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.

Advanced

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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

In this article, Bybit Learn breaks down how the RFC meme coin was launched by the 'ifindretard' community, what’s driving its popularity and how to trade the RFC meme coin on Bybit.  

RFC quickly became one of the most talked-about and actively traded meme coins in early April 2025. In this article, we’ll break down how the token started, what’s driving its popularity and show you how to trade RFC on Bybit.  

Meme coins have always relied on humor to capture a wide audience and RFC is no different. The coin is inspired by the 

 X account that posts right-leaning, political and social posts on the platform. The account quickly became popular and gained over 718,000 followers as of mid-April 2025. 

 the launch of RFC, a Solana-based meme coin with a core mission of becoming the definitive meme coin for their community. The project aims to counter the prevalence of rug pulls and scams and create a token that is fair and community-centric.

The RFC token was launched on Mar 24, 2025, on the 

 platform. Within a few hours of its launch, the token graduated from the bonding curve and was placed in the liquidity pool. The initial post from the @ifindretards account is likely the major cause of the parabolic rise in the price of the token on the pump.fun platform. 

In the following days, the popularity of RFC experienced a significant surge, largely fueled by an enthusiastic community that rallied around the project. The coin’s 

 on Solana and its allocation of 96% of the supply to the public attracted a lot of attention from the meme coin community. Such community-centric characteristics quickly boosted the coin’s profile. According to 

, over 216 KOLs have mentioned the coin, with 124 being bullish and only five being bearish. This positive momentum was soon reflected in the price surge of RFC.

Following the graduation from the bonding curve, the price momentum continued and the coin reached a peak market cap of around $8 million, but quickly retraced to $1.2 million the next day. Over the next few days, the coin consolidated in the $1 million to $5 million range. 

On Mar 31, 2025, the coin broke out of this range and witnessed a 2-week staggering rally that saw the market cap rise as high as $138 million on Apr 14, 2025. This is a 25x increase from the first day’s close of $5.5 million. The coin has since retraced slightly, and as of Apr 15, it’s currently trading at a valuation of around $91 million market cap. 

The total supply of RFC is fixed at 1 billion tokens. The distribution of these tokens is heavily weighted towards the public, with 96% allocated for a public fair launch. Notably, only 4% of the total supply was allocated to the developer wallet, and the project explicitly states that there were no airdrops or presales.

If you’re interested in riding the RFC wave, you can go long or short on the token with up to 20x leverage on Bybit through its 

 RFCUSDT perpetual contract. Whether you're bullish or bearish, you can dive into the action and start trading the 

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RFC: Trending meme coin with a strong community

Altcoins

Crypto

Become the ultimate fan with Galatasary fan token (GAL), an innovative offering that lets you get up close and personal with your favorite soccer clubs.

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Are you a soccer (football) fan? If so, you may be glad to know that approximately 3.5 billion people across the globe share your love for the sport — on average, that’s one soccer enthusiast for every two people on the planet. Well, what if you were offered a chance to connect with your favorite soccer club, and be rewarded for your support? No, we’re not pulling your socks.

In this article, we’ll discuss everything related to 

, the concept of fan tokens and one fan token in particular — the Galatasaray Fan Token.

Socios.com is a sports fan engagement app powered by the cryptocurrency 

. Targeted toward soccer fans, the app allows them to participate in the everyday activities of their favorite club. As a fan, you’re eligible to win rewards for your participation in the form of digital assets called 

 on the Socios platform, and fans can buy or earn them via the Socios mobile app. 

As a supporter and holder of a club’s fan token, you get to vote in their exclusive club polls. These fan tokens give you the power to influence the decisions of your favorite team/club, a first in the world of sports. You can also unlock rewards, gain access to exclusive promotions involving your favorite players, connect with fan communities, and earn VIP rewards. 

Fan tokens are club-specific, with each club granted the right to only one such token. Unlike 

 and can be traded like regular cryptocurrencies. 

A well-known soccer club based on the European side of Istanbul, Turkey, 

 (Turkish: Galatasaray Spor Kulübü, or S.K.) has a rich history that spans more than a century. Members of this club are nicknamed “Lions” due to their fiery, yellow-red jerseys and reputedly fearless nature.

Galatasaray is one of the most successful Turkish soccer clubs, with over 22 winning titles in the Turkish Super League (Süper Lig). It’s also the only Turkish club to have claimed the UEFA Super Cup, winning the first such event at their prime in 2000. 

 is the official Fan Token of the Galatasaray Sports Club. The price of one GAL is around $4 at the time of this writing. 

Powered by the Chiliz token, CHZ, Socios.com serves as a platform for clubs and sporting teams to launch their official fan tokens. As mentioned, fan tokens are collectible digital assets designed to allow fans to reap rewards for their loyalty to a club.

These fan tokens are minted on the Chiliz blockchain and are circulated in the crypto market. Fans can either buy these tokens or find them in an innovative way, which we’ll discuss in the upcoming section of this article. The Socios.com platform is simple to use, and allows fans to enjoy closer connections with their favorite clubs.

The Socios app is powerful and enables passive fans to become active, providing sports organizations the opportunity to monetize their global fan base in a seamless manner. In 2021 alone, fan tokens have made over 

At their core, fan tokens are utility tokens that offer their holders and issuers several benefits.

Clubs use their official fan tokens to carry out regular polls among their fans. If you’re holding a club’s fan tokens, you can have a say in many club-related decisions, such as the design of its official kit, or the color of the jersey for an upcoming charity game. 

As a fan token holder, you’ll receive many opportunities, such as a “grant of access” to the stadium during team warm-ups and practice games. Without these tokens, you have to pay to watch practice games, and access is limited when it comes to watching team huddles and warm-up sessions of your favorite players. 

Fan tokens allow fans with significant holdings to meet the team members of their favorite club — and even to have online meetings with them. As a holder, you also get a chance to win VIP tickets to watch crucial matches. 

Another benefit of owning fan tokens includes the chance to win game tickets and merchandise. However, the main purpose of this token is to enhance the interaction between clubs and their fans.

Club owners can monetize their potential fan base, which is difficult in the absence of fan tokens. 

Apart from allowing clubs to launch their official tokens, and fans to buy their preferred fan tokens, the Socios platform offers the following key features. 

Typically, you have to purchase CHZ and fan tokens using crypto or fiat money. However, there is a feature embedded within the Socios platform that allows you to earn fan tokens for free. Using its 

, you can acquire fan tokens and CHZ tokens without spending any additional money.

Once you install the Socios app, its augmented reality (AR) technology allows you to scan your surroundings to collect CHZ, Socios Loyalty Tokens (SSU) and other fan tokens. (Think 

 a game which became popular in early 2016.) The best part about this feature is that it’s global — you can participate in the token hunt regardless of where you are physically in the world.

There’s no denying that the crypto market is 

 most volatile financial market. This is one of the major risks of trading in crypto. However, as the saying goes, ”Where there’s high risk, there’s high reward.” Volatility can be a huge opportunity for those who can tolerate it — and know how to deal with it. FTOs are based on the future volatility of fan tokens. 

FTOs take place within a predetermined, limited period. Club owners offer for sale a fixed number of fan tokens at a fixed price. Fans can purchase this token even before it goes live on the Socios marketplace. Once the tokens have been released, fans can profit if the token price appreciates due to volatility. This is in fact the case most of the time, as the price set for fan tokens in an FTO is lower than when they go live on the Socios marketplace. 

Apart from these features, the Socios app has many others as well which focus on delivering the best possible experience for fans. Some examples are fun rewards, trading of fan tokens, 

Note: figures below are accurate as of this writing, and are approximated up to one decimal place.

Are Galatasaray Fan Tokens (GAL) a Good Investment? 

Investing in any fan token is a great idea at this point, because fan tokens are in their nascent stage and have plenty of room to develop/grow. The GAL token’s limited supply of 10 million makes it an attractive asset to invest in. According to 

, the GAL token has the potential to reap double-digit profits in less than a year. The GAL market is currently bearish; therefore, it could be the right time for you to buy the dip if you see potential in the token. Note: please do not consider this as investment advice. As with any asset, invest only if you can withstand the volatility and high level of risk involved. 

You can buy the GAL token on popular cryptocurrency exchanges like Bybit. Simply follow the steps below.

You can access the Bybit Spot Market once verification has been completed. Please note that the GAL token is paired with USDT on the Bybit exchange. Therefore, you need to hold USDT in your Bybit wallet to purchase GAL. As you probably know, USDT is the most used 

 globally, and you can buy any crypto asset on Bybit with USDT. USDT can be purchased within a few minutes using fiat currency with your credit/debit card.

 Once you have USDT in your Bybit spot wallet, you can visit the Spot Market section and search for the 

, place your trade, entering the price at which you want to buy GAL. Make sure to enter the amount of GAL you want to purchase, and click 

. When the price of GAL reaches your desired price, the order will execute. 

Once done, you should see your GAL tokens in your Bybit 

. You can hold them there for trading, or transfer your funds to a hardware wallet for secure storage. 

Socios.com is a revolutionary platform that allows you to truly live out your fanboy/fangirl dreams. Platforms like Socios.com are essential to the holistic development of cryptocurrency mainstream adoption. 

There’s no better way for crypto to enter the sporting world than with fan tokens, as their purpose is to bring fans and their favorite clubs together. The success of Socios.com also proves that the world is ready for crypto adoption in different industries — and it’s just a matter of time before it truly becomes mainstream. 

Explained: The Galatasaray Fan Token (GAL)

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