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.

Advanced

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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

Trading

Investing

Options

With crypto options, you can buy or sell underlying assets based on speculations. But how are they different from perpetual swaps, and why are they popular? Learn more here.

The recent surge in cryptocurrencies has gained widespread attention from traders who love trading options. 

 are attractive because they offer investors opportunities to trade large blocks of cryptocurrencies without making hefty financial commitments.

One of the best ways to predict the future movement of crypto options is by analyzing their trading volume and open interest. Any experienced options trader will tell you that these two indicators are the lifeline of options contracts.

The trading volume reflects the number of options contracts traded during the day. It’s a powerful indicator that shows the strength of the price movement in a particular direction.

Similarly, open interest is another dynamic variable that shows the active interest of the trading community. A high open interest indicates that options traders are very interested in holding and trading the contract.

 that gives the owner the right to buy (call) or sell (put) an underlying crypto asset at an agreed-upon price at a future date. It allows traders to speculate the future price of the underlying asset.

To simplify things, let’s define a crypto option as another way to hold a large number of crypto assets by paying a fraction of the total price of the asset. If you’re confident to predict the future movement of a cryptocurrency within a set time frame, consider trading options contracts. In fact, options are attractive because they allow traders to gain substantial benefits even when risking only a small amount as compared to 

Before going any further, let’s relate buying and selling an option to buying and selling a home. This will help you to understand the concept of options.

Let’s suppose you want to buy a home that’s selling for $300,000. You’re interested in the investment because you’re sure that the house price will increase at least $50,000 within a month, due to the completion of a major highway nearby. However, you need time to arrange $300,000 through your bank, and it will take approximately 30 days to arrange the cash.

To ensure that the seller of the home doesn’t sell the house to anyone else until you can arrange the payment, you decide to pay a premium of $10,000 to the home seller as insurance for not selling the house.

Let’s say that you were able to arrange the loan within 30 days, and during that time the price of the home rose more than $50,000. In this instance, you’ve only lost the premium of $10,000. On the upside, you’ve gained a significant amount in the process.

In options terminology, the insurance you paid to the home seller is comparable to an option premium. Every time you buy or sell an option, you need to pay a premium. The premium is just like insurance because it allows you to control a large investment while paying a relatively small amount. If the time expires, you only lose the premium.

When the same concept applies to crypto options, an option seller will pay a premium to create a call contract on a crypto options exchange with an expiry date to settle the strike price. However, the premiums price varied depending on the time remaining on the contract, implied 

, and also the interest rates of the underlying assets.

In any case, if a trader wants to buy a call option with an intrinsic value at a strike price lower than the actual value of an underlying asset will have to pay a higher price for the contract before the contract expires. 

Now, let’s apply the concept to crypto options. Let’s say 1 BTC is trading at $47,000 on Sept. 15, but trader A predicts the price will be higher by the end of his one-month contract. So, he created an option contract with a strike price of $49,000 for a premium of $0.005. Upon the contract expiry, the BTC is at $50,000, trader A would have made $1,000 in gross profit. However, his net profit will only amount to $765 ($1,000 – $235) after the deduction from his premium.

There are two types of options: call options and put options. 

If you’ve traded stock options in the past, it’s important to distinguish between a stock option contract and a crypto option contract. When you buy a stock option, you’re controlling 100 percent of the shares of the stock.

However, the number of underlying assets may be different when trading a crypto option. For instance, one 

 contract represents the right to buy or sell one Bitcoin. You can also buy 0.1 Bitcoin options contracts.

Why Open Interest and Options Volume is Important

Volume and open interest are the two main variables that indicate the potential movement of an option. If you’re new to trading crypto options, keep a close eye on these two variables because they may be the only thing you need to make a good decision.

Open interest is the number of outstanding contracts that have yet to settle. If you’ve bought a contract and you’re holding onto it, that’s an example of open interest. Likewise, volume is the number of contracts being exchanged on a given day by buyers and sellers. The number of contracts bought and sold is the trading volume.

Volume and open interest are reliable indicators because they reflect the overall 

. There are two scenarios when interpreting volume and open interest: 

This doesn’t mean you should ignore contracts that have low volume and open interest. Experienced traders understand that options that are 

 (OTM) — or that have plenty of time till expiration — usually have low volume and open interest.

Keeping this in mind, a sudden change in trading volume or open interest is usually a sign of movement. If a passive contract suddenly becomes active, it’s usually a sign of future activity.

How Does Open Interest Affect the Buying Interest?

A higher open interest usually attracts traders because it’s seen as a sign of liquidity, and thus potential motion in a certain direction. Theoretically, buyers prefer a contract that has a large open interest because it means they can quickly close their position at a reasonable price when exiting the trade.

Put simply, the higher open interest indicates that there are a lot of traders holding the contract. Therefore, there’s always someone willing to buy or sell a contract at a desirable price.

This also means that there’s usually less difference between the bid and ask prices. Since the asking price is in a desirable range, high open interest will likely encourage traders to buy the contract and vice versa.

Traders are often unable to make important decisions because they can’t critically analyze options volume and open interest. While there is a subtle difference between the two, understanding this difference can play a vital role in making your move.

A crypto trading volume is the number of contracts traded in a given period. Whenever someone buys a contract, sells a contract or closes their position, the contract volume increases accordingly.

Options volume always reflects the volume on a particular trading day. Also known as daily volume, it provides information about the number of transactions that have taken place that trading day. Thus, as the day progresses the daily volume increases with each transaction.

At the end of the day, the daily volume resets to zero and starts all over. For this reason, experienced traders seldom look at the daily trading volume. Instead, bi-weekly, weekly and monthly trends in the trading volume are better indicators of price movements.

 held by market participants at any given time. The open interest tells you how many contacts are open (not yet closed). 

An example of BTC options open interest by strike price

Whenever someone buys a call or put option, it adds to the open interest. When the position is closed and the trader exits the trade, the open interest decreases. An opening or closing transaction will be reflected in the existing number of contracts held by traders.

Unlike the volume, which increases gradually during the day and resets to zero, the open interest does not reset. If this seems confusing, take a look at the following examples.

To understand the difference between volume and open interest, let’s suppose that an option contract has zero volume and zero open interest. At this stage, Cynthia decides to buy five contracts from the writers of options contracts.

As Cynthia is the first trader, here’s what the options chain should display that day:

Encouraged by the open interest, another trader, John, buys 10 option contracts the same day. Per the rules, the option chain will reflect the change:

Before the day ends, Cynthia decides to close two of her contracts and hold the remaining three contracts. Under these circumstances, the two additional transactions will add to the volume and decrease the open interest.

Before the day closes, an additional trader, Sam who owned four contracts decided to sell all of them. Notice the change in the two variables:

Since the volume will reset on the next day, the options chain should will look something like this the following day:

If an existing or new trader makes another transaction, that will be reflected in today’s volume. Let’s say that John, who’s holding 10 contracts, closes his entire position. Therefore, the options chart will register the change as shown below:

If nothing happens the rest of that day, the trading volumes at the end of the first day and the second day, respectively, will be:

You can easily relate these examples in order to better understand the definitions of volume and open interest. From a trader’s viewpoint, open interest is the number of contracts held by traders at any given time. In contrast, trading volume is defined as the total number of trading transactions that have occurred on a particular day.

Whether to Buy Options with High or Low Open Interest

High open interest is important because it shows signs of liquidity. Higher liquidity generally means that you can close a position whenever you want to at a reasonable price.

Likewise, the spread between the bid and ask prices is also low because there are lots of interested buyers and sellers. Lower spread means that you can enter the market easily without worrying about the high asking price. As a rule of thumb, 

 within 10% of the asking price is a sign of solid activity.

Because of these benefits, at-the-money options typically have the highest open interest. Traders are generally more interested in an 

 because the option’s strike price is very close to the price of the underlying asset. On the other hand, OTM options often see less trading activity because the strike price is farther from the actual price of the underlying asset.

While a high open interest is beneficial in many instances, it doesn’t mean that you shouldn’t buy an option with low open interest. As discussed, most OTM options will have a low open interest.

Therefore, if you intend to hold a crypto option until its expiration date, low open interest doesn’t really matter. Similarly, if you’re sure that the long-term movement of the underlying asset will be in your favor, low open interest need not be a deciding factor in your decision-making process.

Open interest and options trading volume are key indicators used by most options traders to identify trading opportunities. It’s generally believed that an increase in open interest and trading volume precedes a price increase. Therefore, options contracts that have high open interest and high volume are considered a safe bet.

These two indicators are particularly useful for novice crypto traders. If you’re new to crypto options, it’s wise to pick options that show a lot of activity. It’s perhaps the easiest and the safest bet to learn and trade crypto options without taking undue risks. Happy Trading!

Open Interest & Trading Volume: What Every Crypto Options Trader Must Know

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