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.

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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.

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

Bitcoin

Blockchain

Crypto

Learn all about the top BRC-20 tokens worth checking out and understand more about BRC-20 tokens in this article.

 (BTC), was created with the goal of providing secure and anonymous digital asset storage and transfers. At the time of Bitcoin’s launch in January 2009, there was never an assumption that the network would need to handle anything more sophisticated. The arrival of 

 chains a few years later drastically changed the expectations of what blockchains should be capable of. Concepts like 

 (NFTs) emerged as new use cases for blockchain technology.

Unfortunately for Bitcoin, its core functionality was poorly suited to handle such innovations. Within the NFT domain specifically, Ethereum, 

 (SOL) and other big smart chains quickly became home to thousands of NFTs and managed to establish thriving NFT trade mechanisms. Until early 2023, Bitcoin was left out of these developments, shunned by developers and creators alike under the assumption that no NFT functionality was possible on the network. 

That all changed with the arrival of the 

 protocol, which allows Bitcoin users to create native NFTs on the Bitcoin chain. Soon afterward, inspired by the Ordinals protocol, the BRC-20 experimental token standard was also introduced, designed to enable semi-fungible tokens on the blockchain.

BRC-20 tokens are now taking the market by storm, featuring some of the highest growth rates in the industry. In this review, we take a look at 11 popular BRC-20 tokens — the true movers and shakers in this niche. The market caps and trading prices we’ve indicated for each token are as of Jan 3, 2024.

ORDI is the largest BRC-20 token by market capitalization, a true leader in this emerging category. This is of little surprise given that ORDI was the first BRC-20 token to arrive on the scene, and was designed to showcase the classic functionality offered by the standard. To understand ORDI and other tokens in our coverage, it’s important to first mention the innovation that started it all — the Bitcoin Ordinals protocol.

Every BTC coin on the Bitcoin blockchain is made up of 100 million 

, the smallest units a coin on the network can consist of. In January 2023, California-based programmer Casey Rodarmor introduced the Ordinals protocol, which can be used to inscribe bits of text, image, audio or video into each satoshi. In essence, the protocol makes it possible to distinctively identify each satoshi and associate it with the (typically unique) content inscribed into it. The Ordinals protocol is a curious way of enabling NFT functionality on Bitcoin without any need for smart contracts: users can now attach media to a satoshi and use the “token” as a unique, non-fungible asset.

Inspired by the Bitcoin Ordinals protocol, a pseudonymous programmer known as Domo introduced the BRC-20 experimental token standard in March 2023. Unlike the Ordinals protocol, which focuses on NFT use cases, BRC-20 specifies the standard for creating fungible tokens that can be attributed to individual satoshis.

The ORDI token was launched soon after the creation of the BRC-20 standard. It’s a fungible token with a total supply of 21 million. Similar to other BRC-20 tokens, ORDI tokens can be attributed to individual satoshis on the Bitcoin network. Each ORDI is attributed to its respective satoshi using a JSON format file that specifies the token’s properties. You might think that this could make each ORDI a unique NFT. While this is possible, ORDI and other BRC-20 tokens can also be indistinguishable from each other — a foundational property for a fungible crypto asset. Due to this interesting combination of fungibility and uniqueness, ORDI and other BRC-20 tokens are often referred to as semi-fungible.

ORDI is a meme coin with limited to no practical use cases. That’s not to say that ORDI is a worthless crypto — the rise of 

 (DOGE) has taught many crypto investors to appreciate the long-term ROI potential of at least some 

. In fact, between the time ORDI was launched in early May 2023 and Jan 2, 2024, the token has appreciated by over 330% — a rate of growth few cryptocurrencies have matched.

SATS (Ordinals) is another big BRC-20 token and the main rival of ORDI in the market cap rankings. It was launched in early June 2023, about three months after ORDI, but has nearly matched it by market cap as of Jan 2, 2024.

Similar to ORDI, SATS is a meme coin with no defined 

 on the blockchain. The token’s name, SATS, derives from the term satoshi — the smallest unit of a BTC coin.

Technically speaking, 1000SATS is the same cryptocurrency as the SATS (Ordinals) token above but is represented and traded in 1,000x larger denominations. In other words, one 1000SATS token is equal to 1,000 SATS tokens.

Many users find 1000SATS tokens easier to trade and keep track of compared to SATS, thanks to fewer decimal points in the token’s price. Perhaps largely due to this factor, 1000SATS typically features higher trading volumes than SATS.

RATS (Ordinals) is a BRC-20 meme coin inspired by the humble rat, one of the most recognized rodents in the animal world. Needless to say, this token also has few applications beyond memes, fun and giggles.

RATS is among the late arrivals on the BRC-20 scene, having launched in November 2023. Despite that, it’s currently one of the most actively traded BRC-20 assets.

TRAC (Ordinals) is a BRC-20 token issued by the 

, a platform that provides tools for tracking Bitcoin Ordinals and BRC-20 tokens. Ever since the arrival of the Ordinals protocol, many developers have used it to mint NFTs directly on Bitcoin. BRC-20 tokens have also grown enormously over the last few months. This has quickly led to the proliferation of Ordinals and BRC-20 cryptos on the network.

However, reliable information isn’t always available for the projects and tokens using the Ordinals protocol or BRC-20 standard. The Trac network aims to address this problem by scanning the Bitcoin blockchain and fetching data that allows you to monitor developments in the Ordinals and BRC-20 worlds.

At the moment, Trac is still in development and a public version has yet to be released. Interestingly, the TRAC token issued by the project is quite distinct from many other BRC-20 tokens, as it features a critical functionality: it will be used as the Trac platform’s governance crypto when the project’s public version is up and running.

CSAS is a BRC-20 token issued by the Comsats project, an initiative aimed at developing and supporting token standards for the Bitcoin blockchain. In addition to BRC-20, the team at Comsats also supports the development and popularization of ORC-20, a token standard that extends BRC-20 and aims to offer more flexibility and security.

The CSAS token is another example of a BRC-20 token with useful (planned) functionality. CSAS holders will be able to participate in revenue-sharing programs on the Comsats platform in the future, as stated on the project’s website.

DOMO is a token believed to be issued by none other than 

 — the pseudonymous creator of the BRC-20 standard. At this stage, the developer has provided little info on the actual utility of the token. The project likely deals with enabling additional token inscription options — an area of particular interest for Domo — but further specifics on the token are yet to be released.

The PIZA (Ordinals) token has been inspired by a 

 from Bitcoin folklore. In the early years of Bitcoin, when the cryptocurrency was barely recognized by the wider public, a BTC holder, Laszlo Hanyecz, ordered two pizzas from a local Papa John’s. Since the pizza shop didn’t accept crypto for payment, Laszlo jumped on a Bitcoin discussion forum, offering 10,000 BTC (around $457 million in today’s prices) to anyone who’d deliver the pizzas to him. A taker for the offer was quickly found.

The PIZA token is also one of the many meme coins in the BRC-20 space, and the website of the token’s issuer clearly states that PIZA was created as a fun token only, bearing no intrinsic value or utility.

VMPX is another BRC-20 token with important utility. The VMPX project aims to establish close connectivity between Bitcoin and Ethereum in the future. VMPX’s role will be to serve as a liquidity token on the cross-chain 

. Besides the BRC-20 version on Bitcoin, VMPX also exists as an 

This is another meme coin in the family of BRC-20 tokens, also with no clearly stated functionality beyond bringing a dose of optimism and laughter to your day. Its issuer’s X profile states that the token is a tribute to 

, the mysteriously absent creator of the Bitcoin blockchain.

The PEPE (Ordinals) token is probably the “memest” of all meme coins in our review. It was originally launched on Ethereum in April 2023. Inspired by cartoonist Matt Furie’s 

 meme from the early 2000s, Pepe (PEPE) was massively promoted on social media around mid- and late-2023, drawing both enthusiasm and allegations of being a 

Soon after the Ethereum launch, in mid-May 2023, the token’s BRC-20 version — PEPEBRC — was introduced on Bitcoin. Drawing on the popularity of Pepe the Frog and the token’s Ethereum version, PEPE (Ordinals) is among the most-recognized BRC-20 cryptos. Just like its Ethereum version, PEPEBRC has no utility beyond being a lot of fun and a source of meme humor.

Frequently Asked Questions Regarding BRC-20 Tokens

BRC-20 is an experimental token standard on the Bitcoin blockchain. It draws on the ability of the Bitcoin Ordinals protocol to inscribe media, e.g., text, images, audios or videos, into individual satoshis, the smallest elements of each BTC coin. BRC-20 tokens are defined as fungible cryptocurrencies, although the ability to inscribe custom media into each satoshi linked to a token potentially violates the fungibility concept. For this reason, many crypto sources refer to BRC-20 tokens as semi-fungible assets.

What's the Difference Between BRC-20 and ERC-20?

Bitcoin’s BRC-20 and Ethereum’s ERC-20 have virtually no meaningful similarities beyond the fact that both are token standards for creating fungible cryptocurrencies. For starters, BRC-20 makes no use of smart contracts — Bitcoin in general lacks such functionality — whereas ERC-20 tokens are actively used within Ethereum’s smart contracts.

Additionally, as noted above, BRC-20 tokens have features that violate the principle of strict fungibility, with many analysts defining them as semi-fungible. In contrast, ERC-20 tokens fully conform to the principle of fungibility. Anything potentially non-fungible on the Ethereum network is typically handled by the blockchain’s primary NFT standard, ERC-721.

Finally, most BRC-20 tokens are meme coins with limited to no intrinsic value or applied utility. ERC-20 tokens, on the other hand, power the functionality of Ethereum DApps across a variety of domains — 

, gambling, DeSo (decentralized social) and many more. Having said that, it’s important to note that a small number of BRC-20 tokens are indeed intended to be used in the future for specific functions, such as governance, revenue-sharing or cross-chain liquidity.

You can buy BRC-20 tokens on both centralized and decentralized exchanges. On Bybit, you can easily trade the niche leader, ORDI, as a Spot pair or Perpetual contract. If you don’t have a Bybit account, you can easily 

 and trade hundreds of cryptocurrencies in both the Spot and Derivatives markets.

Despite their relatively modest market caps, BRC-20 tokens are making a real splash in the market, posting growth rates very few other niches can match. The major criticism leveled at these tokens is that they lack proper utility or intrinsic value. While the majority of these cryptos are indeed meme coins, purely for fun and laughter, there are some — such as VMPX, CSAS and TRAC — that have future important use cases.

At the moment, the lack of smart contract functionality on Bitcoin limits the practical usability of BRC-20 tokens. However, a variety of 

 solutions aiming to address this critical problem are being introduced on a monthly basis. If these solutions can inject proper smart contract functionality into Bitcoin’s platform, BRC-20 tokens might receive another boost — and this time around, they’ll be supported by real applications, not just memes and jokes.

Beyond ERC-20: Top 11 BRC-20 Tokens Worth Watching

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