Canary Capital has filed with the SEC to launch a U.S. Tron (TRX) ETF that would include staking benefits, allowing investors to earn extra yield. 

The S&P 500 futures fall 1.5% amid US-China trade concerns and Fed warning; over 100 companies will report earnings this week. Gold hit a record ~$3,375, up 1.43%, on safe-haven demand amid tariff and geopolitical worries. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, rose 1.80% in the past 24 hours, while Bitcoin and Ether gained 2.70% and 3.41%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is STX, up 9.4%, following the announcement of Stacks gaining institutional support with major exchange listings and custodian backing.

Stacks (STX), founded in 2013, is a cryptocurrency project that enhances the Bitcoin blockchain by enabling decentralized apps (DApps) and smart contracts without altering Bitcoin's features. It operates as a Bitcoin Layer 2 (L2) blockchain, ensuring security through Bitcoin while allowing developers to build modular applications on top of the network. 

 with its listing on top 15 exchanges, the launch of the Grayscale STX Trust, and support from top-tier custodians like BitGo, Copper, and Figment.

Check out the latest prices, charts, and data of 

Canary Capital has filed with the SEC to launch a U.S. Tron (TRX) ETF that would include staking benefits, allowing investors to earn extra yield. This proposal is part of a broader trend, with Canary also seeking approval for ETFs based on assets like XRP, Solana, and Sui. The fund would aim to provide exposure to Tron’s price, but the SEC has yet to approve staking in crypto ETFs. This move follows the success of Bitcoin and Ethereum ETFs, which have attracted significant institutional interest.

During the week of April 14–18, 2025, U.S. Bitcoin spot ETFs recorded a modest net inflow of $13.7 million, entirely from non-GBTC products, as GBTC saw no activity. Since inception, total net inflows have reached $35.5 billion, with non-GBTC ETFs contributing $58.3 billion and GBTC experiencing $22.8 billion in outflows.

Orochi Network airdrop participants can now 

 their earned $ON tokens on the Monad Testnet to increase their Bonus Level and earn rewards faster. A minimum of 50 ON is required for the first claim, and subsequent claims have no minimum. New users can still join by signing up and starting the Prover. Daily check-ins open at 6 AM UTC and fill up quickly.

Beginner

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Canary Capital files for SEC approval of Tron ETF with staking benefits

There are a total of five ways you can buy USDC on Bybit: via Bybit P2P, Bybit One-Click Buy, Auto-Invest, Bybit Card and Bybit Convert. Learn more here.

 that maintains a 1:1 value with the US dollar through full reserves held in regulated financial institutions. This stability makes USDC an attractive option for traders looking to participate in the crypto market with reduced price volatility.

In this guide, we’ll explore the multiple ways to buy USDC on Bybit, detailing five distinct purchasing methods tailored to different preferences. You'll also discover practical applications for your USDC holdings, from trading opportunities to payment solutions and investment strategies.

Whether you prefer trading directly with other users or making quick purchases with a credit card, there's an option for you. Let's examine each method in detail.

 allows individuals and businesses to buy and sell USDC via peer-to-peer mode without intermediaries. You simply transact with another trader to purchase or sell your crypto with zero fees.

There are two main parties on the P2P platform — makers and takers. Makers place ads for buying or selling cryptocurrency, while takers are the users who place orders through the existing ads created by makers. Neither makers nor takers pay any fees on completed orders.

If you decide to go the P2P route to buy your USDC, you can either place a buy ad as a maker, or select an existing offer as a taker. Placing ads is completely free, although specific trading activity requirements exist. If you're a beginning trader on the platform, and want the easiest way to purchase USDC, selecting an offer from an existing ad as a taker is probably the preferred route.

If you need to trade USDC in large volumes (typically tens or hundreds of thousands of USDC per transaction), you may also choose to consider 

, which offers high order limits — up to $200,000 per order — as well as expedited transaction processing.

 feature to complete your USDC order efficiently. HotSwap combines offers from P2P traders with liquidity options from third parties, potentially delivering more choices and options.

Steps for buying USDC via the standard P2P option

2. How to buy USDC via Bybit One-Click Buy

The One-Click Buy service lets you quickly purchase crypto using several supported payment modes: P2P, bank card payments, third-party payments and your account's fiat balance. You can use a credit or debit card (including the Mastercard-powered 

), bank transfers, Apple Pay, Google Pay and other payment methods.

 is another way to purchase USDC on Bybit. The Auto-Invest option allows you to automatically buy crypto at regular intervals using the popular 

Bybit Card is a Mastercard crypto debit card that allows you to make online payments. The card is available to users in specific regions — EEA and CH, AIFC, Australia, Brazil and Argentina — with more locations to be added in the future. It's accepted by more than 90 million merchants within the Mastercard network. Upon successfully applying for your Bybit Card, you may proceed to 

 while you order and wait for your physical card to arrive. 

It's easy to buy USDC using the Bybit Card, as you enjoy reward features like loyalty points and cashback for USDC transactions. The steps for buying USDC using the Bybit Card are nearly the same as shown above in the One-Click Buy section, the only difference being that you'll need to specify your Bybit Card as the preferred payment method.

 lets you easily swap crypto assets without directly trading through the P2P route or other channels. Using Bybit's order books, the platform matches your order with current suitable orders and executes the requested swap. By leveraging Bybit's vast trading volumes and activity, Bybit Convert enables swift and efficient swaps.

If you have non-USDC crypto funds in your account, you can take advantage of the 

 function to buy the stablecoin as follows:

Steps to for buying USDC via Bybit Convert

USDC is more than just a stablecoin for trading; it offers various applications within and beyond the Bybit ecosystem.

USDC serves as a reliable base currency for trading various cryptocurrencies on Bybit.

Trading with USDC helps mitigate volatility risks between trades, as its value remains stable at approximately $1, allowing traders to preserve capital during market downturns.

USDC has emerged as a popular payment method due to its stability and wide acceptance.

Platforms on which users can make USDC payments include Travala for travel bookings, Newegg for electronics, and various crypto-friendly merchants via payment processors, such as BitPay and Coinbase Commerce.

USDC offers various investment opportunities on Bybit and beyond.

The benefit of investing with USDC is that your principal amount remains stable while generating returns, which is particularly attractive in volatile market conditions.

USDC combines dollar stability with digital efficiency on the Bybit platform. This guide has detailed five ways to purchase USDC, and explored its versatile applications for trading, payments and investing. Armed with this knowledge, you can confidently navigate Bybit's ecosystem and make the most of what USDC has to offer.

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A complete guide on how to buy USDC on Bybit

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.

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

Bybit Learn

Options

In the stock market, options are a popular trading class, and crypto options are gaining popularity both with institutions and the public.

At first glance, crypto options may appear to be a foreign concept … especially to the uninitiated. Though more technical than day-to-day trading, there’s no need to be intimidated — when broken down into bite-sized pieces of information, crypto options are, in fact, not as complex as you may think. For starters, let’s take a look at how crypto options are priced.

At its core, the price of a crypto option is determined by two key parameters: Intrinsic value and extrinsic value. In this article, we look at crypto option pricing, delving into the aspects which make a crypto option valuable. If, while reading this article, you feel confused at any point, just sit tight and read on till the end … we promise it will all eventually make sense.

An option can be defined as “an agreement that confers the buyer the liberty (not the obligation) to exchange or buy a current or existing investment at a foreordained price before a particular date.” A 

 follows the same underlying logic as a stock option, but has more potential for leverage.

Options have somewhat diminished the dangers and expenses associated with buying stocks. They’re a useful technique for trading digital assets. Options provide investors an amazing chance to anticipate or guess the future value of an underlying asset, which can then be purchased in fiat or digital currencies. 

Crypto options are arguably more desirable than their stock counterparts, since cryptocurrencies such as 

 can go for thousands of dollars per coin/token. With crypto options, you can invest in a certain cryptocurrency without owning the actual asset, and stand to profit exponentially at a lower risk level.

This may be the least difficult concept to grasp. An option is declared to possess intrinsic value if it’s worth something at the time of expiration. 

For example, let’s presume the market cost of an asset to be $70 and the investor possesses a call option worth $60 each. This call option has intrinsic value and is declared as

 because, at expiration, the investor can acquire a hundred shares at $60 instead of the current market cost of $70. 

Therefore, the intrinsic value is defined as the difference in value between the call option and the underlying stock price. In this situation, $70 − $60 = $10.

Alternatively, a call option is declared as

 if, at termination, it has no intrinsic value. Following a similar illustration, presuming the stock price tumbles to $50, it would retain no intrinsic value because no investor will call at $60 when the current market cost is $50. This renders the shares worthless.

A put option is declared to possess intrinsic value if its price is higher than the current stock price. 

For example, presuming that an investor buys a put option of $75 when the market price is $70, the investor retains liberty to trade at $75 regardless of the current market price. The intrinsic value estimation, as those mentioned above, is calculated as the difference in value between the prices of the option and stocks. For this situation, $75 − $70 = $5. This infers that each share retains an intrinsic value of $5.

Again, presuming the stock price ascends to $80, and the put option is worth $75, the put is viewed as OTM because the vendor can just trade at the $75 put value, instead of the $80 stock market price, which renders the put option valueless.

EV incorporates a blend of different variables , including implied volatility and time decay, which we'll consider later in this article.

Essentially, two types of options exist: Call options and put options. A call option allows an investor to acquire an underlying asset, while a put option allows an investor to sell an underlying asset.

When buying this option, an investor (the buyer) earns the freedom to acquire contracts from the vendor of the specified asset at a fixed value commonly described as the “

.” This exchange window is open for only a limited duration, as the buyer must utilize their “call” before the particular date of expiration. 

 is generally held in expectation of a rise in the market price of the stock. This is because in a scenario where market price outperforms strike price, the investor buys the stock from the seller at the strike price, which is lower than the current market price, thus inducing a profit.

Otherwise, the stock price dwindles, and the investor lets the call option expire, with the only loss being the premium fee (a specific amount paid to purchase the option).

 gives the buyer the freedom to compel the vendor of the “put” to pay for a hundred shares of a specific stock at the strike price from them. The put option is held with a bias to see a drop in the market price of a specific stock, far below the strike price. When this occurs, the vendor who traded the put is compelled to pay for the shares at the strike price, which is above the present market price, resulting in a profit for the buyer. 

However, if the market price spikes instead of diminishing, the smartest move is to let the option reach expiration, and forfeit just the premium fee. The put option works as a protection system, a type of insurance that secures the buyer from an excessive stock value decline.

A few factors influencing the value of options (which can be referred to as extrinsic value) — are unavoidable. These are as follows:

Fluctuations in the underlying stock price directly influence the worth of both call and put options. A spike in the price of a certain stock will naturally prompt a boost in the price of call options, on the grounds that the stock can be acquired at a cost less expensive than the prevailing market price. Likewise, a decline in stock price will bring about an increment in the price of put options on the grounds that the stocks are being sold at a more exorbitant price than the plunging stock price.

 is quite complex. It’s upheld by a component referred to as 

. This factor takes into account the market value of a stock over a specified time frame. 

Within the legitimacy time frame of an option, a trader is regularly expected to input future volatility. Of course, no trader knows what will occur in the financial exchange market. The trader can make a calculated assumption by analyzing past variables, such as profits, interest rates and time span.

These factors give rise to what is known as implied volatility, which is a vital indicator utilized by

 to estimate the possible period of occurrence of future volatility.

Implied volatility is utilized to determine the price of options, regardless of whether they’re cheap or costly. The higher the

, the higher the premium levels, and vice versa. Once investors fully grasp this concept, they can observe when to buy (when the premium fee is low) or when not to buy (when the premium price is expensive).

Time is a simple concept in the real world. However, it takes a great deal of experience and research to completely comprehend its impact on a stock, due to a concept known as 

. Time naturally leans toward the stock trader, meaning that the stock prices of good organizations tend to increase over a period of time. 

Then again, time can be the adversary of the options trader. Assuming there is no perceptible change in the price of a stock over a period of days, it automatically leads to a decline in the value of the option. Furthermore, as an option approaches expiration, its value generally diminishes. 

There are different models used to determine the price of an option — and each model comes with different assumptions. Many of these models consider a few variables, such as strike price, volatility, current market price, interest rates and time to expiration, in order to give a close estimate of (or accurate conclusion on) the price of an option. 

Of the many models used to price options, a few notable ones are the

. All of these models share a similar goal: To calculate the chances of an option being ITM at the point of expiration so that a monetary value can be given to it.

Here, we’ll consider one of the most renowned models, the Black-Scholes model, to understand how it works.

 came together and created a formula for obtaining a theoretical price for derivatives with time to expiration. They published a pricing model in 1973 that’s now referred to as the beginning of an evolution for the contemporary options market.

The Black-Scholes model formula is as follows: 

As seen from the image above, the Black-Scholes model comprises 7 variables in total:

Here are some of the assumptions made for these variables: 

While the Black-Scholes model is highly respected, all its assumptions don't hold true now. This has introduced 

 to suit market conditions better. There are also other models to consider in pricing options.

Such unpredictability makes cryptocurrency trading a challenge for unprepared financial investors. Unlike stock options, where 1 contract is equivalent to 100 shares, in cryptocurrency, 1 contract is equivalent to 1 share (e.g., 1 BTC.) 

 interest in an organization, so a stock's performance relies on the organization's prosperity over the long haul. Since cryptocurrency is, for the most part, not backed by resources or income, it depends heavily on favorable public and corporate sentiments to raise its price.

Stock and cryptocurrency markets have been found to be largely correlated, and this correlation looks to increase 

. When the stock market is in the red, major investors (e.g., financial institutions, crypto whales) may choose to liquidate crypto assets in favor of stocks, causing the prices of the former to plunge.

Cryptocurrency options are run on a round-the-clock basis, while stock options typically run on weekdays during regular market hours (9am–5pm).

Getting started with crypto options is as simple as these three steps:

There are many different platforms available with different offerings, and they vary in security, reliability, ease of access and ease of use. There’s no one-size-fits-all: We recommend you DYOR to find the best fit.

The fundamental benefit of buying crypto call options is that a call trader doesn’t have to commit to exercising the contract if the seller in question would rather not. The risk for buying call options is restricted to the fee paid for the premium. This means that on the off chance that the market moves against call traders, they don’t need to stress over incurring losses aside from the premium fee. With high potential gains and restricted loss, crypto options serve as a good investment.

[Editor’s note: A word of caution — don't jump into crypto options purely because of hype, and never invest more than you can stand to reasonably lose.]

Crypto options are becoming very popular. From a trader’s point of view, the level of 

 crypto options come with, as well as the mitigation of losses they provide, make them a great investment opportunity.

As we’ve said before, it might seem all technical and complex at the beginning, but spending the time to understand crypto options and reading

Options Pricing: How It Works & Why It Matters

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