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

DeFi

Harvest Finance (FARM) is a crypto yield aggregator that optimizes your funds by depositing them into a variety of liquidity pools on other DeFi platforms. 

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Yield aggregators, decentralized protocols that invest crypto funds on your behalf automatically and optimize the investment across a variety of liquidity pools, represent one of the hottest growth areas of the 

 (DeFi) industry. They’ve become popular in the last two years, particularly with the rise of the category leader, 

. In 2020, another yield aggregator, Harvest Finance, made headlines by amassing over $1 billion in total value locked (TVL) in just a few weeks after its launch. 

Let’s take a closer look at the two-year-old Harvest Finance, and discuss its benefits and potential as a more mature project.

Harvest Finance (FARM) is a crypto asset management protocol that optimizes your funds by depositing them into a variety of liquidity pools on other DeFi platforms. 

A classic yield aggregator, Harvest Finance employs a variety of investment strategies to automatically deposit and manage your funds, freeing you from the necessity to manually sift through countless DeFi protocols and pools. As such, the platform is a great tool to 

. Additionally, Harvest Finance empowers beginners to join the ranks of yield farmers without the need to dive into all the complexities of the industry.

Harvest Finance allocates your funds to DeFi protocols via Ethereum, BNB Chain, Polygon and, most recently, Arbitrum. There are more than 30 protocols used by Harvest Finance. These include the majority of the popular DeFi platforms — Curve Finance, Uniswap, Compound, SushiSwap, Lido and more.

Launched on September 1, 2020, Harvest Finance became an instant hit in the crypto market, reaching a TVL of above $1 billion within a few weeks by late October. The platform’s meteoric rise to success was abruptly halted by a 

 that was first noticed on October 26, 2020. The perpetrator used an elaborate scheme involving multiple pools to 

 in stablecoins. As a result of the exploit, the protocol’s TVL plunged to $290 million by October 28.

Harvest Finance’s price has never managed to fully recover to its October 2020 levels. Although at some stage in early 2021 its TVL rose as high as $869 million, the protocol has slowly declined, partly due to overall market weakness over the last two years, becoming a modest player in the yield aggregator category. Currently, it’s the 15th largest yield aggregation platform, with an unassuming TVL of $18.44 million.

Harvest Finance users deposit their funds into so-called 

 to earn interest from the pooled staking conducted by Harvest Finance. Each vault is a yield-farming, Ethereum-based 

 that acts as a repository for pooled funds from many users. This pooling helps the protocol reduce the overall gas fees and other charges associated with moving funds to and from DeFi protocols.

While vault depositors receive 70% of the profits generated by vaults, the high APY and low network fees make for an attractive overall yield. The remaining 30% is used to buy FARM, Harvest Finance's token, off the market. These FARM tokens are then distributed as rewards to stakers in the platform’s Profit Sharing Pool.

The way each vault allocates funds for yield optimization is based on a specific strategy devised and pre-programmed by the protocol’s developers. When you deposit funds into a vault, you’re issued fASSETs to represent your share of the investment in the vault. 

 that serve as your deposit certificate to later claim Harvest Finance crypto rewards. Each fASSET corresponds to a deposited cryptocurrency. For example, if you invest USDC, you’ll be issued fUSDC tokens to represent your share in the vault.

As the vaults earn interest, the value of your fASSETs grows. When you decide to withdraw your funds, your fASSETs are burned, and you receive your original funds together with the corresponding interest accrued.

 — that is, interest is measured using annual percentage yield (APY), rather than simple annual percentage rate (APR). Note that an auto-compounding feature is built into all the strategies used by Harvest Finance. 

Instead of withdrawing your accrued interest, Harvest Finance regularly adds it to the total amount invested in a pool. The total amount is withdrawn only once, when you claim your deposit back. 

In addition to helping you earn compounded interest, auto-compounding also reduces the overall transaction costs of moving funds between Harvest Finance and its partner DeFi platforms.

The security of your funds is protected by a time lock feature implemented by the platform. The time lock is applied to a vault if there’s been a change in the underlying strategy. 

If the protocol developers decide to modify a strategy, the modifications are announced on the platform and remain in a pending state for 12 hours. During this time, if you don’t like the new strategy, you can withdraw your funds. When the 12-hour waiting period expires, the new strategy is implemented.

The time locks allow you to evaluate changes to vault strategies in a transparent manner and with a reasonable notification period, benefits sorely lacking on many other yield optimization platforms.

FARM is Harvest’s primary cryptocurrency. It’s an 

 used to provide various incentives to the platform’s users. A key incentive includes rewards for staking in the Profit Sharing Pool. Vault depositors also earn FARM tokens as part of their rewards, in addition to benefiting from the growth in the invested fASSETs.

. Holders of FARM typically vote on key issues concerning the platform. Examples include a vote on reimbursing the victims of the October 2020 flash loan attack, and voting on changes to the token’s supply mechanism.

FARM was initially slated for a supply limit of 5 million. However, soon after the platform’s launch, its governance community voted to limit the supply to 690,420. 

An unusual feature of the token is that its supply wasn’t pre-minted at launch. Instead, FARM is regularly minted each week, with 70% of the new supply going to the platform’s liquidity needs, 20% allocated to its Operational Treasury and 10% sent to the development team.

The regular weekly mint and its dependence on the liquidity needs of the platform have likely caused the total supply of the token to exceed the 690,420 limitation. Per the token’s indicators on the leading crypto data portals, FARM’s total supply 

 (as of November 13, 2022). The token’s market cap is around $19 million.

The FARM token started trading in early September 2020 at an initial price of over $5,000. Within two days on the market, it dropped to more sustainable levels of under $200. On October 26, 2020, just before the infamous flash loan attack was spotted, FARM was trading at $234.05. As a result of the attack, many people decided to sell Harvest Finance tokens and FARM fell to $86.31 by October 29.

The token’s price slowly but steadily recovered over the next few months, reaching its post-attack max of $410.84 by mid-February 2021. However, over the following 1.5 years, a combination of factors — the overall crypto market turbulence and crashes, new yield aggregation protocols entering the market, and the firm establishment of Yearn Finance as the dominant category leader — have led to a decline in FARM’s value. 

By the time of writing (November 13, 2022), the token trades at just $28.45, a far cry from its first days on the market.

Despite its decline in fortunes, FARM is a token with significant future growth potential. As the crypto market slowly recovers, and Yearn Finance sees its previously overwhelming category leadership diluted, FARM is expected to grow with strength. 

 that the token will reach $89.65 by 2025 and $182.84 by 2030. 

, expecting FARM to reach a maximum of $149.42 by 2025 and $991.95 by 2030.

Is Harvest Finance Crypto a Good Investment?

FARM might be a great investment if you don’t mind altcoins on the riskier side. The leading forecasting portals are expecting it to hit significantly higher levels in the mid-to-long term, compared to the token’s current price. At the same time, the high potential profits are accompanied by the risks inherent in coins of this type.

Harvest Finance is an attractive project with significant growth potential. Having declined to a medium-sized player position among yield aggregators, the platform is expected to make a recovery to a more prominent role in the category, at least judging by its price forecasts.

The continual fragmentation of the yield aggregation market represents both challenges and opportunities for Harvest Finance. The platform’s future performance will depend entirely on how the project’s team reacts to this market development.

Harvest Finance: Crypto Passive Yields Through Farming

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards