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

Memes

Explainers

Altcoins

ConstitutionDAO was a crowdfunding DAO with the goal of purchasing a rare copy of the 1787 version of the U.S. Constitution.

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In the cryptocurrency space, a decentralized autonomous organization (

) is a governing entity within a crypto project that distributes authority among members who hold 

. Operating on a community-driven model, a DAO adopts a bottom-up structure. The members of the DAO hold governance tokens that grant 

 voting rights on various matters related to the entity. The DAO’s governing activities and votes are recorded via smart contracts to preserve integrity and transparency.

ConstitutionDAO was a decentralized autonomous organization whose specific one-time purpose was to purchase an official document for preservation. It played a pivotal role in influencing future projects that utilize DAOs for crowdfunding, despite ultimately falling short of its intended goal.

 was a decentralized autonomous organization that was launched in November 2021 through a crowdfunding initiative by Graham Novak and Austin Cain. This new project was formed for the exclusive purpose of obtaining the 1787 limited edition copy of the Constitution of the United States, of which only 13 copies exist.

ConstitutionDAO made history as the first DAO project to raise funds for the preservation of a founding document in the physical world. While it successfully raised capital from over 17,000 contributors, with a fund totaling more than $42 million, ConstitutionDAO still failed in its intention to purchase the rare copy of the U.S. Constitution from 1787. Nevertheless, it has served as an inspiration for future projects that will benefit the real world. As a failed DAO project, however, it also created financial loss for its investors.

ConstitutionDAO was founded by Graham Novak and Austin Cain, two residents from Atlanta, Georgia in the field of finance. On a Discord platform, they proposed buying a copy of the remaining 13 official copies of the U.S. Constitution from 1787 and began fundraising on Juicebox, the 

ConstitutionDAO exceeded its initial crowdfunding target of $20 million in just five days, and within a week over 17,000 contributors had helped pool $42 million in Ether (ETH). Of these 17,000 donors, 2,300 were reportedly first-time ETH users. Contributors were rewarded with PEOPLE tokens, granting them membership status within the DAO. If ConstitutionDAO won the bid, its members would be able to vote on where and how to display the treasured document.

ConstitutionDAO's popularity was partially attributed to the astute use of memes that caused it to go viral. Memes related to the 2004 film "National Treasure," in which Nicolas Cage starred in the lead role, popped up on Twitter, further aiding its breakneck pooling of funds. Its slogan, #WAGBTC (“We Are Going to Buy the Constitution") further stirred public interest as it trended.

Despite its tremendous fundraising, ConstitutionDAO’s $42 million bid ultimately lost to billionaire hedge fund CEO Kenneth Griffin, who bid for $43.2 million at the Sotheby's auction in November 2021. Afterward, ConstitutionDAO was criticized for publicly announcing its maximum bid, and just a week after it had launched, it dispersed. All of its members were given the option of a refund by exchanging PEOPLE for ETH. Given the exorbitant price of 

, however, this would pose a financial loss for PEOPLE holders, should they choose to redeem their PEOPLE tokens for ETH.

Although its bid fell short, ConstitutionDAO became a part of cryptocurrency history as the first DAO project to raise funds in an attempt to purchase a historic document. This marked a revolutionary moment in the crypto sphere, encouraging projects to pool the collective resources of members and use the tool of partial ownership interests for the acquisition and management of rare items in the physical world. However, it also underscored the need for substantial improvements in utilizing DAOs for crowdfunding and acquiring rare assets in the future.

Those who invested in ConstitutionDAO received a million PEOPLE tokens for every ETH they contributed. In addition to enabling participation in the pooled purchase of a copy of the Constitution of the United States, PEOPLE tokens were supposed to give members smart contract voting rights to steer the project’s future plans. For example, if the DAO had won the bid at the Sotheby’s auction, its next votes would have been in regard to the exhibit location for the document and how long it would remain on exhibition, as well as next steps for the community of those holding PEOPLE tokens.

In reality, the ability to vote on future plans never materialized. While the community was said to be a DAO, its core members were the “shadow rulers” who made independent decisions without any discussions among the community. For instance, the project disbanded without a community vote. Members had the choice to receive refunds, but the high cost of ETH gas fees prevented many PEOPLE token holders from redeeming their PEOPLE for ETH.

A DAO’s most fundamental principle is that every member possesses voting power. The numerous holders of ConstitutionDAO’s PEOPLE tokens didn’t have voting power at the organization’s most critical decision-making junctures. Because of this, many people thus assert that ConstitutionDAO isn’t a truly decentralized autonomous organization.

PEOPLE is the governance token of ConstitutionDAO, though its lack of actual utility makes it more of a 

. Notably, the project has stated that it didn’t offer partial ownership of the copy of the U.S. Constitution to those who held PEOPLE tokens. Instead, the project provided voting members with the ability to decide where the rare document would be displayed, in addition to other related administrative matters. In addition, ConstitutionDAO has said that its token holders shouldn’t have considered their purchase of PEOPLE tokens as an investment.

Instead, according to ConstitutionDAO, token holders were donating toward the organization's goal and receiving governance rights, rather than a fractional ownership of the document itself. 

However, the meme publicized by the founding members had said, "Buy the Constitution." This directly opposes what the DAO’s founding members have subsequently said, and has led some people to believe they would have had fractional ownership in the copy of the U.S. Constitution. Still others had simply invested with the hopeful assumption that the PEOPLE token's value would skyrocket.

In spite of ConstitutionDAO’s announcement that voting power would be granted to those who held PEOPLE tokens, the specific details of governance were never published. Following its failure to win the Sotheby’s bid, ConstitutionDAO made a series of decisions without any votes from PEOPLE token holders.

The ConstitutionDAO core team announced that those who had purchased PEOPLE tokens in November 2021 were given the chance for a refund, minus Ethereum gas fees. Members could claim their refund at any time, potentially enabling them to use their tokens to profit from price volatility. In reality, substantial gas fees have led to financial losses for investors seeking a swift refund. The resulting confusion and financial setbacks for many individuals sparked a sense of chaos and anger following the unsuccessful auction purchase.

While some investors did in fact immediately flip their tokens, the remaining token holders were shocked to learn that the PEOPLE token would be replaced with the WTP (“We the People”) token. The core members maintained that since the founding purpose of ConstitutionDAO was no longer viable, they were making the move to the WTP token. However, only a day later, the core members made a reversal: WTP tokens were off the table, and PEOPLE crypto tokens would continue to be used for future projects. And later, the project announced that there were no future plans for ConstitutionDAO because its founding purpose to buy a copy of the Constitution had failed at auction.

In just one week, the ConstitutionDAO project had launched, taken on tens of thousands of investors and raised millions of dollars. Also within that period, ConstitutionDAO had failed at its founding mission and lost the faith of its investors, with no future plans for the project available. Many of its investors lost significant amounts of money. The project’s core members had stated that the PEOPLE token was defunct, announced a new token and then made a complete 180. The series of significant events occurring over approximately a week left numerous investors in this project feeling confused and frustrated.

ConstitutionDAO (PEOPLE) Price Prediction

Since ConstitutionDAO launched in November 2021, its price has been volatile. As of Jan 26, 2024, PEOPLE’s price is $0.0269, or 85.5% lower than its all-time high price of $0.185 on Dec 23, 2021 and over 2,800% higher than its all-time low of $0.0009 on Nov 21, 2021. The current market cap for PEOPLE is $137,167,595, and its 24-hour trading volume is $30,556,018. PEOPLE’s circulating and max supplies are just over 5 billion.

Based on solid analysis, several top industry sources have made PEOPLE price predictions. CoinCodex 

 in 2025, rising to $0.094 in 2027 and $0.26 in 2030. Meanwhile, DigitalCoinPrice 

 by 2025, cross above the $0.10 mark in 2027 to a max of $0.12 and potentially reach $0.20 in 2030.

Both sources predict that PEOPLE’s price will surpass its current all-time high by 2030. While this may paint PEOPLE as a promising token to hold for investment, it’s crucial to 

 are prone to volatility — particularly of note when a token has already been sunsetted and has zero utility.

While ConstitutionDAO isn’t an actual DAO, and no longer has a viable purpose, it still offers potential financial benefits to traders, due to the possibility of profiting from both short-term and long-term holds.

There are two ways to buy PEOPLE tokens on Bybit. You can purchase them as a Spot trade pair (

Before buying PEOPLE on Bybit, however, you do need an active Bybit account. If you don’t already have one, you can open your account with a few fast and easy steps. To begin the process, click the 

 link at the top of the home page. You can then 

 to complete the process and link your crypto wallet.

While some people may view ConstitutionDAO as a failed project, it did make great strides in advancing the purpose and functionality of future DAO projects. Its crowdfunding efforts raised a considerable amount of money to achieve a specific real-world goal. In doing so, it moved the dial for mainstream cryptocurrency adoption. However, because the project ultimately failed to achieve its goal, it’s clear going forward that there’s still ample room for improvement in regard to future DAO projects focused on crowdfunding.

ConstitutionDAO (PEOPLE): A Reflection on Crowdfunding in Web3

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards