Chainlink Rewards, launching on May 8, incentivizes active participation in the Chainlink network.

Daily top performer — ICON Network (ICX)

The S&P 500 fell 0.64% on Monday as market sentiment weakened due to stalled trade talks and new tariff threats, with investors awaiting the Fed’s policy meeting and Powell’s remarks. Gold surged over 2% to $3,321 as a weaker USD and Fed rate hold expectations boosted demand, with traders eyeing resistance at $3,350 ahead of Powell’s upcoming comments. The Coindesk Indices, which tracks the broader crypto market, down 0.53%, with Bitcoin and Ether down 1.33% and 1.44%, 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 ICX, which surged 21.4% after the announcement of its transformation into SODAX, a unified DeFi platform powered by Sonic and $SODA.

ICON Network (ICX), launched in 2017, connects diverse blockchain communities through smart contracts and Citizen nodes, aiming to improve interoperability across blockchains. It uses decentralized identifier (DID) technology to securely store user data, supporting decentralized finance and digital content distribution. 

, a unified DeFi platform with a new deflationary token ($SODA), optimized liquidity products, and a migration to the faster, low-cost Sonic EVM chain for scalability and sustainability.

Check out the latest prices, charts, and data of 

, launching on May 8, incentivizes active participation in the Chainlink network. The first phase, Season Genesis, offers 100M SXT tokens to eligible LINK Stakers. Future seasons will introduce a more advanced claiming system and additional rewards linked to various Chainlink Build projects. Stay cautious of phishing attempts, and only rely on official links provided at launch.

Yesterday, BTC spot ETFs saw total outflows of $105.7M, with $16.4M from GBTC and $89.3M from other ETFs.

, enabling users to verify their reserved Human ID as an on-chain proof of identity linked to their humanity. RWT will convert to Humanity Points (HP), claimable offchain with one click. Palm scanning via mobile will also be introduced to confirm user presence on the network.

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Chainlink rewards launches with 100M SXT token giveaway for LINK stakers

May 5, 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 — Robust economic data might support June rate cut

Things are becoming increasingly complicated for the Federal Reserve as it prepares for its upcoming meeting. With inflation in focus, officials are likely to maintain interest rates. Yet, concerns about an economic slowdown are growing, exacerbated by calls from President Trump for a rate cut.

Fed Chair Jerome Powell may find some reassurance in recent labor data, which reported a robust increase of 177,000 jobs in April 2025. This solid job market provides a rationale for the Fed to hold rates steady. Additionally, the Fed's preferred inflation measure indicates a slight easing of price pressures. However, rising tariffs on imports threaten to undermine this progress.

Uncertainty looms globally over major central banks, as the White House seeks trade deals that could significantly alter economic forecasts. Economists suggest Powell will emphasize the importance of price stability, especially as inflation expectations appear to be shifting.

Meanwhile, the European Central Bank continues to lower rates in anticipation of disinflation and weaker growth due to US tariffs, and the Bank of Canada has diverged from its usual practice of issuing a standard forecast, opting instead for two contrasting scenarios based on the tariff situation with the US.

Looking ahead, the US economic calendar is sparse, with upcoming data on service sector activity and jobless claims expected to provide insights into labor market trends. Globally, monetary policy decisions are anticipated in several countries, highlighting the widespread impact of trade tensions.

As central banks navigate these turbulent waters, the interplay of tariffs and inflation will be critical in shaping future economic policies.

Weekly crypto highlight — Strategy sees no pause in Bitcoin purchase

Michael Saylor's company, Strategy, has doubled its capital raising plan to $84 billion following a record $4.2 billion first-quarter loss. This loss was attributed to a new accounting rule mandating that the firm value its substantial Bitcoin holdings at market prices. On Thursday, Strategy registered to sell an additional $21 billion in common shares, having exhausted a previously authorized equity program.

Additionally, the company has increased its planned debt purchase program from $21 billion to $42 billion, with $14.6 billion remaining. This shift reflects a growing awareness among corporate Bitcoin buyers of the unrealized earnings fluctuations that can occur, such as in Strategy's dramatic quarterly loss. The company holds approximately $53 billion in Bitcoin.

Prior to this accounting change, Strategy classified its Bitcoin as intangible assets, which limited its ability to recognize gains unless the assets were sold. This resulted in permanent markdowns whenever Bitcoin prices fell.

Over the past five years, Saylor has transformed Strategy, formerly known as MicroStrategy Inc., into the largest leveraged Bitcoin proxy globally. However, revenue from its software division fell 3.6% to $111.1 million in the first quarter of 2025.

Saylor's advocacy has significantly contributed to Bitcoin’s mainstream acceptance, inspiring numerous companies to follow suit by purchasing Bitcoin for their balance sheets. Analysts suggest that as more firms adopt this strategy, demand for Bitcoin will rise, potentially benefiting Strategy further.

Despite the stock's remarkable 3,000% increase since Saylor began buying Bitcoin in 2020, concerns remain about the sustainability of this approach. New competitors are emerging, including well-funded entities like Twenty One Capital Inc., increasing the pressure on Strategy. Nonetheless, Saylor shows no signs of slowing down, and is continuing to expand Bitcoin acquisitions aggressively.

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Weekly Institutional Insights: Robust US economic data sends stocks higher; Strategy sees no pause in Bitcoin purchase

The US dollar is facing its biggest test in years. Since President Trump returned to office, markets have struggled. 

Introduction: The Trump effect and market breakdown

The US dollar is facing its biggest test in years. Since President Trump returned to office, markets have struggled. The S&P 500 recorded its worst start under a new president since 1928. At the same time, the US dollar is falling — not just against one or two currencies, but broadly.

Normally, when stock markets fall, the dollar gains as a “safe-haven” asset. But this time is different, as both stocks and the dollar are dropping, which is rare and worrying. Investors are leaving the dollar and moving into alternatives like the euro (EUR), Japanese yen (JPY), gold and Bitcoin (BTC).

Example of negative S&P 500-Dollar correlation. S&P 500 dropped while the Dollar rose — July to October 2023 correction period. 

A perfect storm: Tariffs, isolation and the Federal Reserve

One of the biggest reasons for the dollar's current weakness is fear. Trump’s aggressive trade stance is isolating the US economy, and investors are worried about new tariffs and the long-term damage to global trade relationships.

If Europe decides to deepen trade ties with China instead of the US, the dollar’s position as the global reserve currency could face a real threat. On top of that, Trump has been attacking Federal Reserve Chairman Jerome Powell, calling him a “loser” and pushing for lower interest rates. These comments hurt confidence in the independence of the Fed — a cornerstone of US financial stability.

, it could signal a more cooperative approach and help stabilize investor confidence, offering much-needed support for the dollar.

China, trade and the mechanism behind the dollar decline

For decades, China and other countries have exported goods to the United States, earning US dollars. These dollars were often reinvested in US assets such as Treasury bonds, helping support the dollar’s strength. But tariffs are upending this entire system.

When Trump’s tariffs were activated, Chinese goods became more expensive in the US This meant that China sells less, earns less profit and has fewer dollars to reinvest. Demand for the dollar falls — and so does its value.

In other words, more tariffs are actually 

 for the dollar. The same goes for other export-heavy countries, such as Japan or Germany. If they see reduced access to US markets, they hold fewer dollars and invest less in US assets.

This shift in global capital flows is a major reason why the dollar is falling, and why it could fall further — unless, of course, a 

, which could help bring global flows back toward the dollar.

Technical environment: Oversold — or more pain to come?

There are two key ways to track the dollar in financial markets:

The DXY is currently down 8.3% in 2025, sitting at around 99.5 — its lowest level since April 2022. Meanwhile, EUR/USD is trading at around 1.134,after hitting 1.157 on April 21 — its highest level since the start of the Russia-Ukraine war in early 2022.

Technically, the dollar appears to be oversold. The 

 (RSI) is at 38, which is close to the “oversold” threshold of 30. Earlier in April it hit 25, which often signals a short-term rebound. The 

 indicator also shows early signs of positive momentum, as the 12-day moving average has crossed above the 26-day. If DXY can remain above 100 for a few days, it could help to build a stronger rally.

On the other hand, EUR/USD shows signs of being slightly overbought. The RSI is at around 60 (with 70 being the usual “overbought” threshold), and the MACD suggests downside risk is building. A drop below 1.13 in EUR/USD could push the dollar back up slightly. However, without fundamental support, any rebound may be short-lived.

Key events to watch: Tariff deadline and Fed cuts

Two major forces will shape the dollar in the weeks ahead:

Trump signing a tariff agreement with China

 before the July deadline — could help reverse the current negative trend and provide a short-term boost for the US dollar.

The US dollar is under pressure from all sides: politics, trade, interest rates and technical factors. Meanwhile, the rare combination of falling stocks and a falling dollar signals that global investors are losing confidence in their outlook on the US. The core of the problem is Trump’s aggressive trade policy and its impact on China — a longtime buyer of US assets.

As the 90-day tariff delay nears its end and the Fed prepares to lower interest rates, the dollar could face another sharp leg down. However, 

if a tariff deal is reached between the US and China

, the dollar could regain strength, as investor sentiment improves and capital flows return.

Technical indicators also suggest that the Dollar may be slightly oversold. RSI and MACD readings point to a possible short-term bounce if conditions improve.

In the meantime, traders and investors should watch the 100 level on the DXY and the 1.13 line on EUR/USD. These will be key markers for where the dollar is heading next.

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Bybit x FXStreet Report: USD is oversold as the result of technical indicators and EUR hype

Bybit showcased its innovative crypto solutions at Web Summit Rio 2025, emphasizing its role in integrating crypto into traditional payments. 

Daily top performer — Zebec Network (ZBCN)

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is ZBCN, which surged 19.5% after Zebec Network joined the Circle Alliance, aiming to make USDC the default stablecoin for real-world payments.

Zebec Network (ZBCN), founded in 2021, is a Solana-based DeFi protocol enabling real-time payroll and payments, with products like Zebec Card, Safes, and Web3 Banking, all governed by ZBC token holders. 

, with Circle Ventures being an early backer. USDC powers Zebec's products, including Zebec Cards and payroll services. With Circle holding a significant amount of ZBCN, Zebec aims to establish USDC as the default stablecoin for real-world payments.

 its innovative crypto solutions at Web Summit Rio 2025, emphasizing its role in integrating crypto into traditional payments. The exchange launched Bybit Pay in Brazil, offering a seamless crypto-to-fiat experience with features like QR code payments, multi-currency support, and secure blockchain transactions. Bybit also highlighted its strategic partnerships, including with Tomorrowland Brasil, and introduced its rewarding Bybit Card. The event showcased Bybit’s commitment to empowering the LATAM crypto community and making crypto accessible in everyday life.

BTC spot ETFs saw $1.8B net inflows last week, driven by $1.86B into non-GBTC ETFs despite a $58.7M GBTC outflow. Since inception, total net inflows stand at $40.2B.

GiveRep is experiencing heavy traffic, causing site loading issues, but the team is actively working on 

 V1 soon. In the meantime, users can continue earning rewards as all tweets about GiveRep are still being indexed. A confirmed ATTN token airdrop will reward those who rank higher on the leaderboard, so continued engagement is encouraged.

Bybit showcases crypto payment solutions at Web Summit Rio 2025 with Bybit Pay launch in Brazil

Crypto Insights

Institutions still favor Bitcoin over Ether, even though the latter is likely getting a green light from the SEC for its Spot ETFs. 

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Bybit Data: Institutions Continue to Favor Bitcoin

Following the approval of Bitcoin Spot ETFs on January 10, 2024, Bitcoin’s price saw a 46% increase in February 2024 and peaked in mid-March with an all-time high of $73.7K. Despite the pullback in April and rebound in May, institutional holdings of Bitcoin continued to increase persistently throughout the half-year period. 

On the other hand, Ether’s position by institution saw a surprising decrease in May 2024, dropping from 10.8% on April 30, 2024, to 9.9% on May 31. Institutions have been acting as the smart money this time, with their Ether positions increasing in April as the market lost faith in the SEC’s ETF approval, and reducing in the wake of the approval.

In short, institutions still favor Bitcoin over Ether, even though the latter is likely getting a green light from the SEC for its Spot ETFs. The reasons behind this are likely a combination of TradFi’s accumulation of Bitcoin and the subdued attraction of Ether Spot ETFs.

Impact of TradFi’s Accumulation of Bitcoin

BTC Positions From Top Hedge Funds Are Quite Small

Following Bitcoin Spot ETF approvals in January 2023, the 13F reports for Q1 2024 are the first of their kind to be released that cover the position change for traditional asset managers. 

It’s surprising that over half of the top 25 hedge funds invested in Bitcoin Spot ETFs in the first quarter of 2024. 

Top Hedge Funds’ Bitcoin Position % as AUM. Source: Bybit

While Bitcoin wasn’t dominant, its presence in the portfolios of major hedge funds is still significant. For example, at Millennium Management, Bitcoin Spot ETFs, including IBIT and FBTC, account for the 18th-largest position in the firm's portfolio, comprising over 0.3% of its total assets under management (AUM).

This suggests that even traditional, non-crypto-focused hedge funds are starting to view Bitcoin as an attractive investment. Known for their flexibility and embrace of volatility, hedge funds may be drawn to Bitcoin due to its potential for outsized returns as compared to more traditional asset classes.

Prior to the recent disclosure of these 13F filings, crypto-native hedge funds had been the primary institutional buyers of Bitcoin. However, the fact that mainstream, non-crypto hedge funds are now accumulating Bitcoin positions speaks to the growing market optimism around Bitcoin Spot ETFs.

These ETFs provide established asset managers with regulated investment vehicles to gain exposure to Bitcoin, which offers unique investment characteristics, such as its limited supply and lack of correlation with other asset types. As such, Bitcoin is clearly gaining recognition among a wider range of institutional investors — even if it remains a relatively small part of their overall portfolios for now.

Once Traditional Asset Classes Are Starting to Invest in Bitcoin — And It Won't Be a One-off Event

It's unlikely that investors have already allocated their full targeted exposure to Bitcoin in the first quarter of 2024. The true extent of their positions will likely become clearer when the next round of 13F filings is released in mid-August.

Traditional hedge funds, in particular, probably haven’t invested their entire desired Bitcoin allocation so far this year. This is especially true given that Bitcoin has continued to set new all-time highs, making current investment costs less appealing from a trading perspective.

Instead, the Bitcoin positions we've seen reported so far in Q1 2024 are likely just initial stake-building by these institutional players. Hedge funds, with their typical 5-year investment horizons, are usually more focused on buying low and selling high to maximize returns; they aren’t the 

ers that some other crypto investors have become. In particular, the lowest Bitcoin price point observed so far in Q1 2024 has only been around $58,000. This relatively mild drawdown may not have provided a sufficiently attractive entry point for these sophisticated investors to deploy their full intended allocations.

We'll likely get a better sense of hedge funds' true Bitcoin exposures and strategies when the next round of regulatory filings is disclosed in mid August. The current data only provides a partial glimpse into institutional crypto adoption trends.

When it comes to Bitcoin Spot ETF investments, we believe pension funds stand out as some of the most impressive institutional players. As long-term, risk-averse investors, pension funds are poised to be the true HODLers in this space.

Based on the latest 13F filings, Wisconsin Investment Board appears to be one of the few pension funds that’s been allocated to Bitcoin Spot ETFs so far. This makes sense, as pension funds generally have much longer investment horizons as compared to more active traders, such as hedge funds.

Similar to the way that hedge funds are approaching Bitcoin, we don't believe Wisconsin's investment in the Bitcoin Spot ETF is a one-off. Just as Warren Buffett gradually built up Berkshire Hathaway's position in Apple over 2016 and 2017, we expect pension funds to increase their Bitcoin exposure methodically over time.

Another potentially significant source of long-term Bitcoin investment could come from corporate America. While early movers like MicroStrategy and Tesla have already allocated corporate treasury funds to Bitcoin, we may see more firms follow suit and use Bitcoin Spot ETFs as a way to hold the cryptocurrency.

 cash balance to direct Bitcoin holdings, rather than through an ETF. However, holding Bitcoin via a Spot ETF could be an easier option for many corporations looking to reduce custody and counterparty risks.

Cash held by Corporate America (Feb 2024). Sources: Harvard Business Review, Bybit

The data presented in the table above suggests that if corporate America were to allocate just 5% of its aggregate cash reserves into Bitcoin, that would be equivalent to 25.5% of Bitcoin's total market cap. This highlights the sheer scale of the potential demand that could be unleashed if more major corporations start treating Bitcoin as a treasury reserve asset, in a similar fashion to early movers like MicroStrategy and Tesla.

Will Bitcoin Continue to Outperform Ether?

Bitcoin Dominance Halts Since 19b-4 Approval of Ether Spot ETFs

The ETHBTC ratio has been in a downtrend since September 2023, likely due to anticipation of Bitcoin Spot ETF approvals. It briefly bounced above 0.05 in January after the BTC ETF launch, as investors betted on an upcoming Ether Spot ETF.

However, the ratio has since continued falling, only recently bottoming out as Ether Spot ETFs near approval. At 0.053, the current ETHBTC level remains well below historical averages, indicating Bitcoin's outperformance.

Ether Spot ETFs Are Unlikely to Repeat Bitcoin Spot ETFs’ Success

Approval of 19b-4 documents by the SEC was an initial step toward the eventual approval of Ether Spot ETFs. The market expects the SEC will need to sign off on the registration statements, known as S-1s, submitted by the fund issuers, likely sometime this summer.

The key question is whether we'll see another rally in Ether and other cryptocurrencies after the expected ETF approval in July 2024.

In the lead-up to the SEC's green light, Ether jumped from $3,000 to $3,700 — a 20% increase as compared to just an 11% rise in Bitcoin over the same period. This narrowed the performance gap between the two largest cryptocurrencies.

In our view, the market has largely priced in the approval of an Ether Spot ETF, as there are no major uncertainties surrounding this imminent event. Compared to Bitcoin's gains since Q4 2023, Ether has only about 30% room to catch up.

However, the SEC's specific classification of Ether as a commodity or security in its official ETF approval could still fuel another rally, as the market may then anticipate approval of similar ETFs for Solana, XRP or other altcoins.

It's also worth noting approved Ether Spot ETFs will likely lack a staking feature, per the revised application forms. This may drive some traditional financial institutions to consider holding Ether directly through regulated custodians, rather than a Spot ETF.

In our view, both Bitcoin and Ether will continue to see price appreciation as more crypto ETFs launch, with the broader crypto market likely remaining highly correlated.

 from Bybit Institutional suggests that Bitcoin and Ether are the mainstay assets in institutional portfolios. Therefore, the slight outperformance of Bitcoin against Ether may not make a huge difference to the overall returns of these diversified crypto holdings.

Looking ahead, Bitcoin may likely continue to be the preferred choice for traditional finance (TradFi) institutions newly entering the crypto market, given its status as 

In contrast, Ether's positioning as the "app store" of the crypto ecosystem may not be as unique an attribute for these TradFi players. Many Web 2.0 companies have stronger fundamentals than those of applications built on Ethereum, which also faces intensifying competition from other Layer 1 protocols.

Bitcoin Bull Rally Persists, Likely Due to Institutional Accumulation; Bitcoin Might Outperform Ether Near-Term

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