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

Stablecoin

Discover how stablecoin wallets are bridging traditional finance and blockchain, enabling fast, secure, and accessible global payments using digital dollars.

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 have cushioned crypto users from market volatility. Now, stablecoin wallets are providing a new utility for stablecoins by facilitating the use of these blockchain-based products to make traditional payments.

With top names in the financial markets such as Fidelity Investments working on their own stablecoins, it's evident that these dollar-backed digital assets are increasingly replacing fiat and traditional payments.

 (WLD), the blockchain formerly known as Worldcoin, announced that it would integrate its wallets with Visa to open up the use of stablecoins en masse. Also, global payment giant BVNK has launched embedded wallets that include stablecoins, among other major currencies, to make seamless cross-border payments.

Let’s learn more about stablecoin wallets, and how they could change the way crypto moves around the world.

Stablecoins have provided users with the security and speed of 

 without exposing them to the volatility often faced by cryptocurrencies such as 

. However, their utility has been limited due to one major challenge: usability.

While stablecoins have continued to change the blockchain landscape, the real innovation lies in stablecoin wallets. These wallets — specifically, those that integrate fiat and traditional payment systems — are poised to become the critical bridge between 

 (DeFi) and traditional finance (TradFi).

Stablecoin wallets provide an essential missing link, allowing users to interact with both financial worlds seamlessly without needing to switch platforms or understand complex crypto mechanics. With stablecoin wallets, you can spend, send and receive stablecoins as easily as fiat currency — both online and in the real world.

Several innovative players are pushing the boundaries of what's possible by building wallets that blend DeFi technology with TradFi usability. Let's take a closer look at three emerging stablecoin wallets and platforms that are redefining what's possible when blockchain intersects with the financial world.

World Network and Visa’s stablecoin wallet vision

Visa has been one of the most forward-thinking traditional financial players in the crypto space. Its ongoing work to bring stablecoins into its payment ecosystem marks a bold step toward the convergence of decentralized and traditional finance.

Visa has recently partnered with World Network, a blockchain identity protocol whose token,WLD, powers transactions and governance within the World Network ecosystem. Together, the two companies are exploring how World Network's self-custody crypto wallet can integrate stablecoins into day-to-day transactions across Visa's vast global network. The vision is to allow users to store stablecoins in a stablecoin wallet, and spend them anywhere Visa is accepted. This would dramatically reduce the friction between holding digital assets and using them in the real world.

What makes Visa’s initiative significant is the infrastructure it already possesses. By embedding stablecoin capabilities directly into its existing systems, Visa isn’t just experimenting — it’s laying the groundwork for large-scale adoption. Merchants would be able to receive fiat in local currencies while users spend digital dollars, with real-time conversions and settlements happening behind the scenes.

This development would not only enhance convenience, but also create financial access to users in countries with unstable currencies or limited banking infrastructure. From a technical perspective, leveraging blockchain for near-instant settlement and programmable payments represents a leap forward in efficiency.

While Visa is focused on consumers, BVNK is tackling the enterprise side of the equation. It provides embedded wallet infrastructure that allows businesses to integrate stablecoin payments directly into their platforms.

For example, an e-commerce platform can offer its customers the ability to pay with USDC without having to develop its own wallet or crypto solution from scratch. BVNK handles the back end — wallets, conversions and compliance — while the front-end experience remains intuitive and familiar to end users.

This kind of abstraction is key to adoption. Most users don’t want to learn how blockchains work — they just want fast, low-cost, cross-border payments that “feel” like using a digital wallet or banking app. BVNK delivers this experience by allowing companies to offer blockchain-powered financial tools with the polish and UX of mainstream fintech platforms.

Its model also opens the door for new financial services — such as automated payroll in stablecoins, global supplier payments or on-chain settlement of business transactions — that are faster and more transparent than legacy methods.

 is a consumer-focused wallet that exemplifies the future of stablecoin usability. Stables allows users to store and spend various stablecoins — such as USDC, USDT, 

 — with a Mastercard debit card. connecting the benefits of digital currencies with the convenience of traditional spending.

The Stables app is designed for real-world application. Users can make everyday transactions, such as receiving payments, paying bills and even making in-store or online purchases, with their stablecoin balances. Behind the scenes, conversions from stablecoin to fiat currency happen in real time, so users don’t need to worry about whether the merchant accepts crypto.

Stables is particularly focused on making stablecoins practical for people in markets where banking systems are slow, expensive or unreliable. In these regions, having access to a dollar-pegged digital currency — and being able to spend it freely — is transformative.

By eliminating the complexity of crypto wallets and integrating seamlessly with existing payment systems, Stables is closing the gap between what stablecoins are capable of and how people actually use money day-to-day.

Stablecoin wallets allow DeFi and TradFi to coexist so that users can enjoy the stability and familiarity of traditional currencies alongside the innovative features of cryptocurrencies.

These wallets provide several benefits, described below.

Although DeFi offers various financial services without intermediaries, its complexity can deter newcomers from exploring its benefits. Stablecoin wallets simplify this landscape by providing user-friendly interfaces that make DeFi services more approachable. Users can engage in activities like lending, borrowing and 

 without needing extensive technical knowledge, thereby gaining access to innovative financial services.​

Traditional financial transactions — especially cross-border payments — often involve multiple intermediaries, leading to high fees and extended processing times. In contrast, stablecoin wallets leverage blockchain technology to facilitate direct 

 transactions, effectively bypassing traditional banking intermediaries. This significantly lowers transaction costs, making domestic and international payments more affordable.

Conventional international money transfers can take several days to process. Stablecoin wallets that operate via blockchain networks enable nearly instantaneous cross-border transactions. This speed is particularly beneficial for remittances and global business operations, for which timely payments are crucial.

Security is a paramount concern in financial transactions. Stablecoin wallets utilize blockchain technology that offers inherent security features, such as encryption and decentralization. Each transaction is recorded on a transparent and immutable ledger, reducing the risk of fraud and unauthorized alterations. Users can have greater confidence in the safety of their digital assets, knowing that robust security measures are protecting their funds.​

Much of the world’s population remains unbanked or underbanked, lacking access to essential financial services. Stablecoin wallets can bridge this gap by providing a digital means of storing and transferring value without the need for a traditional bank account. In this way, individuals in regions with limited banking infrastructure can participate in the global economy, send and receive payments and access financial services directly from their mobile devices. This inclusion fosters economic empowerment and creates new opportunities for underserved populations.

Stablecoin wallets represent a significant advancement in the fusion of digital and traditional finance. By offering seamless integration with existing financial systems, reducing costs, enhancing transaction speeds and providing robust security, they address many of the limitations inherent in conventional banking. Moreover, their role in promoting financial inclusion underscores their potential to transform the global financial landscape, making economic participation more accessible to all.

The future of stablecoin wallets: Bridging traditional finance and blockchain

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards