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

GameFi

Explainers

Altcoins

TapSwap is a tap-to-earn clicker game on Telegram that lets you mine gold coins known as shares, which can be exchanged for TAPS tokens when TAPS launches on Jul 1, 2024.

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Barely before the dust settles on Telegram-based 

 (NOT), another tap-to-earn clicker game known as 

 is already grabbing headlines. With its high hopes of cashing out from just tapping your phone, 

 has become the craze — especially in Nigeria, where many people have been seen mining heavily through the Telegram bot.

 has over 46 million players, many are eagerly awaiting its token launch, currently set for Jul 1, 2024. If the tapping mania surrounding the project is anything to go by, then the TAPS token could blow up the price charts. What is 

 — and why is it causing such a frenzy among crypto enthusiasts? 

 is a blockchain-powered clicker game on Telegram in which you can earn tokens through various mining features on the app. The main goal is to complete missions in order to maximize your in-game currency and earn coins/shares, which you’ll later be able to exchange for TAP tokens.

 has swept over the globe, especially in Nigeria. It requires you to tap on your phone and mine via a Telegram bot. By performing simple tasks on the Telegram in-app game, you earn gold coins (termed “shares”), which most believe they’ll be able to cash out for 

While the vision behind the game isn't clear, some believe it's a strategic move to attract as many people as possible to the crypto project without their needing to grasp the technical nature of 

’s craze has been widely attributed to 

, players need to use Telegram to carry out activities (what’s being called “mining”). The two games also share the vision of rewarding gamification with tokens that possess real-world utility — i.e., your mining points will be converted into tokens that you can cash out on exchanges.

When the NOT token was launched, some participants in mining 

 is almost $2 billion, and its price continues to hit new all-time highs frequently.

 mining is still open on Telegram. Another tap-to-earn game still available is 

 (HMSTR), also on Telegram, in which you tap on a cute hamster to earn points.

, visit its website or X page. There, you'll find a link to the 

Telegram bot (you'll need to have Telegram installed on your phone). Once you click on the link, it will redirect you to your Telegram account.

You'll then receive a welcome message. Click on 

button on the bottom left. Once you click on it, you’ll be redirected to the 

 bot, where you can start tapping to earn tokens. 

 that the app may take some time to load, due to congestion on its network.

The number of tokens/shares you can earn per day is limited by your energy limit, starting with 500 energy points. You start with the Wood League at 0 shares, and are then leveled up to the Bronze League when you begin tapping. As you earn shares and level up, you can climb up the league chart and reach the Mythic League, which requires a minimum of 50 million shares.

, but the team has announced that the game will no longer be built on the Solana chain and will be launched on 

 instead. Consequently, you don’t need to connect your Solana-based wallet in order to start playing 

 is easy. The more you tap, the more shares you’ll earn. Shares will be displayed on your token balance. However, your fingers may get tired from all that tapping! With that in mind, 

 has introduced various ways for you to effortlessly earn extra tokens without actively tapping.

, you'll earn shares passively from a portion of their earnings — meaning you’ll gain even when you aren't tapping.

Another way to boost your earnings is by completing tasks, some as straightforward as achieving the different League levels or referring a certain number of people to join.

The shares that you earn can be used to further your earnings via Boosters. For instance, to level up and gain an additional 500 energy limit for each level increase, you need to spend 200 shares on the 

booster. You can also unlock more shares using

, which are free to use (albeit with a limit of three times for each booster). Choose between the 

 boosters. The former allows you to multiply your income by five times for 20 seconds, while the latter recharges your energy to the max.

What You Need to Know About the TapSwap Launch

 will release its native token on the TON blockchain with a 

 Telegram group announced that the project won’t be launching on the Solana blockchain, as previously planned, you can qualify for the TAPS token airdrop without connecting to a Solana-based wallet.

Furthermore, due to information circulating that 

 had banned players from Nigeria, some people from that country began using VPNs to bypass the geo restrictions. However, the 

 team clarified that the restriction wasn’t targeting the Nigerian community, but was rather intended to help find the location from which a 

 strives to enhance its gaming experience, it’s crucial for anyone using 

 to join its official channels in order to stay informed with accurate news and updates.

As tap-to-earn mania continues to gain momentum, 

 provides a fun and innovative way to earn cash for performing simple tasks that don’t require technical crypto knowledge. Based on the success of 

 will make them a fortune once the TAP token launches.

TapSwap (TAPS): Earn Tokens With Every Tap on Telegram

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards