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

Podcast

Learn how our guest, with the self-proclaimed title of "Airdrop King," built his empire from 4-figures to 7-figures through crypto education, NFT and Web3.

In the rapidly transforming world of Web3, few personal journeys embody the transformative potential of decentralized finance and blockchain technology quite like Will’s. A self-proclaimed “Alpha Hunter” and “Airdrop King,” Will has carved out a unique and impressive path in the crypto world. From a humble starting point of just $2,000, he has managed to amass a seven-figure net worth, all while navigating the challenges and opportunities that define the Web3 space.

In this podcast, the host and guest, Shadie and Will, will share their experiences capitalizing on these early crypto offerings and seizing these opportunities.

Like many beginners in the crypto space, Will’s initial steps were marked by both excitement and naiveté. He leveraged his trades aggressively, chasing quick profits and diving headfirst into complex transactions without fully understanding the risks involved. The result was predictable: he lost a significant portion of his initial investment. But instead of walking away defeated, Will turned these early losses into a powerful learning experience.

Recognizing the importance of knowledge in such a volatile industry, Will immersed himself in the world of crypto education. He studied technical analysis, market trends, and the intricacies of different trading strategies. He honed his skills in reading the market, gradually becoming more disciplined in his approach. Each loss became a lesson, and each success a building block toward a more refined strategy. Will began to see crypto not as a gamble but as a calculated venture where knowledge was the primary asset.

The Power of Networking: Building a Web3 Community

One of the pivotal moments in Will's journey was the realization that knowledge alone wouldn’t be enough to thrive in the highly competitive crypto market. Success in Web3 also relied on connections. Will understood that the crypto ecosystem wasn’t just about technology—it was about people, ideas, and the exchange of insights.

He began actively seeking out relationships within the Web3 community, engaging with influencers, thought leaders, and fellow enthusiasts. Through consistent interaction with key players, Will built a robust network that provided him with invaluable insights, exclusive opportunities, and mentorship. His newfound network became an incubator for ideas and strategies, and it was through these connections that Will found himself uniquely positioned to capitalize on emerging trends in the crypto space.

As Will became more knowledgeable and well-connected, he began focusing on one of the most lucrative opportunities in the decentralized finance (DeFi) space—airdrops. For the uninitiated, airdrops are a method by which cryptocurrency projects distribute tokens to early adopters, often as a promotional strategy to build awareness and incentivize participation. Will had a keen eye for identifying these opportunities, participating in promising projects that later rewarded him with substantial amounts of cryptocurrency.

Through strategic participation in DeFi projects and Web3 initiatives, Will accumulated significant assets with little to no upfront cost. His knack for navigating airdrops helped him build a reputation as an expert, attracting a sizable following on social media and within crypto communities. His rise to prominence was not just about personal gain—he became a thought leader, sharing his knowledge and helping others identify similar opportunities.

As the world of NFTs (non-fungible tokens) exploded into mainstream consciousness, Will saw another opportunity. Initially skeptical of the idea of purchasing digital art, he was careful to avoid getting swept up in the hype. Instead, Will took a pragmatic approach, focusing on NFT projects that offered tangible utility, strong community engagement, or real-world benefits beyond speculative price increases.

This careful approach to NFTs allowed Will to diversify his crypto portfolio, adding assets that carried long-term value rather than chasing trends. His ability to separate substance from hype in the NFT market proved to be yet another demonstration of his disciplined approach to Web3 investments.

One of the most notable aspects of Will’s journey is his commitment to transparency and community-building. Unlike many in the crypto space who prefer to operate behind a veil of anonymity, Will has been open about his successes, failures, and the lessons he has learned along the way. Through his active presence on social media, he has built a loyal following of individuals who look to him for guidance in navigating the complex world of Web3.

His willingness to share insights and engage with his community has set him apart as not just a successful investor, but also a mentor and educator. Will’s transparency has fostered trust among his followers, and his brand has grown as a result. In an industry often criticized for its opacity and the prevalence of scams, Will has become a refreshing voice of honesty and reliability.

Looking ahead, Will remains optimistic about the future of Web3. He believes that the decentralized economy is still in its early stages and that the integration of blockchain technology into everyday life is inevitable. The opportunities for individuals to participate in this new economy, whether through DeFi, NFTs, or other Web3 innovations, will continue to expand as the technology matures.

For Will, the future of Web3 represents not just financial opportunity, but also a chance for greater inclusivity. By decentralizing finance and removing many of the barriers that exist in traditional financial systems, Web3 has the potential to create a more equitable global economy. Will is committed to continuing his journey in the space, sharing his knowledge, and helping others seize the opportunities that lie ahead.

Will’s story is a testament to the transformative potential of Web3 and the power of perseverance. Some of the key lessons from his journey include:

Will’s rise from modest beginnings to becoming a seven-figure investor in Web3 is an inspiring tale of resilience, education, and strategic networking. His journey reminds us that in the ever-evolving world of decentralized finance, the opportunities are vast—but success belongs to those who are willing to learn, adapt, and build connections along the way.

Lessons From The Block #5: From $2,000 to Seven Figures: Will’s Web3 Journey as an Airdrop Pro

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards