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

DeFi

Explainers

Altcoins

Aerodrome Finance (AERO) is an automated market maker designed to act as the primary liquidity hub for Base blockchain. 

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 (L2) blockchains have exploded in number due to their ability to securely provide faster transactions at lower 

. While these L2 networks may have helped Ethereum scale, they remain fragmented ecosystems. 

 (OP) aims to tie these L2s together as a cohesive system to streamline services across chains for an improved user experience via its 

Two main chains are critical for the development of Superchain: Optimism itself and 

 (BASE). These two L2s require deep liquidity to thrive, especially from 

 (DEXs), which are a critical part of their ecosystem. As such, projects such as 

 have emerged to serve these L2s and sustain their growth. Velodrome is dedicated to growing Optimism by acting as its central liquidity hub.

Velodrome has partnered with Base and Aerodrome to create Aerodrome Finance, the next central liquidity hub for the Base ecosystem. Let's take a deeper look at Aerodrome and how it will work to generate liquidity for Base.

Aerodrome Finance is an innovative DEX designed to act as the primary liquidity hub for Base blockchain

 technology stack, which includes advanced features like automated 

 management, customizable pools and concentrated liquidity.

Launched in August 2023, Aerodrome applies a unique incentivized structure through its native token, AERO, to attract liquidity to Base, a blockchain by Coinbase. Its vote-lock governance model and seamless trading experience have made the platform attractive to traders and 

Aerodrome has a unique approach to its liquidity mechanics. As it’s an AMM, traders can enjoy pooled liquidity via pricing done through an algorithm without needing 

At the heart of Aerodrome’s operations is its robust liquidity incentivization engine powered by AERO tokens. As an AERO token holder, you can lock your tokens on Aerodrome for a period ranging from a week to four years. In exchange, you’ll be given veAERO tokens, which you can use to participate in Aerodrome's governance decisions.

Some of the decisions that token holders assist in making are in determining reward levels to trading pools on the platform. By voting, a token holder receives 100% of the fees generated by the specific pool. This incentivized model ensures a robust liquidity structure, since people become more interested in the 

. In this way, non-token holders are also exposed to the Aerodrome ecosystem without needing to own AERO tokens or manage positions.

This self-sustaining cycle deepens liquidity on Aerodrome. Traders enjoy low 

 on swaps and transactions, while liquidity providers receive fees generated by the liquidity pools. Due to the allure of rewards, AERO tokens end up being purchased more frequently, and governance is decentralized through the vote-lock mechanism.

As an innovative DEX, some of the key features of Aerodrome Finance include:

What Is the Aerodrome Finance Token (AERO)?

 utility token for Aerodrome Finance’s ecosystem. It provides incentives (emissions) for liquidity providers on the platform to help boost the liquidity of Base. Aerodrome uses a two-token mechanism to power its ecosystem.

Once you have your AERO tokens, you can stake them to receive NFT-enabled (ERC-721) veAERO tokens, which can be traded on NFT marketplaces. In addition, veAERO tokens power Aerodrome’s vote-lock governance mechanism. Also known as Aerodrome Lock or veNFT, veAERO tokens can be locked for anywhere from a minimum of two weeks to a maximum period of four years.

The longer you lock your veAERO tokens, the higher your weighted voting power of the underlying locked balance, due to the platform’s rebase mechanism, which is designed to prevent dilution. You can also toggle on the Auto-Max Lock feature on Aerodrome to set the locking of your veNFT for the maximum period of four years, thereby ensuring that its voting power doesn’t decay.

AERO had an initial token supply of 500 million. (Of these, 450 million were set aside as vote-locked veAERO tokens.) The tokens were distributed as follows:

Buying the Aerodrome Finance token (AERO) as a USDT Perpetual contract on Bybit is a straightforward process. Follow the steps below to get started.

Step 1: Create and Verify Your Bybit Account

First, sign up for a Bybit account (if you don’t already have one). Visit the Bybit website and complete the registration process. Verify your account by providing the necessary identification documents per Bybit’s 

Before you can trade, ensure you have USDT (Tether) in your Bybit account. You can deposit USDT directly from your wallet or another exchange. Go to the 

 and follow the instructions to transfer USDT to your Bybit account.

Once your USDT deposit is confirmed, navigate to the trading page. From the main menu, select 

 to find the Aerodrome Finance token trading pair.

 trading page, you’ll see the order book, price chart and trading options. Decide whether you want to place a 

. A market order will execute immediately at the current market price, while a limit order allows you to specify the price at which you want to buy AERO.

After placing your order, manage your position by setting 

 levels to mitigate risk. Monitor the market and adjust your strategy as needed to optimize your investment.

Once you’ve successfully traded and are ready to withdraw your AERO tokens, go to the 

 and follow the instructions to transfer your tokens to an external wallet.

By following these steps, you can easily buy the Aerodrome Finance token (AERO) on Bybit and start trading confidently.

As of Jul 29, 2024, the price of AERO was $0.90, a 60.8% drop from its all-time high (ATH) of $2.31 on Apr 21, 2014, and a remarkable 4,859,381.3% rise from its all-time low (ATL) of $0.00001861 on Oct 17, 2023.

Price prediction experts are quite bullish on the future price of AERO. According to CoinCodex, the price of AERO 

 a maximum of $4.26 in 2025 and drop slightly to $3.66 by 2030. Another crypto price prediction platform, CCN, believes AERO 

 to $1.75 in 2025 and surge to $5.15 in 2030.

While these price predictions provide a bullish outlook, they aren’t financial advice and shouldn’t be taken as a guarantee of the future price of AERO. We highly recommend that you 

 before buying AERO or any other altcoins.

Aerodrome Finance’s powerful liquidity incentive engine and its vote-lock governance mechanism are well placed to help provide sustainable growth for Base, a chain to watch in the thriving 

 (DeFi) niche. This innovative DEX approaches liquidity through a self-sustaining approach powered by two tokens. Traders can enjoy low-slippage swaps, while liquidity providers can receive incentives in the form of AERO tokens.

As Layer 2s continue to grow, Aerodrome Finance is strategically placed as the native liquidity hub and marketplace for Base blockchain, which will eventually contribute to the liquidity in Optimism's Superchain ecosystem.

Aerodrome Finance (AERO): The Ultimate Liquidity Solution for Base

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards