts with the first high when the price retreats until finding local support. At this time, you can’t detect the pattern. After the first top, the price pulls back until the support (neckline) and then bounces back to test the newly formed resistance again. If the price can’t break above it, it’ll form a second high. That is when traders wary of the trend and should get ready to short when the price breaks below the neckline.

You can use the same breakout techniques as in the case with double bottoms but with inverted rules. 

Are Double Bottoms and Double Tops Suitable for Crypto Trading?

Definitely yes! These two patterns are universal, and they work well in all markets, including cryptocurrency. Still, the frequency of these patterns showing up might be lower than in the forex market, for example. However, they have the same relevance once you spot them on the chart. 

Cryptocurrency traders rely very much on technical analysis, and the chart patterns can provide the most powerful signals, mostly when used in combination with technical indicators. Still, crypto traders should be more cautious, given that cryptocurrencies are more volatile and unpredictable.

Double Top vs. Double Bottom: Differences

There is no fundamental difference between the Double Top and the Double Bottom, except that they are a total opposite. In other words, what’s right for bulls in the case of the Double Bottom, the same is true for bears in the case of the Double Top, as the latter is a bearish reversal signal.

The double top is made up of two highs positioned at relatively the same level and a neckline, which at this time represents local support.

When trading cryptocurrencies on large timeframes, the approach for each of the two might differ, as the double bottoms should appear more often given that the crypto market is striving to expand.

The great thing about the two patterns is that they are effective on multiple timeframes, be it M15, H1, H4, or D1. Thus, both 

, and even position traders can use them. They are also universal patterns that work well with stocks, forex pairs, commodities, and cryptocurrencies.

Just like any other technical pattern, they have their metrics, but it also comes with drawbacks. The main disadvantage is that neither the double top nor the double bottom can guarantee that the newly formed trend will consolidate. For example, in the double bottom case, bears might find the courage to push prices lower for the third time and even try to break below the support. Thus, traders should use risk management tools like the 

One of the main mistakes of those who trade the double bottom is to go long immediately after the price breaks above the pattern’s neckline. In this case, if you’re not cautious, you might end up trading against a larger trend. If the market is in the middle of a strong bearish move and forms a “small” Double bottom pattern, it will most likely ignore it and continue its general downtrend. 

To avoid it, you should add Moving Average (MA) with period 20. If the price is below the MA, you should not buy the neckline breakout. When trading the double top, the price should not be above the MA with the period 20. 

All in all, if you follow the mentioned rules, you’ll most likely succeed with these patterns even if you are a beginner. However, make sure to practice them on a demo account before trading with real funds.

While double tops and double bottoms are some of the most reliable chart patterns, they cannot guarantee trend reversals on all occasions. To avoid significant losses that may affect your entire balance, you should apply some basic techniques to mitigate risks.  

, which will reduce the potential loss if the price suddenly moves against you. A stop-loss should be set between the breakout (neckline) and the resistance (in the case of the Double Top) or support (in the case of the Double Bottom). 

To promote consistency and focus on the long-term goals, you should 

not use more than 1% of your balance per trade

. That is one of the golden rules of risk management. 

However, if the market is volatile and you are tempted to hit the jackpot by going all in. You might indeed be lucky for once; you will not be guaranteed the same luck in the long run if such a practice turns into a habit. 

The double tops and double bottoms are some convenient and reliable chart patterns, yet their rate of success really depends on your ability to convert their signals into successful trades. 

To improve your trading skills with these chart formations, you can start by practicing on a demo account or searching for the patterns on historical charts. Don’t forget to keep an eye on technical indicators, especially those measuring the overbought and oversold levels. 

Candlestick Patterns Professional Traders Use

 – A curated list of candlestick patterns most frequently used by traders

 – Learn the basics of candlestick patterns

 (Chart basics: trend, neckline, wedges)

What Are Double Top and Double Bottom Patterns & How Does It Work?

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