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

Indicators

Bitcoin

The Fibonacci retracement is a technical tool for traders to find support or resistance levels based on the Fibonacci ratios. There are four primary levels to these ratios. Learn more here.

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Fibonacci retracement levels are a popular tool used by traders to identify turning points in cryptocurrency prices. Without this tool, traders might enter into Bitcoin trades without confidence, which can lead to unnecessary losses.

While the Fibonacci retracement tool is commonly used in the traditional stock or forex market, you’ll be surprised to know that it works wonderfully for cryptocurrency markets too. 

In this guide, we’ll decipher the technicalities of this tool. In the end, you’ll learn how you can use it to find critical levels on a trading chart.

Fibonacci retracements are hidden levels of the horizontal lines of 

 where Bitcoin prices may potentially reverse. The main levels are 23.6%, 38.2%, 61.8% and 78.6%. 

The Fibonacci retracement is derived from 

, which occurs in nature and mathematics, introduced by an Italian mathematician. They are used in finance by traders when analyzing a price chart to determine potential turning points.  

The Fibonacci retracement is expressed as a percentage and is applied to a previous trend. The retracement indicates how much of the previous trend is likely to be corrected before a resumption of the older trend. The Fibonacci retracement tool converts the percentage into Bitcoin’s price, identifying where the market may pivot and change trends. 

These key Fibonacci ratios seem like random figures, but they are not. They are deeply rooted in an organic number sequence discovered by humans over 700 years ago. 

Fibonacci retracement percentages were created from the Fibonacci number sequence. Leonardo de Pisa discovered and shared this number sequence in his book, 

The Fibonacci number sequence looks like this:

1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610 …

The next number in the sequence is always the sum of the previous two numbers. The Fibonacci number sequence comes alive when you look at the ratio between adjacent numbers in the sequence.

For example, 21 divided by 34 equals .6176. Notice how the ratio of two adjacent numbers moves closer to .618 as the number sequence extends to the right. The .618 ratio translates to a percentage of 61.8%, which is one of the key levels.

We can apply this methodology again, dividing by every other number in the sequence.

In the second example, 21 divided by 55 equals .3818. A ratio of every two numbers in the sequence drives toward .382, or 38.2%, the second key level.

If we apply this methodology a third time, dividing by every third number in the sequence, we find 21 divided by 89 equals .2360. As this number sequence moves to the right, the ratio moves toward .236, or 23.6%. This is the third Fibonacci retracement number.

The fourth and final level is 78.6%, or .786 — which is the square root of .618, our first key level. 

To apply the tool correctly, we first need a completed trend. The Fibonacci retracement tool will measure the length of the trend, then divide out the four key levels.

In the example above, let’s assume the uptrend started at $250 and topped out at $350, for a gain of $100.

The four ratios of 23.6%, 38.2%, 61.8%, and 78.6% are applied to the size of the trend, which is $100.

This first retracement level at 23.6% will correct $23.60 from the price high ($100 uptrend x 23.6% = $23.60). $350 minus $23.60 = $326.40. 

The second retracement level at 38.2% will correct $38.20 from the $350 high ($100 uptrend x 38.2% = $38.20).

The calculations are similar for the third and fourth levels, using 61.8% and 78.6% as the multipliers.

After these calculations have been made, we have four price zones where a correction of the downtrend may stop and reverse back into an uptrend. In the example above, the price temporarily stops at the 38.2% level before falling further to the 61.8% level. Prices eventually stabilize and rally back up to the 38.2% zone.

Fortunately, modern charting packages will compute these calculations automatically and paint the horizontal price zones on the chart. Therefore, all you need to do is learn how to use the Fibonacci retracement tool.

Drawing Fibonacci retracement levels is simple with the help of the tools.

At this point, the Fibonacci retracement levels will appear on the chart. Traders will focus on these levels to identify reversal points within the subsequent correction.

Using the Fibonacci Retracement Tool to Trade Crypto

The Fibonacci retracement tool is fairly simple to use and can be effective when trading crypto.

First, find a completed trend. The tool can be applied to both uptrends and downtrends. The tool can also be applied to all chart time frames.

 Second, draw the Fibonacci retracement lines in the direction of the completed trend. For a completed uptrend, that means drawing the Fibonacci retracement from left to right in an upward direction. For a completed downtrend, draw the pattern from left to right, stopping at the end of the downtrend.

Third, wait for the price to reverse near the four key levels. Focus on these key levels in order to anticipate a price reversal.

Fourth, enter the trade in the direction of the original trend. A retracement of an uptrend means prices will correct lower. Then, time an entry into a bullish trade near one of the four key Fibonacci retracement levels. Some traders will blindly enter into the position at the retracement level. Other traders will wait for the price to react and break higher before entering long.

Once a good trading opportunity has been identified, traders will want to place a stop loss just below the swing low of a long trade, or just above the swing high of a short setup. Set up a strong risk-to-reward ratio by placing a target at least twice the distance to the stop loss.

The Fibonacci retracement tool is most powerful when used in tandem with other

. For example, the Fibonacci level can send a buy or sell signal, but it may or may not reverse. It’s always best to confirm with indicators like 

Fibonacci Retracement Example for Bitcoin

There are many examples of Bitcoin reversing prices near a Fibonacci retracement level. The market is fractal, so you can find these examples within all chart time frames.

After finding a low on November 26, 2020 (1), Bitcoin rallied about 23% to complete a trend on the 1-hour chart (2). When applying the tool from point 1 to point 2, these price zones are created on the chart.

In the chart above, Bitcoin begins a consolidation which immediately sees it correct to the 23.6% retracement level (yellow highlight), before rallying back up to meet the old high. The next corrective dip brings Bitcoin down to the 38.2% retracement level on three different occasions (blue highlights).

Bitcoin eventually breaks below the 38.2% retracement level and finds the next level of support near the 61.8% retracement level. Its price then bounces between the 61.8% and 38.2% Fibonacci retracement levels a couple of times (orange highlights).

After finding support at the 61.8% retracement level, Bitcoin resumes its uptrend, breaking above the 38.2% and 23.6% levels. Notice that once the 23.6% level has been broken, Bitcoin trades sideways on top of it (green highlight) before stretching to new all-time highs.

When Bitcoin prices break above the Fibonacci retracement level directly ahead, it can signal that the market is ready to turn higher. A trader will look to go long on a break above the next Fibonacci level with a stop loss just below the recent swing low. Look to target at least twice the distance to your stop loss. 

Bitcoin started a new uptrend in September 2020 (1). This uptrend stalled and turned lower in April 2021 (2). Bitcoin’s price began going through a correction (3).

Bitcoin’s price found support at the 38.2% retracement level on two separate occasions (4). Frequently, you will see prices bounce between two Fibonacci retracement levels. In the chart above, Bitcoin has bounced between the 38.2% and 23.6% levels (points 4 and 5) as the bulls and bears battle. This example shows why Fibonacci retracement levels — both upward and downward — are important with respect to the market.

Confirming Fibonacci With Other Technical Indicators

Fibonacci retracement is an effective tool by itself. However, there are other tools that traders typically incorporate in order to strengthen their signals.

The Fibonacci extension tool is a natural complement to retracements. The tool can help determine how far the current trend may travel.

 and trend lines are useful with Fibonacci levels. If Bitcoin is approaching a retracement level, look for a candlestick pattern, such as the 

, to confirm a resumption of the new bull trend.

Lastly, Elliott Wave Theory uses Fibonacci retracements quite a lot. Elliott Wave is an analytical method that studies the geometry of the market. 

Fibonacci retracements are an effective tool, but they can be easily misunderstood.

First of all, if a trader draws them incorrectly, it can lead to the display of improper levels on the charts.

Secondly, smaller crypto markets may not have as much trading volume as a large 

 like Bitcoin. As a result, the Fibonacci retracement signals from a smaller market are not as reliable.

Finally, with four different levels to choose from, it is possible that the trader may focus on the wrong level, and, as a result, either miss a winning trade or take on a losing one.

The Fibonacci retracement tool is one of the most powerful in a trader’s toolbox. It can help you identify hidden levels of support and resistance so that you can time your trades better. However, the tool is not foolproof. This tool is less effective on cryptocurrencies with a smaller 

. In addition, it can be difficult to discern which level is the best one to use.

How to Use Fibonacci Retracement Tools to Trade Bitcoin

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