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.

Intermediate

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

Trading

The true strength index (TSI) is a momentum oscillator to determine the strength and momentum of a market's trend. We show you how to utilize TSI to identify if trend reversals are approaching.

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The true strength index (TSI) is often overshadowed by 

 (RSI). But the truth tells that TSI can be incredibly reliable to determine the trend strength and direction. It is beneficial for traders to initiate new positions or determine when an existing trend is about to end to close positions. Overall, the TSI indicator can be used on all time frame charts and is especially useful in crypto because the trends can last a long time. 

This guide will walk you through step-by-step to apply the TSI indicator and how to interpret the trade signals based on the overbought and oversold levels and crossovers.

What is the True Strength Index?        

The true strength index (TSI) is a momentum oscillator used in 

 to determine the strength and momentum of a market’s trend. TSI helps determine if a market is changing trends and if a market is 

When interpreted correctly, a trader can initiate new positions in the direction of the new trend or exit an old trend while hanging on to profits.

Without the true strength index, crypto traders may hold on to stale trends too long, which could lead to unnecessary drawdowns — or missing out entirely on a new trend.

Interpreting the True Strength Index Indicator

There are several different ways to interpret the meaning of the true strength index indicator. In technical analysis, traders can use it to help determine the direction of the market’s trend. Additionally, the TSI indicator can be used to gauge the strength of the trend. Lastly, it can provide signals of an imminent reversal that may develop.

If the signals are interpreted correctly, traders can use the TSI indicator to enter new crypto positions or exit current ones.

To better understand how to read the indicator, it’s important to gain a high-level view of how the indicator works. Don’t worry, though — we’ll keep the math minimal. The formula itself is relatively simple:

True Strength Index = 100 × (Double Smoothed PC / Double Smoothed Absolute PC)

The base formula of the TSI calculates the change of price from the current candle relative to the previous candle, also known as price change (PC). If today’s close is greater than yesterday’s, then the change will be a positive number. Conversely, the price change will be negative if today’s close is less than yesterday’s close.

The change of price is recorded for each candle period generating a series of numbers. Then, a 25-period exponential moving average is applied to the number series, creating a new series. Following this, a 13-period exponential moving average is applied, creating another new number series — the double-smoothed price change series.

Lastly, another series is created using the absolute values of the price change, which is run through the same double smoothing process of applying a 25-period EMA, and then another 13-period EMA on top of it. This additional series becomes the double-smoothed absolute price change series.

The formula creates a ratio of the double-smoothed price change to the double-smoothed 

 price change. Therefore, the indicator will be bound between −100 and +100.

The true strength index can be a positive or negative value, and the indicator oscillates around the zero line.

This zero line is also called the centerline, which is important to determine the direction of the trend. As a result, many traders will focus on the true strength index’s centerline to bias their trade direction.

In October 2020, Bitcoin’s TSI crossed above the centerline, suggesting the indicator was turning positive and developing an uptrend. In strong trends, the indicator will remain to one side of the centerline for long periods. Once the indicator breaks below the centerline, it creates a sell signal.

Once the true strength index falls and holds below the centerline, the indicator suggests the market has transitioned to a downtrend. Once in a downtrend, the market is more likely to continue lower so long as the TSI is below zero.

The true strength index is a bounded indicator with values between −100 and +100. Due to the nature of its calculation, it’s rare for the indicator to reach the high and low portions of this range. However, there are instances where the indicator may reach extremely high levels and is considered overbought or extremely low levels and considered oversold.

For example, if the indicator reaches extremely high levels, then each new candle is experiencing a large positive increase over the previous candle. Therefore, if the TSI begins to move lower, the size of the increases is decreasing.

A trader can use a declining TSI from extremely high readings as a sell signal — or an increasing TSI from extremely low readings as a buy signal.

On the Bitcoin 4-hour chart above, the TSI indicator retreats below −25 to signal the market is in oversold conditions. Once TSI climbs above −25, a trader may interpret that behavior as part of a bullish pattern.

About one week later, the TSI indicator moved above +25 into an overbought condition. As the indicator crosses below +25, a trader is alerted to the loss of momentum to the upside and may react accordingly. 

The TSI indicator does a great job of alerting traders to trend direction and strength. TSI can also generate signals, helping traders time entry into and out of positions.

The TSI indicates the size of recent price changes. When the TSI line is growing and getting larger, it suggests the trend is moving higher. Traders can use the TSI line and its positioning on the chart to signal potential turns in the market.

One common tool traders apply to indicators is a signal line. The signal line is essentially a 

When a signal line crossover occurs (TSI line crosses the signal line), a signal is created in the direction of the cross.

In the chart above, when the blue TSI line crosses below the red signal line, a bearish sell signal is generated. On the other hand, when the TSI line crosses above the red signal line, a bullish buy signal is created.

Using signal lines has benefits, such as identifying when a trend’s strength and momentum are slowing.

TSI can also generate buy and sell signals based on the crossing of the centerline. A cross below the centerline creates a sell signal, while a cross above the zero line is a buy signal.

Also, a cross below an overbought reading like +25 generates a sell signal. Likewise, a cross above an oversold reading of −25 creates a buy signal.

#Strategy 1: Multi Time Frame Analysis and Centerline Crossovers

One of the most effective tools of the TSI indicator is centerline crossovers. Traders can build a strategy around this strength by conducting multi-timeframe analysis (MTFA).

First, on a daily chart, identify the direction of the trend. Simple price action analysis or using the TSI centerline analysis will help you determine the daily trend’s direction.

Then, scroll down to a smaller time frame chart, such as 2-hour or 4-hour, to wait for buy and sell signals. When the daily trend is up, look for a cross over the centerline as a buy signal. When the daily trend is down, look for the TSI to cross below the centerline for a sell signal. If you get conflicting signals from the daily and intraday charts, then stand aside, as the signal’s validity can’t be confirmed.

On the Bitcoin chart above, TSI stays above the centerline, signaling a bullish trend from October 2020 to April 2021.

When zooming into a 4-hour price chart, we use signal line crossovers of the centerline as indications. As the direction of the daily trend is up from October 2020 to April 2021, we will filter the signals, only seeking buying opportunities. When a sell signal is generated, the long trade is closed, and initiating a short sell trade is ignored. 

While the daily trend is up, as we witnessed from October 2020 to April 2021, the trader will only be in a long position. While the daily trend is down, as the chart illustrates after April 2021, the trader will only be in short sell positions, ignoring all long signals.

#Strategy 2: MTFA with Overbought and Oversold Signals

This strategy has some resemblance to the first strategy but allows the trader an opportunity to grab an early entry into the trend. The risk to this strategy is that the trend might not develop, in which case the position is more susceptible to getting stopped out as a losing trade.

First, determine the daily trend direction, just as we’ve illustrated within the first strategy above. The same concept applies when we’re filtering our trade signals in the direction of the daily trend while ignoring entering into trades that run against it.

The trade signal is created when the TSI indicator crosses below the overbought levels of +25 or above the oversold reading of −25.

On the Bitcoin 4-hour chart above, let’s focus on the period from April–June 2021. It’s during this time that Bitcoin sustains a greater than 50% correction of price. The TSI indicator on the daily chart signals a bearish centerline cross on April 21.

From there, a trader would scale down to an intraday chart and look to initiate only short sell positions. Two signals are produced, with the first one in April and the second one in June, keeping the trader positioned for further weakness in Bitcoin.

#Strategy 3: Exit the Position on TSI Trend Lines

A lot of strategies in the marketplace are geared toward finding that “perfect entry.” However, many strategies don’t discuss in too much detail how to find a good exit.

If you feel like your exit strategy could be improved, consider using trend lines on the true strength index to help you.

The above example is an Ethereum 1-hour price chart. If a trader enters the position in late May, going long with a trailing stop loss, they can use the TSI indicator to help them determine when the trend has ended.

In the chart above, draw a trend line connecting common low points of the TSI.

When the TSI indicator breaks the trend line, we have a signal suggesting the previous trend is over, and it’s time to exit the position.

Many charting packages allow traders to set alerts based on certain readings the indicators provide. Setting an alert for when the TSI breaks the trend line is one way to keep informed without having to stare at the chart all day.

Perks of Using True Strength Index and RSI Together

As you can see, the TSI indicator has many benefits as a go-to tool for trading. It does an excellent job of determining the strength of a trend. Therefore, complementing the TSI indicator with the Relative Strength Index (RSI) 

 can be a powerful way to confirm divergences between price and momentum.

Going into May 2021, Ethereum is on a monster trend to the upside. Between May 4 and May 12, price divergences are appearing on the TSI. These divergences are confirmed with the RSI as well.

This hints that the risk of a price reversal is high. Over the next several days, Ethereum’s price falls 60%.

Though the true strength index indicator is an effective multi-tool for trading, it does come with limitations.

First, the indicator is calculated using price changes from candle to candle. Thus, the indicator is a derivation of price and may not accurately reflect what the underlying price is doing. Therefore, don’t take the signals at face value. Weigh them within the context of the larger trend.

Additionally, if the TSI is used on shorter time frame charts tend to generate more false signals. 

TSI can be effective at gauging trend strength and momentum, but can often generate false trading signals. When utilizing a signal line on the TSI, the propensity for false signals tends to increase.

One way to reduce the number of false signals is by incorporating the indicator on hourly or daily price charts.

TSI is an effective momentum indicator for helping traders determine trend direction, strength, and momentum. It does have its limitations and can be susceptible to false signals. However, if utilized properly, it can help traders identify an asset’s positive and negative territory and the potential turning points where positions can be initiated or closed. In addition, combining TSI and RSI indicators can be a powerful tool for corroborating divergences between price and momentum.

How to Use True Strength Index Indicator to Trade Crypto

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