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

Investing

Trading

Bitcoin

Bitcoin dominance refers to the ratio between the market capitalization of BTC to the total market cap of the crypto market. Learn how to utilize this metric to make a solid investment decision.

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With an exponential increase in the number of available cryptocurrencies, traders are constantly seeking new tools and indicators to discover trends in the crypto market. One such indicator is the Bitcoin (BTC) dominance ratio, which is primarily used to spot possible trends in the 

 market, bull markets and Bitcoin rallies to identify trading opportunities.

In this article, we’ll be discussing Bitcoin dominance, how it’s derived, factors affecting it — and the potential trading opportunities you can find by using it.

Bitcoin dominance is the ratio between the 

 (market cap) of Bitcoin to the market cap of the entire cryptocurrency market. It’s also known as the Bitcoin dominance ratio and Bitcoin dominance index. When we compare this ratio to the trend of Bitcoin itself, we can learn more about opportunities the current market environment offers.

What Is Cryptocurrency Market Capitalization?

For a better understanding of Bitcoin dominance, let’s start with market cap. This term refers to the total market value of a cryptocurrency, and can be calculated by multiplying the number of coins or tokens in circulation by their current market price. For example, given that there are 19,348,206 bitcoins in circulation, and that each Bitcoin is priced at $29,992.29, the total Bitcoin market cap can be calculated using the following equation:

Total Bitcoin market cap = Number of bitcoins in circulation × Bitcoin price

Bitcoin dominance can be calculated by taking Bitcoin’s market cap divided by the entire cryptocurrency market cap, thereby giving a percentage value.

At the time of writing (Apr 18, 2023), Bitcoin dominance is calculated to be 45.27% based on the following figures:

This percentage determines the value of Bitcoin to that of the total cryptocurrency market.

Relationship Between Bitcoin Dominance and Market Cap

Bitcoin dominance uses Bitcoin’s market cap and the total cryptocurrency market cap in its calculation.

It’s straightforward to determine and chart both of the figures used in this ratio. Below, we see the Bitcoin market cap (left chart), the total cryptocurrency market cap (middle chart) and Bitcoin dominance (right chart).

Generally speaking, the shape and direction of the total crypto market cap will follow that of Bitcoin. This is partly due to Bitcoin’s influence over the entire crypto market, since it’s the first, largest and most widely recognized cryptocurrency. Hence, when users look to enter the cryptocurrency market, they typically begin by buying Bitcoin because it’s the most popular cryptocurrency.

Bitcoin started off with a dominance of approximately 99% when it was first created in 2009. Since then, this value has fluctuated dramatically. Here are some of the key factors that affect Bitcoin dominance.

Bitcoin’s market cap represents the numerator of the Bitcoin dominance ratio. Since the number of bitcoins in circulation is fairly steady because 

 can be mined, the biggest influence on Bitcoin’s market cap is its price.

The relationship between Bitcoin’s price and market cap can be seen in the chart above.

Notice that the market cap closely follows and resembles the movement in Bitcoin’s price. As Bitcoin’s price trends higher, its market cap trends higher proportionately.

However, just because Bitcoin’s market cap is trending higher doesn’t mean that Bitcoin dominance is increasing. Bitcoin’s market cap is just the numerator of the ratio. The speed at which Bitcoin’s market cap is moving is compared to the second biggest influencer of the ratio: the altcoin market cap.

The term “altcoins” refers to any cryptocurrency other than Bitcoin. Unlike Bitcoin, which was created to facilitate peer-to-peer payment, altcoins are created for a much more diverse set of use cases. Examples of altcoin use cases include 

As the demand for cryptocurrencies increases, more users are entering the cryptocurrency market by minting 

. When these stablecoins are minted, their market caps increase, further increasing the total altcoin market cap.

In addition, during volatile market conditions, users may choose to take profit and keep their capital in stablecoins. They may also keep their capital in the form of stablecoins to prepare for deployment into the markets, which decreases Bitcoin dominance.

Bitcoin dominance tends to decrease during bull markets because users are generally more risk-averse and speculative, causing them to deploy their capital into altcoins to capture profits from the upward price movements.

Conversely, users may choose to denominate their assets in Bitcoin during a bear market, looking toward Bitcoin as a form of safe haven. This increases Bitcoin dominance.

When new cryptocurrencies are created and enter the cryptocurrency market, they inherently increase the altcoin market cap. Hence,  Bitcoin dominance will decrease slightly whenever such cryptocurrencies are launched.

There are many ways to use BTC dominance to trade. By understanding the ratio between Bitcoin and altcoins, you can identify which category has a stronger trend in order to look for trading opportunities. You can also keep an eye out for the extreme values of Bitcoin dominance to trade.

“Altcoin Season” describes a period when the price of altcoins increases in comparison to that of Bitcoin. Altcoin Season typically follows after Bitcoin has experienced a significant increase in price, and investors look toward diverting their profits to other cryptos, which kick-starts Altcoin Season.

First, determine the trend of BTC dominance. You can use 

Second, determine the price trend of Bitcoin in a similar time frame.

Finally, use this table to help you determine a strategic bias.

Once the bias has been established, you can identify trading opportunities using 

Strategy 2: Trading Extreme High and Low Bitcoin Dominance Levels

 boom) and 2021 (DeFi Summer), Bitcoin dominance reached a high of 75% and a low of 35%. These two values are regarded as the extreme historical Bitcoin dominance levels.

One strategy that traders can employ would be to trade these extremes. When Bitcoin dominance inches toward 75%, there might be an expectation that BTC’s price will fall soon. On the other hand, when Bitcoin dominance decreases and reaches close to historically low levels, you can expect an imminent change in Bitcoin price movement to the upside.

You can use the table above as a guide to determine which markets to focus on when BTC dominance is at risk for a reversal.

Bitcoin dominance seldom reaches these historic highs and lows. However, when the ratio does reach extreme levels, it can offer some good trading opportunities. It’s important to manage your risk because the ratio has been known to breach these levels.

When Bitcoin was first launched in 2009, the cryptocurrency market was still a small one with relatively few cryptocurrencies available. At that time, Bitcoin dominance was approximately 99%. After four years, in 2013, more cryptocurrencies started to launch, pushing Bitcoin dominance down slightly to 94%.

 kicked off an initial coin offering (ICO) boom in which thousands of cryptocurrencies were launched into the market. This increase in altcoin market cap was further accentuated, given widespread market participation in such ICOs. 

With increasing cryptocurrency prices (from increased user demand), the altcoin market cap rocketed, dropping Bitcoin dominance to 38% in 2018. 

Following the drastic decrease in Bitcoin dominance, a bear market followed. Many altcoins from the ICO boom died out, decreasing the altcoin market cap. In the meantime, more people rotated their capital back into Bitcoin, seen as a safe haven in the bear market. These market conditions contributed to recovering Bitcoin dominance.

DeFi Summer arrived in 2021, and the yields offered by the altcoin market prompted traders to shift their capital into altcoins. This drastically increased the altcoin market cap, reducing Bitcoin dominance to below 50%.

During the year of 2022, Bitcoin dominance hovered between 40% to 50%. With the utility brought about by altcoins, including real world assets (RWA) and DeFi applications such as 

, the market still had the bulk of their capital allocated to such yield generating cryptocurrencies. As a result, the capital hardly rotated back into Bitcoin, resulting in the Bitcoin dominance being relatively stagnant. 

Despite being a popular indicator, Bitcoin dominance has received its fair share of criticism. 

Constantly Increasing Cryptocurrency Market Cap

As mentioned earlier on, Bitcoin dominance trends downward when new cryptocurrencies are being launched. Given that new protocols and projects are consistently being built and launched, there has been criticism regarding the reliability of Bitcoin dominance over the long term.

Bitcoin (BTC) Dominance: How It Changes the Way You Trade Crypto

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Bitcoin (BTC) Dominance: How It Changes the Way You Trade Crypto

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