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

Memes

Ben the Dog is a meme coin and decentralized ecosystem built on the Solana blockchain. Learn more about how it works in this article.

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, a playful yet volatile subset of cryptocurrency, have proliferated in the 

 ecosystem, often riding the waves of social media trends and community support. One such entrant, originating on the 

 blockchain, that’s captured the imagination of investors and enthusiasts alike is Ben the Dog. This article delves into the charismatic world of Ben the Dog, exploring its unique features and potential as an investment.

 and decentralized ecosystem built on the Solana blockchain, designed to offer a playful yet functional approach to cryptocurrency through its engaging community and unique digital assets.

 — it's a movement aimed at disrupting the conventional cryptocurrency market by integrating entertainment with utility. The platform seeks to resolve issues of user engagement and market volatility by fostering a strong community around whimsical and relatable digital content, thus creating a stable yet fun ecosystem.

The inception behind Ben the Dog is as unique as the token itself. 

, the visionary behind Solana, once sought guidance from the virtual character Ben during the early, uncertain days of Solana's development. In a moment filled with whimsy, Yakovenko asked the app-based character a crucial question about pursuing his blockchain dream, to which Ben responded positively with a “Yeahppps.” This led Yakovenko to take the leap of faith with Solana that resulted in the blockchain’s massive success. 

This amusing yet pivotal interaction paved the way for a light-heartedness that would coexist with serious technological pursuits. The BENDOG token was later created in order to honor this quirky origin, encapsulating a spirit of innovation and community-driven development within the Solana ecosystem.

Benhalla is the imaginative realm where Ben the Dog and his activities exist. Ben has introduced the following engaging elements to the Benhalla ecosystem.

 both the Google Play Store and Apple App Store. This simple yet engaging game challenges players to navigate through a series of obstacles by controlling Ben, the lively dog character who jumps in response to your taps. The goal is to hold and tap to make Ben shout — which makes him leap over hurdles, collecting coins along the way.

As you progress, the coins you gather can be used to unlock new items and power-ups, enhancing your gameplay and preparing you for even tougher challenges ahead. 

 not only provides a fun, straightforward gaming experience, but also integrates with the broader Benhalla ecosystem, allowing the use of collected items across upcoming games. Whether you’re a seasoned gamer or just looking for a casual pastime, 

 offers a perfect blend of entertainment and challenge.

 in the Ben the Dog ecosystem introduces a rewarding and engaging layer for users, offering several benefits that enhance the interactive experience and potentially increase the value of their holdings. You can stake for different time periods — one month, three months, six months or one year — and 

By staking BENDOG tokens, users can climb the weekly leaderboard ranks. This exclusive feature not only fosters a competitive spirit, but also rewards top participants with regular incentives. These rewards serve as a motivation for users to remain active and engaged within the platform, enhancing their overall experience and involvement in the Ben the Dog community.

Participants who stake their tokens benefit from daily boosts, which can significantly enhance gameplay. These boosts include additional lives, speed enhancements and protective shields, providing stakers with a distinct advantage in various platform activities. This feature ensures that stakers receive tangible, everyday benefits that improve their interaction within the ecosystem and increase their chances of success in platform-based challenges.

Staking BENDOG tokens activates a token multiplier effect, so that users can earn double the in-game coins during their activities on the platform. This multiplier not only maximizes the rewards participants can earn, but also adds an element of accelerated progress through the game, making staking a lucrative and attractive option for users looking to enhance their in-game earnings.

The platform also hosts exclusive tournaments specifically for those who stake BENDOG tokens. These events offer token prizes and create a unique competitive arena that’s only accessible to stakers. The exclusivity of these tournaments adds a layer of prestige and additional incentive for users to stake their tokens, as it opens the door to special events in which the stakes and rewards are significantly higher than in regular competitions.

As the Ben the Dog ecosystem continues to expand, two exciting new additions are on the horizon: the 

 Game and the SocialFi Web3 Raffle. Both features are designed to deepen user engagement and enrich the community experience within Benhalla’s playful world.

The BENDOG token is designed as the central currency within the Ben the Dog ecosystem. It’s structured to support a vibrant and active community, and features the following:

The total supply of BENDOG tokens is capped at 1 billion. This finite supply is intended to prevent inflation and maintain the token’s value, providing a clear limit to the number of tokens that will ever exist.

Ben the Dog has garnered significant attention not only for its charming theme, but also because of its robust community activities and the 

game. Its popularity is enhanced by active social media presence and partnerships within the cryptocurrency space, making it a notable player in the meme coin market.

Looking to trade Ben the Dog tokens? Bybit now offers BENDOGUSDT Perpetual contracts. To get started, you’ll first need to 

, then fund it with cryptocurrency and navigate to the 

Considering its active community, unique value proposition and the backing of Solana’s high-performance blockchain, Ben the Dog presents a compelling case for investment. However, as with any cryptocurrency, potential investors should proceed with caution, due to the inherent volatility of the crypto market, and 

Ben the Dog seamlessly integrates playful elements with serious blockchain functionality, creating a unique niche within the cryptocurrency world. Through its engaging games such as 

 Game and SocialFi Web3 Raffle, the platform offers both entertainment and investment opportunities. 

Despite its appealing community support and innovative tokenomics, potential investors should approach with caution, considering the inherent volatility of the cryptocurrency market. As the Ben the Dog ecosystem continues to expand, it invites users to explore its vibrant ecosystem.

Ben the Dog (BENDOG): Dive Into Benhalla's Playful Ecosystem

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards