Apr 21, 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 — Trump wants to fire Powell? 

US president Donald Trump is actively considering firing Federal Reserve Chairman Jerome Powell, following Trump's public criticism of Powell for not moving quickly enough to reduce interest rates. National Economic Council Director Kevin Hassett confirmed that the administration is examining this option, suggesting that Powell's actions have politically favored Democrats. Hassett argued that the Federal Reserve's decision to raise interest rates shortly after Trump took office was intended to undermine the economic impact of the tax cuts implemented during his administration, which were deemed inflationary. He further criticized the Fed for not addressing inflation concerns stemming from federal spending under President Biden, implying a lack of accountability.

During a recent press conference, Trump conveyed his dissatisfaction with Powell, asserting that if he wanted to remove him, it could happen "real fast." While he did not explicitly state his intention to dismiss Powell, his remarks highlighted the growing tensions between the White House and the Federal Reserve regarding monetary policy. Hassett defended Trump's frustrations, advocating for a focus on economic policy rather than interpersonal conflicts. This situation underscores the complex dynamics between the executive branch and the central bank, as Trump navigates economic challenges leading up to the next election.

Weekly crypto highlight — XRP ETF coming

HashKey Capital has officially launched the HashKey XRP Tracker Fund, marking the first investment fund in Asia designed specifically to track the performance of XRP, the digital asset integral to Ripple's global payment ecosystem. This fund is aimed at professional investors and offers a unique opportunity to gain exposure to XRP without the complexities of direct asset management. Investors can subscribe through cash and in-kind options, with the fund providing monthly liquidity.

Ripple, as an early backer of the fund, is looking to enhance its strategic partnership with HashKey Capital, which already manages Hong Kong–listed spot ETFs for Bitcoin and Ethereum. This collaboration not only solidifies Ripple's presence in the Asian market, but also opens avenues for future financial products, such as the potential tokenization of a money market fund on the XRP Ledger. Fiona Murray, Ripple's Managing Director for the Asia-Pacific region, highlighted that this partnership is part of a broader strategy to introduce more regulated cryptocurrency products for institutional investors in the region, aiming to foster a more robust crypto landscape in Asia.

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Weekly Institutional Insights: Trump’s desire to fire Powell might induce volatility; XRP ETF coming

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards.

Daily top performer — Pyth Network (PYTH)

The S&P 500 dropped 1.5% to 5,282.70 this week, down 5.9% in April and 10% year-to-date, led by tech losses. Real estate and energy outperformed, while political pressure on Fed Chair Powell and inflation concerns weighed on sentiment. Gold dipped 0.6% to $3,319 after a record high, as Powell’s stagflation warning tempered its rally. Despite the pullback, the uptrend remains intact. The Coindesk Indices, which tracks the broader crypto market, are up by 0.77%, with Bitcoin and Ether rising 0.64% and 0.72%, respectively, over the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PYTH, up 10.1%, following the launch of Pyth Entropy for secure on-chain random number generation by Soneium.

Pyth Network (PYTH),  is a blockchain oracle system that delivers real-time crypto price data to blockchains, enabling smart contracts to react to market changes. Soneium 

 Pyth Entropy, a tool for securely generating random numbers on-chain. Two apps, HandsNFT AI and 2p2e, are already utilizing Pyth Entropy to create unpredictable and engaging experiences.

Check out the latest prices, charts, and data of 

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards. This approval follows recent changes to local laws, with China Asset Management (ChinaAMC) partnering with OSL Digital Securities to launch the ETF by May 15. The ETF will offer exposure to Ethereum staking, transforming it from a passive investment into an active participant in the Ethereum network. The staking process is powered by Kiln, with OSL providing custody and insurance services. The rewards will contribute to the ETF's net asset value, benefiting shareholders.

Yesterday, Bitcoin spot ETFs saw $25.9M in inflows, all from non-GBTC funds, while GBTC recorded no flow.

" and a points campaign called Drops, where users can earn points—potentially leading to an airdrop—by engaging with Linera content on X. To join, sign up on 

, complete tasks like joining Discord and interacting on X, then enter the campaign. Keep engaging to earn more points, but avoid spamming.

Beginner

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Hong Kong approves Ethereum ETF with staking rewards, boosting institutional participation

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.

US president Donald Trump’s tariff policies are influencing both crypto and US equities. Last week, BTC and the S&P 500 rallied due to a 90-day pause in reciprocal tariffs (excluding China). Equities are slightly below their April 9 highs, while BTC is holding above $83K. Its implied volatility term structure has normalized, and the volatility skew has improved from last week’s bias toward out-of-the-money puts, though it hasn't fully shifted toward calls.

Please check out the report’s highlights.

Tariff pause briefly brings back trading volume

Since our last report, open interest surged on Apr 9, 2025, as crypto spot prices rose after President Trump’s temporary tariff pause, accompanied by a nearly $10B increase in trade volumes. However, trade volumes have since returned to mid-March levels, and open interest has declined from the April 9 highs. The initial price spike indicates the tariff pause surprised the markets, but the subsequent pullback reflects concerns over remaining tariffs.

After being inverted for much of April due to trade policy shocks and macro headwinds, BTC’s term structure has disinverted, with front-end volatility dropping significantly this week. Call and put volumes have been balanced, with calls slightly exceeding puts most days. Apr 9, 2025, reflected mixed market sentiment, as both call and put volumes rose, but puts were higher overall. Open interest remains greater in calls, and has increased slightly since last week, reaching its highest level for the month (more than double from the beginning of April).

Despite a rally on Apr 9, 2025 that brought ETH close to $1.7K, traders sought downside protection, leading to higher volumes in put contracts as compared to calls. Since then, ETHUSDT options volumes have declined, but open interest remains strongly weighted toward calls with later expirations, which have increased since last week. After being inverted for much of April, ETH’s term structure of volatility has flattened, with volatility compressing around the 70% mark across tenors.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 16, 2025): Bitcoin put bias has moderated, but not yet shifted to calls

KiloEx (KILO) is a user-friendly DEX for perpetuals trading, offering high leverage, rewards, LSTfi integration and a robust multi-chain ecosystem.

 trading is one of the most lucrative areas for cryptocurrency enthusiasts if you know how to navigate the sometimes complex world of these contracts. Unlike standard futures, perpetual futures contracts have no expiration date, allowing traders to hold onto their positions as long as they prefer. You only exit a crypto perpetual (or “perp”) contract when you feel it’s the best time to execute your long or short trade. The lack of an expiration period makes these contracts attractive for traders.

Unfortunately, many crypto perpetual contract trading platforms are far from user-friendly. It seems like many perpetual crypto exchanges assume that only professional traders dabble in these contracts, and along with that assumption goes a second one — that these pros can navigate even the most complex user interfaces. As a result, finding a user-friendly perps platform is a challenge in the world of crypto trading.

 (DEX) that aims to change the status quo by providing a user-friendly environment for traders. Its platform also offers high leverage ratios, integration into the wider liquid staking token finance (LSTfi) ecosystem and generous reward programs for referrers and affiliates.

Thanks to its numerous benefits, this DEX caters to the needs of traders at all levels of expertise who are interested in crypto perpetuals. Operational since mid-2023, KiloEx launched its native token, KILO, in March 2025 to further enhance its platform's reward, staking and governance mechanisms.

 (BNB) that specializes in crypto perpetual futures trading.

 The platform prides itself on offering a user-friendly interface, high 

 ratios of up to 100x, multi-token vaults with generous APYs and a number of reward programs for referrers and affiliates.

Co-founded by Joey Ni (CEO) and Charles Gong (COO), KiloEx was originally launched on BNB Chain's mainnet in June 2023. As of mid-April 2025, the platform has additionally expanded its service coverage to five 

 (B2). This coverage allows KiloEx to access the ecosystems of three leading blockchain platforms — 

Manta, Base and Taiko are Ethereum-focused Layer 2 solutions, while opBNB is an efficient and low-cost optimistic rollup for the BNB Chain, while B

 is a platform linked to Bitcoin that acts as a major Bitcoin DeFi (BTCFi) enabler.

Because it’s a BNB-native platform, KiloEx's industry footprint is most notable within this blockchain's broader ecosystem. In fact, as Apr 17, 2025, KiloEx is the top DEX on the opBNB network by 

Using Layer 2 chains allows KiloEx to offer its users fast and low-cost transactions, which isn't always possible on a typical Layer 1 network. It's true that BNB Chain, the primary Layer 1 used by KiloEx, generally has much lower gas fees than Ethereum, the industry's leading 

 chain that’s notorious for its exorbitant costs. However, KiloEx's partner Layer 2 networks help drive costs and transaction times even lower. BNB Chain's current average gas fee is slightly over $0.10, while the opBNB Layer 2 rollup's comparable fee is only about $0.005.

In 2024, the platform introduced one of its most innovative features — the 

, which allows liquidity providers to stake multiple assets to earn high yields. That same year, KiloEx significantly expanded its partnership network, becoming an active player in the LSTFi ecosystem. LSTFi is a new stream within the DeFi industry that allows you to use 

 (LSTs) on various protocols for additional yield.

Having solidified its market presence in 2024, the project launched its native token, KILO, in March 2025. However, in mid-April 2025, KiloEx 

 and halted trading on April 15 as a risk management measure, pending investigation of the damage.

The Hybrid Vault is among the most innovative features offered by KiloEx. Essentially, it acts similarly to liquidity pools on other exchanges. Liquidity providers can contribute their crypto funds to the vault to support trading activity on the DEX and earn interest on their contributions, based on the fees earned by the protocol.

You can contribute a mix of coins to a KiloEx vault. Supported assets include 

Depending upon trading activity and the mix of coins contributed, you can earn APYs as high as 30%, making KiloEx one of the most lucrative choices for liquidity providers in this niche.

KiloEx uses a health factor calculation for this type of vault to keep your funds and the entire ecosystem safe. Based on the health factor score of your contribution to the vault, your funds could be liquidated if their value drops dangerously low.

Discounts are also offered for fixed-term deposits for established assets, such as USDT and USDC. Withdrawals for the fixed deposits are processed upon maturity, while all other withdrawals are processed within one to three "epochs," with each epoch on the platform lasting about three days. Thus, depending upon your contributed funds, you’ll wait anywhere from three to nine days to receive your crypto back.

The KiloEx platform also runs a generous referral program under which you can earn rewards for referring your friends to the platform. The amount you earn depends upon the trading volumes generated by the people whom you’ve referred. Additionally, your referees to the DEX can also benefit from fee rebates, again depending upon the volume of trade they generate.

There’s a tiered system, comprising nine levels, based on which you and your friends earn commissions and rebates. Under this system, even those referred traders whose monthly volume is at the lowest level (below $5,000) can still benefit from 5% rebates, while you also earn a 10% commission.

The table below shows the structure of this referral system with percentages for commission and rebates based on monthly trading volumes.

KiloEx offers an affiliate program for key opinion leaders (KOLs) with a certain level of social media following and influence in the crypto market. KOLs may apply to join the program by filling out an application, which is then considered by the project team within 48 hours.

To qualify for affiliate status, a KOL must have: 

Approved affiliates are provided a link to the platform, and are encouraged to invite their followers to trade on the KiloEx. If they invite at least five followers who trade at sufficient levels, the affiliates can start earning their commission. KOLs can earn up to 55% commission, depending upon the referred followers' trading activity.

KiloEx’s native utility token, KILO, is a 

 asset launched on BNB Chain. It’s used on the platform for governance, fee discounts on trades, rewards via 

, liquidity provision incentives and staking.

KILO is a supply-capped asset, with a maximum and total supply of 1 billion. The token’s supply allocation shares are shown in the chart below.

xKILO is an escrowed version of the KILO token. You can convert KILO to xKILO at a fixed rate of 1:1. The primary utility of xKILO is to provide boosted liquidity provision, which makes it possible to receive staking rewards. By locking xKILO on the platform, you can access special discounts and other benefits reserved for VIP-level users. Holding xKILO also grants you governance power to vote and influence the platform's future direction.

Unlike KILO, xKILO is nontransferable and isn’t tradable on the secondary market. The only ways to obtain xKILO are either to buy it with KILO or receive it via airdrops.

Platform users can earn points to qualify for KILO airdrops. Typically, you accumulate points by trading, depositing funds, referring others to the DEX, checking in to the platform and completing other specified eligible activities.

The project’s initial airdrop, Genesis Season, had an eligibility snapshot taken back in July 2024. Under the currently running airdrop campaign, Pioneer Season, users can earn points to receive KILO tokens for 180 days past the token generation event (TGE) in late March 2025 (i.e., until late September 2025).

Additionally, you can earn KILO tokens on Bybit simply by participating in the 

 event and holding BNB in your account. Every day at various random times, Bybit will take snapshots of your BNB holdings in your Funding and Unified Trading Accounts to calculate the number of KILO tokens you’re eligible for. The campaign will run through Apr 25, 2025, 11:59PM UTC, and you’ll have your share of KILO airdropped seven days after this date.

 market as a swap pair with USDT. If you don't have a Bybit account, you can easily 

, and access opportunities across hundreds of trading pairs and crypto products on the exchange's Spot and Derivatives markets.

As of Apr 17, 2025, the KILO token is trading at $0.039, which is 76.2% lower than its ATH of $0.1648 on Mar 27, 2025, and 17.3% higher than its ATL of $0.03344 on Apr 12, 2025.

Long-term price forecasts for KILO are mostly bullish. CoinCodex 

 at $0.0387 in 2027 and then rise to $0.135 in 2030 while PricePredictions 

When it comes to perpetuals trading, both traditional 

 (CEXs) and DEXs have often struggled to offer an intuitive trading experience. In contrast, KiloEx has made user-friendliness a cornerstone of its operations. With KiloEx, you can enjoy a streamlined trading process, access market trends info for thorough research, get an overview of the cryptocurrency market and conduct other activities via an interface that’s designed for anyone, irrespective of their familiarity with decentralized trading.

The platform also boasts a diverse range of other benefits not easily found in the world of perpetuals-based cryptocurrency trading — generous leveraged trading options, trading fee discounts, lightning-fast trades, low trading fees and an innovative Hybrid Vault system. Many of these benefits are thanks to KiloEx's collaboration with several Layer 2 decentralized platforms, which provide the technical infrastructure to enable low costs and fast order processing.

If you’re a crypto perpetuals enthusiast, KiloEx is definitely a platform to peruse.

Intermediate

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KiloEx (KILO): More than a DEX — a rewarding ecosystem

Bybit Learn

Bybit Trading Bot

Bybit Guide

Trading

Bybit Trading Bots are automated programs that execute buy and sell orders according to a preset trading strategy. Learn more about how they work here.

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Artificial intelligence (AI) was once a popular science fiction topic, but it has increasingly become a relevant and important aspect of our lives. From OpenAI’s ChatGPT to the jockeying between Google and Microsoft in AI innovation, the media regularly covers the evolution of AI as well. While some investors may be increasing their holdings in AI tech or 

 as a way to profit, there is another way to benefit financially. 

 are now helping investors optimize their activities in cryptocurrency markets and take advantage of more profitable trades.

 are automated programs that execute buy and sell orders according to a preset trading strategy. This AI trading program features a trading grid that holds the user’s orders, which are automatically executed when preset triggers are present.

While some people lament the volatility of crypto markets, this volatility presents the opportunity for tremendous gains when trades are appropriately timed. However, crypto markets move fast. By the time many investors hear about a great opportunity, that opportunity has already passed. Bybit’s trading bots utilize AI trading, an alternative to manual trading, to make more timely and profitable trades. There are five types of Bybit Trading Bots used for AI trading. Each one has different advantages for investors to benefit from.

How Does Bybit Incorporate AI in Trading Bots?

Bybit supports its users with the execution of different trading strategies through its three trading bots. These bots run on automated software and can successfully minimize losses while optimizing trading profits when they’re properly used. You can set buy and sell orders strategically, within set intervals and specific price ranges. 

Bybit Trading Bots monitor market conditions around the clock, automatically executing users’ orders to maximize gains from crypto price fluctuations. You can employ grid trading so that different pending orders can be automatically executed when market conditions are right. With the Spot Grid Bot, DCA Bot, Futures Grid Bot, Futures Martingale Bot and Futures Combo Bot available, Bybit users can benefit from AI trading using various strategies.

If your trading strategy is to own an asset and profit from its price volatility, you can use the 

, an AI trading bot for Bybit Spot trades. These trading bots help you 

 by automating grid trading to maximize benefits from price fluctuations. They’re most advantageous in highly volatile market conditions. Additionally, losses can be mitigated by setting minimum and maximum limits for the low and high price points.

 means dollar cost averaging, a trading strategy that allows a user to build a position in increments over time. Bybit’s 

 is suitable for long-term holders who aren’t concerned about short-term volatility and 

. The trading bot will execute buy orders at regular intervals, and at a predetermined amount, without consideration regarding cost. Using this trading strategy uses averaging to even out the effects of buying at highs and lows.

Bybit AI trading is also available via the Bybit 

. There are three modes for this trading bot — Long, Short and Neutral. The Long mode is used to profit when a cryptocurrency’s price is rising, while Short mode is used for a price-dropping market. Meanwhile, if you don’t have an initial position in an asset, Neutral mode can be used. To avoid the risk of 

Thanks to the diverse modes available, the Futures Grid Bot is applicable to all kinds of markets: sideways, ranging, uptrending and downtrending markets. You can earn during sideways and ranging markets by setting to Neutral mode, while Long mode can be executed in an uptrending market and Short mode in a downtrending market.

Another automated AI trading bot offered by Bybit is the 

, which uses the Martingale strategy to trade Perpetual contracts. This strategy involves doubling the stake after every loss to recover all losses and eventually make a profit. The Futures Martingale Bot automatically adjusts the position size based on market conditions. This strategy is best leveraged during a sideways market, when prices fluctuate and reverse frequently. However, it can also be useful in the inherently volatile crypto market, as its choppy nature may lead to eventual gains for the trader even if some initial losses are incurred. 

For instance, if a trader is bullish on Bitcoin and opens a long position expecting its price to rise, but it falls instead, doubling its position size at a lower price can help it sell at a higher price when the market reverses. That said, it’s crucial for traders executing the Martingale strategy to apply proper 

 techniques so that their positions won’t be liquidated when they run out of capital from doubling their positions with the falling prices.

 is Bybit’s latest innovation, pioneering an automated solution for managing a portfolio of 

 within a single portfolio. This empowers traders to automatically create a diversified portfolio of Futures contracts, streamlining the complex process of portfolio management and rebalancing. Traders can create from two to 10 Futures contracts via Futures Combo Bot. Their holdings are automatically adjusted to maintain preset allocation ratios, despite market fluctuations, thereby reducing the need for constant monitoring. Traders can then choose to manually set their strategy or use the in-built 

How to Maximize Profit With Bybit Trading Bots

Bybit Trading Bots don’t function independently to identify optimal times for buy and sell orders; they execute your trading strategy. Therefore, in order to maximize profits from AI trading, you must develop a thoughtful strategy, and set up that strategy through grid trading. In addition to setting buy and sell orders, you can use settings for TP/SL and other functions in order to further maximize your net profits. While crypto trading bots eliminate the need to constantly monitor the market, it’s important for you to periodically review and update your trading strategies. Fine-tuning a strategy over time can help you make the most of trading bots.

Advantages of Using Automated Bybit Trading Bots

Manual trading continues to be available through Bybit, but the benefits of AI trading may make the use of crypto trading bots both more appealing and more profitable. What are some of the benefits of using automated Bybit Trading Bots over completing manual trades?

Cryptocurrency markets are open 24 hours a day, which presents the opportunity to make profitable trades at all hours. However, it’s not realistic for traders to monitor market conditions all the time. Whether you’re taking a break to go to work, having a meal or simply enjoying time away from the screen, there are many times when profitable trades may be missed. 

Because a trading strategy can be automatically executed with AI trading, bots allow you to profit even when you’re not monitoring the market. By simply seizing more trading opportunities throughout the day and night, you may benefit from more substantial gains.

When you monitor market conditions and manually execute trades, crucial seconds and minutes can pass before orders are executed. Because cryptocurrency price movements happen so quickly, 

 during that interval. This may result in less substantial gains, or even losses, for you. Because crypto trading bots automatically and immediately execute trades once specific conditions are present, you’re more likely to profit from your crypto trades.

While traders want to maximize profitable trades, they also need to mitigate losses for optimal net returns. With a solid trading strategy, crypto trading bots can execute orders so that you’re exposed to less risk. You may be subject to a greater risk of loss when you’re not actively monitoring the markets, such as when you’re working or sleeping. AI trading allows orders to be executed at the ideal time, without you manually placing the trade order. In addition, the Bybit DCA Bot reduces the impact of market volatility by executing buy orders at regular intervals.

Profiting from cryptocurrency trading generally requires you to pay careful attention to market conditions. Technical analysis is beneficial for identifying trends and setting orders strategically. However, both beginners and experts can find it difficult to monitor the markets as much as necessary. They may also experience loss or minimized gains when orders aren’t completed at the ideal moment. 

Crypto trading bots remove these hurdles, allowing you to execute your strategies without a major time commitment. Bybit Trading Bots let you optimize gains and reduce losses with 24-hour trading. Regardless of your trading expertise, trading bots offer exceptional benefits, and are certainly worth trying.

As a leading exchange, Bybit offers both manual trading and AI trading bots to meet its users' needs. With five trading bots available, users can explore new trading strategies or refine existing ones with ease. With volatile market conditions continuing, this is the perfect time to put Bybit Trading Bots to use. Interested to start AI trading with Bybit? Simply 

How Does Bybit Incorporate AI in Trading Bots to Maximize Profit?

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How Does Bybit Incorporate AI in Trading Bots to Maximize Profit?

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