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 Learn

DeFi

Explainers

Altcoins

Roam is a decentralized global WiFi network that connects users seamlessly to over 3 million OpenRoamingTM access points worldwide. Learn more here.

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The telecommunications industry faces significant challenges, with traditional operators struggling against financial pressures and outdated business models. Roam (ROAM) addresses these limitations through a decentralized global WiFi network connecting users to over 3 million access points worldwide.

This article explores Roam’s disruption of the telecom sector with its blockchain-powered connectivity solution that eliminates passwords while rewarding participation. We'll examine Roam's growth to 1.8 million users, its innovative features and its decentralized approach to creating economic opportunities for network participants.

 (previously known as MetaBlox) is a decentralized global WiFi network that connects users seamlessly to over 3 million OpenRoaming access points worldwide, leveraging 

 to provide secure, password-free connectivity while rewarding users and hosts for network participation.

Founded in Q4 2021 as MetaBlox by a team with extensive telecom and crypto experience, Roam has rapidly evolved from concept to industry leader. The company launched its first WiFi-Miner (MBWF-P100) in Q2 2022, and quickly followed by joining the Wireless Broadband Alliance as its only official 

By Q4 2022, the Roam app was released, enabling users to connect to over 1 million free, decentralized WiFi hotspots through OpenRoaming with passwordless authentication. Despite the bear market in 2023, the company has continued building, implementing DID/VC-based OpenRoaming profiles on major mobile platforms and 

In Q2 2024, MetaBlox rebranded as Roam and migrated to the Solana mainnet, already boasting over 100,000 DePIN network nodes and 50,000 app users. This strong foundation has since expanded to 1.1 million nodes and 1.8 million users, demonstrating the market's enthusiastic response to Roam's decentralized approach to connectivity.

Roam aims to establish a decentralized global WiFi network that transforms the delivery and monetization of connectivity. The platform focuses on five key objectives:

These objectives combine to create a practical solution that's already connecting millions of users worldwide while rewarding those who help build the network — fundamentally changing the way people access and benefit from internet connectivity.

The core of Roam's network is its unique decentralized authentication protocol, which verifies users' DIDs without requiring passwords or central databases.

When a user approaches a Roam-enabled WiFi access point, the system automatically authenticates their DID via Roam miners — special routers that function as blockchain nodes. This process creates a secure connection, while maintaining user privacy and eliminating the need for manual logins.

Roam has partnered with the Wireless Broadband Alliance to integrate OpenRoaming

 technology, allowing users to connect to over 3 million access points worldwide. Once a user generates their free DID through the Roam app, they can enjoy automatic connections at any compatible hotspot.

Unlike traditional telecom networks built by corporations, Roam's infrastructure is primarily deployed by its users. Individuals can purchase and install Roam miners in their homes or businesses, expanding the network and earning rewards through mining.

The system also facilitates 5G offloading, enabling cellular users to shift data-heavy tasks from cellular networks to WiFi. This provides cost savings while ensuring continuous service, which is particularly beneficial for travelers facing high roaming charges.

Roam offers a comprehensive suite of products and services designed to enhance connectivity, reward participation and drive the growth of its decentralized ecosystem.

Rainier MAX60 is Roam's flagship hardware device — a high-performance router serving as a network mining node. It features WiFi 6 technology supporting up to 60 simultaneous users with enterprise-grade security protocols.

Owners receive substantial rewards, including a 3,000–Roam Points welcome bonus, daily mining rewards of up to 60 Roam Points and an additional 150 Roam Points from WiFi check-ins, making Roam Rainier MAX60 a powerful earning tool within the Roam ecosystem.

The Baker MAX30 router offers a more affordable entry point to the Roam ecosystem. It supports WiFi 6 technology with up to 30 simultaneous connections, and features the same security protocols as the Rainier model.

Owners earn proportional mining rewards based on usage, plus welcome bonuses and check-in rewards. Its lower price point lowers the barrier to entry for residential users and small businesses, while maintaining the quality standards necessary for network expansion.

The Roam mobile application serves as the central interface for the Roam ecosystem and is available for both iOS and Android devices. Users can generate their free decentralized ID (DID) with a few taps, enabling automatic, password-free connections at all Roam and OpenRoaming hotspots.

The app features an intuitive dashboard for locating nearby hotspots, tracking-earned Roam Points and participation in the "Burning” Pool to convert points to tokens. Users can also access Roam eSIM for global data and complete hotspot check-ins to earn additional rewards.

Roam Explorer is a web-based dashboard that provides real-time insights into the network's growth and activity. It displays the global distribution of Roam nodes across nearly 200 countries, in addition to total user count and number of daily active users.

Users can access network expansion metrics, reward distribution statistics and "Burning” Pool participation data. This transparency tool supports decentralized governance by giving all participants equal access to network performance information.

 provides global data coverage with instant activation across over 160 countries, eliminating the need for physical SIM cards when traveling. It offers flexible, affordable data plans that integrate seamlessly with the Roam app.

Users can earn free data through network participation by building the network, referring others or completing check-ins. This feature complements Roam's WiFi network, maintaining connectivity even in areas without Roam hotspots, creating a comprehensive solution for travelers and digital nomads.

The Roam Loan Program (launched with Huma Finance) lowers the barrier to entry for network contributors. Users can purchase miners with only 30% upfront payment in 

, while Huma Finance covers the remaining 70%.

Loans can be repaid using mining rewards earned from the devices. Once fully repaid, all future rewards belong entirely to the user. Miner owners who complete registration before the TGE are eligible for a share of a 20 million ROAM token 

, further incentivizing early participation.

Roam Growth transforms network hardware into multifunctional economic tools that generate sustainable income. The platform automates technical processes, integrates with various markets and enables additional revenue streams, such as WiFi advertising.

Users benefit from financial management tools to track earnings and optimize performance. As the first phase of Roam's global Telecom Data Layer initiative, Roam Growth facilitates seamless connectivity between people, devices, assets and AI applications.

 projects, with 20 pioneering partners already on board. It provides access to Roam's network, tools and user base, while offering dual-token mining opportunities and exclusive airdrops.

The initiative focuses on key areas, including 

, PayFi and AI. Building on Roam's "Physical Layer 1" narrative introduced in September 2024, Discovery positions Roam as the foundation for the broader DePIN ecosystem with strategic support and grants for collaborators.

Since its launch, Roam has shown exceptional growth, expanding to 1.1 million nodes across nearly 200 countries and 1.8 million app users. Strategic partnerships with the Wireless Broadband Alliance and 20 DePIN projects have accelerated the network’s expansion.

Roam’s 2025 road map introduces 11 key initiatives phased across four quarters as follows:

This strategic release schedule builds Roam's ecosystem progressively, positioning it as the foundation for unified decentralized telecommunications infrastructure.

Roam has implemented multiple strategic airdrops to reward different participant groups. For network participation, 20 million ROAM tokens are allocated to miner owners who registered before the TGE, targeting Network Builders (who have added at least 1 WiFi node with over 10 certified check-ins) and Network Validators (who have checked in on over 10 certified WiFis).

A separate airdrop rewards NFT Holders who have supported Roam from its inception. These participants can claim their rewards by opening a Discord ticket and following the provided steps. Once processed, an NFT Sticker will appear in their Roam App along with the rewards.

These ongoing initiatives will continue for three months, with eligibility status and potential allocations trackable through the app. This dual airdrop approach ensures that infrastructure contributors and early financial supporters alike are recognized for their role in Roam's growth.

ROAM, the native cryptocurrency token of the Roam ecosystem, is designed to incentivize network participation and governance. It serves multiple functions, including network governance, staking rewards, service payments and ecosystem access.

The ROAM token has a maximum supply of 1 billion, to be distributed across several categories: 120 million for the team (six-year vesting), 280 million for investors (including airdrops) and 600 million generated through mining after the TGE.

Before the TGE, users earn Roam Points, which can be "burned" to convert to ROAM tokens through three specialized pools: the General Burning Pool for all users, the Miner Burning Pool (exclusively for hardware node operators) and the Sticker Burning Pool for users with Roam Stickers of varying rarity levels.

As of Mar 10, 2025, ROAM is trading at approximately $0.1948 per token, with a 24-hour trading volume of $46 million.

Given ROAM's recent launch, there’s limited historical data for accurate price predictions. Platforms such as CoinCodex note that their algorithms require a more extensive trading history in order to generate reliable forecasts.

Several factors could influence ROAM's future price: network expansion, user adoption, successful implementation of Roam’s 2025 road map, strategic partnerships with entities like the Wireless Broadband Alliance, overall DePIN sector performance and regulatory developments.

ROAM's tokenomics present bullish potential, with its Bitcoin-like distribution curve and burning mechanism designed to maintain scarcity as adoption increases. The allocation of 600 million tokens (60%) for mining rewards creates strong incentives for network growth, while Roam’s economic flywheel model could drive sustainable value creation as its ecosystem expands.

Looking to trade ROAM tokens? Bybit now offers the ROAM/USDT Spot trading pair. To get started, you'll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

To celebrate this listing, Bybit is holding 

 in which you can earn a share of the 4,000,000 ROAM prize pool.

While ROAM demonstrates strong fundamentals in the decentralized telecom space, investors must carefully consider its strengths and risk factors before making investment decisions.

ROAM shows promising potential, with its extensive infrastructure and user-centric approach to decentralized connectivity. However, potential investors should 

 and consider their individual risk tolerance before investing, particularly given the nascence of the DePIN sector.

Roam has created a decentralized WiFi network that challenges traditional telecom models by putting the power of connectivity in users' hands. With 1.8 million users already onboard and an ambitious road map ahead, Roam shows significant potential to reshape and expand global connectivity while creating economic opportunities for everyone who contributes to its growth.

Roam (ROAM): Bridging connectivity gaps with decentralized WiFi

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards