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

Everyone has opinions on NFTs. Whether you think they're just another fad or the next big thing in the cryptoverse, here's a snapshot of the hottest NFT trends that we’re likely to see more of in 2022. 

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). For some, they’re just another fad that’ll fizzle out any day now. For others, they’re the next big thing in the cryptoverse. Regardless of where you stand on the issue, there’s no denying digital collectibles like these are going to continue their impact on the crypto market in 2022. 

NFTs first rose to prominence in early 2021, when 

 for a record-shattering $69 million at Christie’s auction house. That milestone opened the floodgates and led to countless headlines, involving more non-fungible assets such as 

. NFTs were such a hot topic in 2021 – be it on mainstream newspapers or major social media platforms – that the 

 ended up selecting the acronym as its word of the year. 

Besides their impact on the general population, NFTs have also opened up a whole new world for blockchain technology, with new developments in 

As developers come up with more applications for the technology, the popularity of NFTs shows no signs of slowing. To give you an idea of where the market may trend, we’ve taken a snapshot of the latest and hottest trends that we’re likely to see more of in 2022. 

Beeple’s record-breaking NFT coup was far from the only high-profile NFT art sale reported in 2021. To quickly recap, a GIF of the Pop-Tarts®-bodied feline meme sensation 

 sold for 300 ETH (worth an estimated $590,000 at the time). A month later, in March 2021, a digital card displaying an image of a morph between Homer Simpson and Pepe the Frog called 

 sold for 205 ETH (equivalent to $320,000 at that time). 

 has become so popular that Sotheby’s Auction House launched a dedicated NFT marketplace called 

, which reportedly achieved almost $100 million in sales before the end of 2021. 

The hype didn’t just stop with crypto art, as 

 — algorithmically generated digital images of cartoon characters — quickly became the next big thing, with numerous avatars selling for millions of dollars. Perhaps the most famous examples of avatars from 2021 are the collections from 

, which count major celebrities such as 

An ape avatar by Bored Ape Yacht Club. Image source:

The staggering rise of NFTs in the art scene has naturally raised questions about what makes art valuable, the nature of ownership, and perhaps most importantly, what else we might expect in 2022 and beyond.

The trend going into 2022 appears to be buying and selling fractionalized NFTs of real-world artwork by famous artists. 

 for high-value crypto assets, but at a fraction of the cost. 

One event to watch for is the auction of NFTs representing a mural by iconic street artist 

, which was removed from a wall in Bristol, England, in September 2020. 

, the company that extracted the mural, is set to sell the graffitied wall this year as a collection of 10,000 fractionalized NFTs, each of which will sell for around $750. 

Following Exposed Wall’s example, another company, 

, is planning to launch the sale of NFT collections representing fine art masterpieces from around the world. Like Exposed Wall, Particle divides each individual art piece into a grid of 10,000 NFTs. The platform acquired the physical version of Banksy’s 2005 work, 

 for almost $12.9 million. The artwork will be the first to be fractionalized by Particle into 10,000 NFT parts, each one selling for just over $1,400, for a total value of $14 million.

Fractionalizing assets may sound like a strange model for ownership, but it’s actually started to gain traction in 2021. Picasso’s 

(valued at $3.68 million) was fractionalized into a collection of 

 (or $920 per fractionalized share). In addition, platforms like 

 are offering investors the opportunity to buy and sell fractionalized shares of individual multimillion-dollar works by blue-chip artists, including Banksy, Jean-Michel Basquiat, Keith Haring, Andy Warhol, Kaws (aka Brian Donnelly), and more. 

 isn’t without its flaws. However, art investors seem to be embracing the technology and exploring its possibilities for profit as the next evolution of fine art collecting.

This new model is also a boon for creative industries, enabling artists to monetize their work while providing a larger pool of people with the opportunity to invest. 

 will also be able to receive royalties from secondary sales

Besides revolutionizing the art world as we know it, NFT art has the potential to democratize and increase transparency in the annual 

Gaming was probably the second biggest area of development for NFTs in 2021. 

 (a portmanteau of gaming and finance, otherwise known as NFT gaming) paved the way for this development with blockchain-based play-to-earn games that reward players with in-game NFT assets. 

 (AXS) is the most popular game of the bunch, with reportedly over 

 worth of in-game assets traded on its platform. The game is inspired by Pokémon and features collectible pets called “Axies,” which are NFTs with a unique combination of abilities. The game also has its own in-game tokens, Axie 

 and Smooth Love Potion (SLP), which function as currency in the 

Illuvium is slated to be the first-ever AAA game on the blockchain. Image source:

Play-to-earn games aren’t the only projects in the GameFi space. There are also text-based games which use NFTs. For example, 

 is a community-created game template which features 8,000 distributed “loot bags” containing randomly generated lists of items, including weapons and other equipment of varying rarity, to be used in a game that will be designed by its online community. The items are collectible NFTs which are completely free (apart from associated gas fees). Loot is still under development, and there are currently no more details on the properties of the items that are minted in loot bags. 

One of the bigger changes caused by the Covid-19 pandemic is the model for how studios release and monetize new movies — as even blockbuster films now go straight to streaming. The television industry has similarly experienced change, as it adjusts to the popularity of nonlinear streaming viewing habits.

Streaming has completely revolutionized content delivery. But is having a middleman who controls what you can and can’t watch really the future of entertainment? Some crypto experts think NFTs are the next frontier — which could change how content is consumed. 

, an NFT TV show by House of Kibaa. Image source:

NFTs enable a whole new way to monetize, merchandise and crowdfund film/TV projects. Some big industry names have already started to release NFT TV shows, including: 

NFT TV shows are just one piece of a much larger puzzle. There are also TV shows that aren’t NFTs, but are based on NFT characters, such as the 

 TV series being developed by Time Studios, the film and TV production studio of 

 director Kevin Smith announced in April 2021 that he would be taking part in the NFT experiment by auctioning off his upcoming horror movie, 

 as an NFT. According to a statement from Smith, the studio that purchases the movie NFT can monetize it traditionally — or even choose never to screen it. 

Samsung’s MICRO LED smart TV is slated for a 2022 release and will feature an NFT platform. Image source:

NFTs have also found their way into TVs, quite literally, as Samsung 

 an “NFT Aggregation Platform” in its newest models of smart TVs (Neo QLED, MICRO LED, and The Frame TV models) scheduled for release in 2022. Viewers can use the feature to browse NFTs for sale on several marketplaces, and even buy them directly using their TV. 

It’s a pretty big endorsement for the NFT space, and perhaps the clearest sign that NFTs and the entertainment sector are only going to become more entwined in the future. 

The music industry has also caught the NFT bug. It’s no secret that it’s difficult for musicians to earn under the current system, with artists getting paid fractions of pennies per stream. Independent musicians are turning to NFTs as a new financial model that offers more creative freedom. The trend in 2022 appears to be more NFT albums and songs. 

Musician Daniel Allan, who was recently 

, is one example of an artist who has reportedly sold digital copies of his songs as NFTs for thousands of dollars each. Allan, who makes electro-pop music, uses platforms like 

 to showcase his work. Glass is a video streaming platform where every video is an NFT that’s owned by the creators, who get to decide how the content is monetized without any middlemen. 

Other ventures in the music industry include 

, which enable music lovers to earn a share of income collected every time a song in the platform’s catalog is performed. Band Royalty reportedly has 3,000 NFTs on its platform, with the long-term goal of having a total of 12,000 NFTs over the next 18 months. 

DJ 3LAU launched an NFT-based music platform called

that features NFT music by artists like Nas. Image source:

A famous example of an artist successfully selling an NFT album is DJ 3LAU, who released a crypto album that made 

 producer sold 33 unique NFTs of his album, 

 in an auction he announced on Twitter. His next project is an NFT-based music platform called 

, which lets fans purchase NFTs to share in royalties earned by their favorite musicians.

Other prominent artists who have shown interest in NFTs include rapper Meek Mill, who announced last year that he’s going to release an NFT mixtape in 2022. 

). The band dropped three different types of tokens: One was a special album package, the second offered perks like front-row concert seats for life, and the third contained exclusive audiovisual art.

As you can see from the examples above, this new formula has been tried and tested for success. It won’t be surprising if more big artists start releasing NFT versions of their albums as record labels jump on the NFT hype train.

It might sound like the only good potential use cases for NFTs are in digital art, media and gaming, but they go far beyond play-to-earn games and prohibitively expensive cartoon profile pictures. One up-and-coming use case is NFT loans. Investors are putting their NFTs and NFT collections to work by using them as collateral to obtain loans for emergencies and new potential investments. 

 platforms were launched in 2021 to facilitate loans using NFTs as collateral. For example, 

 platform that offers NFT-backed loans. The borrower and lender must first agree to the terms before the collection is locked in an escrow account facilitated by a 

 deployed by Arcade. The NFT(s) remains locked up and irretrievable until the loan is paid in full or defaulted.

NFT holders can put their individual pieces and collections to work on DeFi lending platforms like Arcade. Image source:

As of January 2022, Arcade reportedly supported 50+ NFT collections that have “

. The platform recently secured $15 million in Series A funding from notable crypto investors including Pantera Capital and Franklin Templeton. 

Another popular DeFi platform for NFT-backed loans is 

, a marketplace where users can put up NFT assets as collateral for loans or offer loans to other users. Any ERC-721 token can be used as collateral in exchange for a loan in 

. Once the loan is repaid, the NFT is transferred back to the borrower. If the loan defaults, then the asset is transferred to the lender. 

Brands in all industries have been coming up with creative ways to grab a slice of the NFT pie. Food brands likeCampbell’s, McDonald’s and Taco Bell, and fashion brands including Gucci, Nike and Louis Vuitton are leading the charge by releasing limited-edition NFT collectibles as a way to build brand loyalty, boost social media engagement, generate new revenue streams and raise money for charity. 

, a limited-edition digital collection of crypto-themed crisps with a “virtual flavor.” Limited to just 50 versions, the NFT is an MP4 file that shows an animated spinning golden Pringles can with the “CryptoCrisp” flavor.

The price for the CryptoCrisp NFTs started at 0.0013 ETH, or approximately $2, which is the price of a regular Pringles can. The NFTs are now available for prices starting at 4 ETH on 

Pringle’s “CryptoCrisp”-flavored NFT. Image source:

6 Biggest NFT Trends to Look Out For (2022)

Grab Up to 5,000 USDT in Rewards

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