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

Bybit Learn

web3

Explainers

Altcoins

Lifeform Token (LFT) powers Lifeform, a decentralized platform enabling seamless interaction across Web 2.0 and web3 with hyper-realistic avatars and universal domains.

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In the busy tech world, you need a unique way to identify yourself. Whether you're performing tasks on Web 2.0 or transacting in 

 space, your digital identity is a significant part of you. However, due to the fast-paced evolution of technology, especially in web3, typical usernames and passwords are quickly becoming “inadequate.” 

The sophisticated and innovative nature of blockchain technology, especially in the 

, calls for advanced authentication credentials.

Enter Lifeform, a web3 project pioneering the creation of a universal decentralized digital identity that lets you seamlessly engage with the digital realm in a smooth, efficient and secure way. Let’s learn more.

 is a decentralized digital identity solutions provider that aims to empower digital users with unique online identities, such as hyperrealistic 3D avatars and visual decentralized identities (DIDs), enabling them to securely and seamlessly engage with the digital realm.

After a successful seed funding round from Binance Labs in 2022, Lifeform has been creating innovations shaping the digital identity world, and is on a mission to onboard the next 1 billion users into crypto by integrating fragmented data on digital identity into a more relatable form.

Its flagship humanlike avatars have provided a unique and immersive way for both Web 2.0 and web3 users to identify themselves. Using a simple-to-use Virtual Human Editor, you can create and manage your digital identity and store it across blockchains as a non-fungible token (

Furthermore, Lifeform has created the Universal Domain, a decentralized user ecosystem centered around domain ownership. You can use this innovation to create a domain with a .btc suffix, which leverages the Bitcoin network to unlock a more secure and seamless way to manage digital identities across different blockchains.

At its core, Lifeform’s mission is threefold: 

The LFT token powers the Lifeform ecosystem and is used for activities such as minting NFTs, unlocking accessories and 

In order to transform the creation and management of online digital identities, Lifeform has created the following products.

Avatar ID by Lifeform is a type of Visual DID that lets you create a humanized avatar of yourself and use it across different 

 (DApps) and social platforms. The unique thing about Lifeform’s avatars is their human-realistic nature: they closely resemble your natural self, and can also be customized to a character that you like in real life.

To create your Avatar ID, you can use the following tools.

Using this UE5-powered tool, you can create a hyper-realistic avatar, convert it into an NFT and share it across various platforms, including your social media accounts. Think of it as a way to create a 3D virtual version of yourself that acts as a passport in the web3 and Web 2.0 spaces.

Upon creating the avatar, you activate features, such as facial capture technology and motion capture, to synchronize your facial expressions.

This mechanism lets you create a personalized cartoon version of yourself. In order to publicize this tool Lifeform held various events, such as the 

, which millions of participants used to generate personalized cartoon avatars.

Lifeform Universal Domain lets you create a blockchain-friendly domain name with a .btc suffix. Such a domain gives you visibility in the crowded world of web3, as well as true ownership over your domain name — which then translates into a more secure experience online.

Lifeform Universal Domain is the first platform offering multichain domain names with the .btc suffix. It supports various blockchains, such as Bitcoin, 

 and more. This enables .eth, .sol, .bnb and .arb holders to register a corresponding .btc domain name for free. 

In late March 2024, Lifeform partnered with 

 to offer a BTC domain SDK, further democratizing domain ownership through decentralized domains that can integrate multiple blockchain addresses — thanks to Polyhedra Network's interoperability. 

Lifeform Market is a platform on which crypto enthusiasts can create/mint and trade blockchain collectibles, including NFTs and Avatar NFTs. In this marketplace, you can find items from both the larger Lifeform ecosystem and incubation projects on Lifeform, such as Lifeform Avatar, Lifeform Cartoon and the HALO Avatar.

The Live to Earn system is a project currently under development that will provide an avatar-based, gamified environment to incorporate your real-life behavior, offering a way to earn as you play and live.

Lifeform has launched Lifeform Premium, a platform where Lifeform NFT holders can access exclusive perks. By being a part of Lifeform Premium, you can benefit from:

Previously known as Lifebound Token (LBT), Lifeform Token (LFT) is the native utility token for the Lifeform ecosystem. Designed to encourage innovation on the platform, some of the LFT’s uses are as follows:

LFT runs on the BNB Smart Chain and has a maximum supply of 1 billion tokens.

You can buy LFT on Bybit’s Spot trading platform as a Spot pair (LFT/UDST). LFT can be traded through Bybit's 

. To celebrate the LFT listing on the platform, Bybit is 

 from May 14–28 2024, with 600,000 LFT and 50,000 USDT up for grabs.

The convoluted web3 space makes managing identities across different blockchains cumbersome. Lifeform has created a truly decentralized user ecosystem for digital identities, making it a valuable blockchain network in the crypto space.

Complex blockchain technologies are developing as the web3 digital realm continues to evolve. Lifeform provides you the opportunity to create a unique and decentralized online identity that goes beyond the usual username and password. Furthermore, it’s taking digital identities a notch higher with human-realistic NFT avatars that can be used on both web3 platforms and in the established Web 2.0 world. 

Finally, Lifeform’s Universal Domain provides the foundational infrastructure connecting BTC to multichain domain names, and will enable more users to enjoy secure and decentralized domain ownership. This will significantly contribute to Lifeform's ambition of onboarding 1 billion users into the web3 space. 

Lifeform Token (LFT): Redefining Identity With NFT-Backed Avatars

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards