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.

Advanced

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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

Huma Finance 2.0, a composable platform built on Solana, introduces real-world yield derived from global payment financing.

The S&P 500 fell 3.5% as renewed U.S.-China trade tensions erased gains from Trump’s tariff pause. Investors now await consumer sentiment data and bank earnings. Gold jumped 2.6% to a record $3,171 amid U.S.-China trade tensions, weaker dollar, and rising Fed rate cut bets. The Coindesk Indices, which tracks the broader crypto market, are down by 1.50%, with Bitcoin and Ether down 3.29% and 8.79% 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 ZRC, up 34.3%, followed by Zircuit's partnership with Diffuse Protocol to enhance the DeFi ecosystem with real-time data and secure cross-chain interoperability.

Zircuit (ZRC), founded in 2021, is a hybrid Layer 2 blockchain combining optimistic and ZK rollups, offering fast transactions, low costs, and strong security through AI-driven monitoring. EVM-compatible and designed for DeFi, it supports staking and asset transfers via its Liquidity Hub and secure native bridge. Zircuit has 

 with Diffuse Protocol to enhance its platform. Diffuse provides real-time verifiable data feeds, trustless cross-chain data streams, and restaking of assets with collateral abstraction, further strengthening Zircuit's AI-powered hybrid zkEVM and boosting its DeFi ecosystem.

Check out the latest prices, charts, and data of 

, a composable platform built on Solana, introduces real-world yield derived from global payment financing. The platform offers two options: Classic Mode for stable USDC yield and Maxi Mode for increased rewards through Huma Feathers. Through the $PST token, users can engage with DeFi protocols, swap tokens, and use them as collateral. Huma Finance has already processed over $3.8 billion in transactions, providing reliable yields sourced from payment-financing fees instead of market speculation. Huma 2.0 aims to bring a new liquidity model to DeFi, offering a more stable alternative to traditional financial cycles.

Yesterday, Bitcoin spot ETFs saw $149.5M in net outflows, with $44.6M from GBTC and $104.9M from other ETFs.

 has raised an additional $10M in its Series B round, bringing total funding to $35.5M with backing from a16z and other top investors. Users can boost their airdrop points by joining Towns, especially higher-priced ones, and by engaging through daily actions like tipping, inviting friends, and participating in different communities.

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Huma Finance 2.0 launches on Solana, introducing real-world yield and composable DeFi integration

Bybit Learn

DeFi

Sologenic is an XRP blockchain-based ecosystem designed to tokenize real-world assets by converting them into digital assets. Find out more about it here.

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 by investing in crypto synths or tokenized securities, and participating in decentralized 

, now have another option to consider — Sologenic. 

While cryptocurrencies and their underlying blockchain-based technologies are fantastic for facilitating decentralized derivatives markets, Sologenic aims to make investing in blockchain-based derivatives products and tokenized assets more effective than ever. In doing so, it’s bridging the gap between the crypto and traditional financial markets in unforeseen ways. 

In this post, we take a close look at Sologenic (SOLO) to help you better understand what it is, how it works and its potential role in your crypto portfolio.

Created for both retail and institutional investors, Sologenic offers an entire ecosystem with a decentralized exchange, tokenization brokerage solution and a native blockchain 

, giving investors and traders the ability to use cryptocurrencies in any way imaginable.

In fact, SOLO holders can tokenize more than 40,000 different stocks, ETFs and commodities tradable on top exchanges across North America, Europe and Asia. Sologenic allows investors to tokenize these assets by converting them into digital tokens that can be securely circulated on the blockchain.

SOLO stablecoins are backed by 1:1 by real-world assets. Thus, each stablecoin represents ownership of the asset. By tokenizing non-blockchain or “real-world” assets, users can retain all of an asset’s characteristics while increasing its liquidity.

 in 2018. There isn’t much information regarding Bashash’s background on the official Sologenic site, but he is nonetheless listed as a co-founder, in addition to being the project’s tech lead.

Despite being a community-funded project and the recipient of an XRPL grant to expand its XRP-based NFT marketplace, Sologenic has partnered with 

. These alliances further enhance its functionality and ability to achieve its mission of bridging the gap between the crypto world and that of traditional financial institutions and markets.

Sologenic’s overall goal is to enable the on-demand tokenization of over 40,000 stocks, commodities, ETFs and other traditional, real-world assets from each of the major global financial institutions and markets. To achieve this and meet the demands of both SOLO holders and the greater financial industry, the project must rely on an advanced blockchain such as Ripple.

Built on Ripple’s blockchain, the Sologenic trading platform lets users turn non-blockchain assets, such as stocks, commodities and ETFs, into tokenized assets for trading on its 

 (or DEX). While most DEXs only trade digital assets such as crypto, Sologenic’s DEX uses its SOLO stablecoin to bridge the gap between the centralized and decentralized worlds by facilitating the trade of traditional assets in blockchain form.

Each derivative on the Sologenic platform is created as a stablecoin, and each stablecoin is backed 1:1 to represent ownership of a tokenized asset. When an asset is tokenized, it’s denominated by the symbol 

Sologenic’s native coin, SOLO, is also deployed as a market maker and liquidity provider. Each coin is issued on Ripple’s XRP ledger, providing near-instantaneous transactions and maximum liquidity. As such, the entire Sologenic ecosystem is centered on the use of SOLO, making it an incredibly powerful utility token.

With low gas fees and a high throughput of over 1,500 

 (TPS), Sologenic offers a competitive advantage over Ethereum’s Synthetix, Polkadot’s Firefly Exchange and the few other decentralized derivatives exchanges currently on the market.

The Sologenic ecosystem is rich in products, services and features. While new products and features are scheduled for launch in the near future, some of the project’s current primary features are listed below.

The SOLO DEX, which we'll get to in a minute, is accessible via the 

. The newly updated SOLO Wallet app provides SOLO holders with everything needed to manage all of their digital assets.

With the SOLO Wallet app, you can store both cryptocurrencies, like SOLO and XRP, and tokenized assets, like stocks and ETFs, all in a single decentralized wallet app. You can also add, activate and directly manage multiple wallets, transfer digital assets, track recent transactions, receive live market updates and much more. Featuring biometric authentication, you can trade confidently, knowing your tokenized and crypto assets are fully protected.

As mentioned, the SOLO Wallet is home to both the wallet and the DEX. It’s available for Android and iOS devices.

SOLO holders are also eligible to receive a free 

, used to instantly spend their crypto anywhere in the world. Similar to the cards issued by traditional financial institutions, there are four tiers of SOLO Cards, each offering varying degrees of discounts on select hotels and events, monthly cashback rebates, airport lounge access and other benefits, depending on the amount of SOLO held.

For instance, a tier two SOLO holder with under 100,000 SOLO is eligible for the SOLO Black Metal Card, which offers 0.5 percent monthly cashback. On the other hand, a tier four cardholder with the SOLO Black Whale Card can receive up to two percent monthly cashback.

Regardless of tier level, a minimum balance must be maintained in order for a card to remain activated.

The financial world is ripe for technological innovation and transformation. Thanks to blockchain technology, such as the Ripple platform, new doors are opening and paving the way for decentralization and global asset liquidity. With tokenization, markets can achieve unforeseen levels of interconnectedness and 24/7 liquidity for maximum asset flexibility and gains.

The sophisticated Sologenic ecosystem utilizes blockchain technology to provide on-demand tokenization for a wide variety of assets, including non-blockchain assets typically tied to traditional financial markets, like stocks and ETFs. In fact, SOLO holders can access thousands of stocks, commodities and ETFs from over 30 major global exchanges. The platform’s infrastructure connects blockchain-based assets with legacy financial systems, supporting asset tokenization and cryptocurrency trading for other asset classes.

In other words, by facilitating tokenization, alternative assets like crypto can be used for making investments, not only in crypto or NFT but in stocks and other traditional investment vehicles. Examples include investments in everything from cryptocurrency baskets and Fortune 500 companies to commercial real estate, public business projects and even antique art.

Under such a tokenization system, every digital token represents a stake in the ownership of an underlying asset, and the end-user has full control over the management of the asset. Each SOLO holder can access, buy, sell and trade digital tokens 24/7 on global markets via a DEX.

With blockchain technology, full transparency is also provided over the entire asset tokenization process. Since third parties responsible for the buying, selling and securitization of assets are removed from the equation, investors can tokenize and trade any assets on demand without the regulations, overhead and points of failure prevalent within the traditional financial system.

 is Sologenic’s tokenization brokerage solution, exclusively designed for investment firms, banks, exchanges, brokerage houses and other institutional investors. It can tokenize a multitude of real-world assets and is available for 24/7 trading, 

, managing liquidity, launching funding rounds, managing custodial services and more. Overall, it’s a trading solution designed to provide large-scale investors with access to decentralized markets while enjoying the same security and technical capabilities provided in traditional finance.

Similar to Sologenic’s other services and products, SOLONEX also utilizes the XRP ledger. However, unlike the project’s other products, SOLONEX isn’t available to retail investors, and a demo must be scheduled with the team behind the project in order to learn more about its specific features.

 is a recently developed, decentralized trading platform designed to allow users to trade various cryptocurrencies and tokenized assets with other users peer-to-peer (P2P). Sologenic’s tokenized assets are openly available on its XRP-driven native DEX. Here, you can hold SOLO and trade crypto or real-world assets via an online platform, which can also be accessed through the SOLO project's iOS and Android blockchain wallets.

Sologenix DEX clients can trade their tokenized assets on-demand in real time with other investors by simply connecting their wallets. In order to ensure security, an authorized trust line must be opened at the Sologenic ATP.

As discussed, the DEX is built on the incredibly fast and secure XRP blockchain ledger. In addition to the use of authorized trust lines, users maintain full custody and control of their private keys for added security and trust.

Although the DEX platform takes an order-book approach to facilitating transactions, its users enjoy self-custody, giving them full ownership over their tokenized assets. This means the exchange can only access funds through an existing wallet controlled entirely by the user.

To add to Sologenic’s customer-centricity, transactions are settled quickly and trading fees are as low as $0.000005. The trading terminal also features fully customizable widgets, theme customization and multilingual support.

Some specific features of the Sologenic DEX include:

• Access to powerful professional charting tools

• Minimal gas fees reaching as low as $0.000005

• Fast transaction speeds, with the ability to handle up to 1,500 transactions per second

Again, the Sologenic DEX can be used to execute trades, exchange funds and complete settlements nearly instantly. Even more impressive is its fast trade execution, which mirrors the same speed and experience of trading on a 

. Moreover, there’s no need to settle for token swaps. With the Sologenic DEX, traders can utilize market orders, stop losses, limit orders and other advanced trading features.

Launched by the Sologenic Development Foundation, the much-anticipated 

 is quickly becoming a top platform for minting and trading NFTs on the XRP blockchain. During a limited early access period, a select group of creators from around the globe were chosen to mint the marketplace’s very first NFTs.

 continue to grow in popularity throughout the entertainment world by giving creators and artists a means of monetizing their work in an unconstrained, decentralized manner, Sologenic’s NFT Marketplace aims to deliver with NFTs comprising all types of categories, including music, motion graphics, film, and even sports. With zero gas fees as well, new creators can begin minting their works with fewer up-front costs.

Meanwhile, the Sologenic NFT Marketplace platform provides a user-friendly experience catering to both new and experienced traders. It’s available in over 20 different languages, and integrated with the Sologenic DEX to completely blur the boundaries between NFT minting and modern-day trading.

It’s also home to Sologenic Originals, where you can create your very own one-of-a-kind 3D avatar for metaverse exploration. The latest collection just dropped in August 2022, and the next will drop on September 15, 2022.

On top of everything else included in the SOLO ecosystem, users are rewarded for participating in the exchange and providing liquidity for transactions. That’s right: In addition to a versatile 

, advanced trading platform and full asset tokenization capabilities, Sologenic offers its unique Liquidity Provider Reward Program to spur market participation. Loyal SOLO holders participating in the program can earn up to 20 percent annually or more.

The company behind the XRP blockchain used by Sologenic is Ripple Labs, Inc., which works with hundreds of governments and financial institutions around the world. In fact, Ripple collaborates with some of today’s leading global financial institutions for payment processing, including American Express, PNC, MoneyGram, SBI and more. As far as blockchain and crypto trading goes, there may be no better company from which to receive support and governance.

To date, Solegenic has achieved several milestones as its development team remains dedicated to implementing new components in an effort to improve the ecosystem.

Here’s a rundown on the milestones SOLO has reached so far, and what the project is hoping to achieve in the near future.

• Sologenic DEX Cross-Chain and Interoperability Asset Bridge Launch

• Sologenic Original Series NFT Program

There are over 399 million SOLO coins in circulation, with a 400 million total (and maximum) supply. This means no more than 400 million SOLO coins will ever be created.

To keep token levels balanced and in check (as with many blockchain coins), SOLO is a deflationary currency. Every time a transaction takes place, a certain number of tokens are burned. The Sologenic ecosystem utilizes this deflationary mechanism to limit the supply of SOLO tokens, making them more valuable.

In regard to token distribution, 35 percent went to the development team via a 36-month lockup period; 15 percent was made available for public sale with no lockup; 15 percent went toward liquidity and operation; and 15 and 20 percent (respectively) were allocated for the SOLO Expansion Fund and SOLO Community Fund.

At the moment, SOLO has a market cap of just over $50 million and is priced at $0.1266, which is down significantly in the current bear market from the coin’s all-time high of $6.63.

While one could easily say SOLO is in a downward trend, given its infrastructure and niche within the coin market, the future may still look bright for the SOLO token. Given its current low price in comparison to its all-time high, it’s safe to say there’s plenty of room for the bulls to run.

Interested in getting your hands on some SOLO tokens? You’ll be glad to know there are a number of crypto exchanges that offer it, including Bybit.

Every exchange platform operates a little bit differently. Some platforms, like Bybit, are very easy to use. You would first need to log into your existing Bybit or 

. Once you’re logged in, navigate to the 

 page and you’ll be able to see the current market buy and market sell prices. On the right side of the page is where you can create a buy order for this token. 

Sologenic is creating a diverse ecosystem for investing in tokenized stocks, commodities, ETFs and other assets. Despite this, its SOLO utility token is underperforming considerably as of late, sitting considerably off of its all-time high set earlier in 2022. This, along with its solid XRP-based infrastructure and positive growth outlook, makes SOLO a project with obvious long-term investment potential.

 predicts that SOLO prices will reach $0.75 by 2025 and increase to $5.07 by 2030. This is supported by 

 as well, with it believing that SOLO prices will be on an upward rise in the following years. It may even be possible for SOLO to break its all-time high by 2030 to 2031. 

Sologenic clearly has tremendous potential as a derivatives protocol. By leveraging the scalability, consensus mechanism and other worthwhile features of Ripple’s XRP blockchain technology, the project has successfully evolved into a complete asset tokenization ecosystem with a lot to offer for institutional and retail investors alike.

Nonetheless, Sologenic’s lack of adoption is currently its greatest obstacle. With liquidity and volume at play, the platform must have a certain number of users in order to maintain its utility. In order for Sologenic to compete with Synthetix and other dominant derivatives platforms, it must continue developing useful, unique and value-driven features to attract crypto traders and investors from competing networks.

Sologenic: Tokenizing Real-World Assets on the XRP Blockchain

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards