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

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web3

Leveraging Telegram’s massive user base, TON has experienced exponential growth in community size and activity, serving as a bridge between Web 2.0 and web3.

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The TON (The Open Network) blockchain isn’t just another player in the field of digital technologies. It represents a significant leap toward making decentralized networks more accessible and functional for the general public. 

Originally aligned with Telegram, one of the world's largest messaging platforms, TON has since evolved into a rich ecosystem that spans numerous applications and technologies, fostering a new era of internet freedom and utility. This article provides a detailed exploration of the TON ecosystem, its origins, its integration with Telegram, its numerous successes and its prospective future in the rapidly evolving digital landscape.

, or The Open Network, is a blockchain platform engineered to optimize scalability and user-friendliness, thereby facilitating more effective and accessible DApps and smart contracts.

The roots of TON are deeply entwined with the vision of Telegram founders Nikolai and Pavel Durov, whose project was initially launched in 2018 as part of an ambitious plan to extend Telegram’s offerings into the blockchain space. The idea was to create a decentralized network that could not only handle mass private communications but also support a wide array of 

TON aimed to resolve common blockchain bottlenecks, such as high transaction fees and slow processing times, by presenting a solution that could scale as needed without compromising on speed or security. The network introduced unique features, including dynamic 

 processes to enhance its capabilities and ensure smooth processing even under the strain of millions of transactions.

However, the journey wasn’t without its challenges. TON faced significant scrutiny from regulators, particularly from the U.S. Securities and Exchange Commission (SEC), which halted the project’s momentum in 2019 by deeming its $1.7 billion 

 illegal. This regulatory pushback led to a temporary suspension of the project.

Despite these hurdles, the development of TON continued under a new banner, led by the community and other independent developers. In 2020, the network was relaunched as The Open Network by its community, marking a new chapter free from the direct involvement of Telegram, yet still benefiting from the association due to the shared user base and ongoing compatibility with Telegram’s infrastructure.

While TON originally emerged as an integral component of Telegram’s ambitious blockchain initiative, it has since evolved to operate independently, though it maintains a synergistic relationship with Telegram. This connection is pivotal and harnesses the extensive reach of Telegram’s global platform, which is instrumental in facilitating the rapid adoption and widespread use of TON’s blockchain solutions. Such a strategic alliance enables TON to integrate seamlessly with Telegram, offering users an intuitive gateway to explore and utilize blockchain technologies directly within the messaging app. 

This relationship not only enhances user familiarity and comfort, but also significantly expands the potential applications of TON’s blockchain by making it accessible to Telegram’s user base without the need for separate applications or complex interfaces. Integration strategies such as this one are key to onboarding Web 2.0 users to the web3 ecosystem, providing them with a frictionless transition and familiar interaction paradigms within the secure and versatile framework of TON’s blockchain.

TON has marked several milestones since its inception, in addition to overcoming regulatory challenges and innovating through community-led development. The integration of 

 on the Telegram platform has been a significant victory, merging entertainment with earning opportunities and introducing blockchain functionalities to everyday users.

TON has experienced tremendous growth over the months, and is currently the ninth-largest cryptocurrency, with a market capitalization of $13.2 billion and a fully diluted valuation of $26.9 billion. Its 24-hour trading volume stands at $777.9 million (as of Aug 5, 2024).

The integration of the TON blockchain with the well-established Web 2.0 messaging app Telegram has emerged as a pivotal strategy in TON's success, leveraging Telegram's extensive user base to ease the transition to web3 technologies. This strategic partnership capitalizes on the familiarity and vast reach of Telegram, which boasts around 900 million users globally. Thus, it provides a seamless on-ramp for Web 2.0 users to blockchain and crypto functionalities without the need for a new app or learning curve​.

TON effectively utilizes Telegram’s infrastructure to engage users directly where they communicate daily. This has been particularly effective for promoting user-friendly blockchain applications such as Telegram mini apps that integrate directly within Telegram, allowing users to interact with various blockchain services effortlessly. These apps include novel 

, a standout in TON's array of offerings, initially kick-started user engagement by attracting over 30 million users shortly after its introduction. This was part of a broader strategy that capitalized on Telegram’s extensive user base, making TON's DApps more accessible and popular among the platform's 900 million active users​.

 itself attracted over 18 million users in a month, with 6 million actively connecting their wallets, thus demonstrating the global reach and active participation TON has achieved across over 200 countries​.

Additionally, the integration of TON with Telegram has significantly contributed to community engagement, particularly through popular Web 2.0-to-web3 transitions like the on-chain game 

. This game alone has successfully attracted 40% of Telegram Premium users, showcasing TON’s effective strategy in leveraging existing Web 2.0 platforms to onboard users to web3. This integration has not only enhanced visibility but also solidified TON's position as a leader in merging blockchain technology with mainstream platforms.

) also recently surpassed $760 million on Jul 20, 2024. This marked a significant milestone, showcasing increasing investor confidence and active participation in the network's financial activities​. This surge is largely driven by investor excitement over various incentives, including 

, which have become a popular mechanism to attract and retain users on the platform.

 have set high standards for gaming protocols on the TON blockchain. MomoAI has emerged as a leading web3 social gaming platform, noted for its innovative approach to community crowdfunding. This initiative allows the community to reclaim venture capital shares for a fairer launch process, setting a new precedent in the blockchain gaming sector.

Moreover, protocols like Dedust and STON.fi have greatly contributed to the growth of TON's DeFi space. STON.fi, holding the highest TVL on TON (

), showcase the robust financial activities and the trust the community places in TON's financial mechanisms.

TON has been proactive in expanding its ecosystem through significant technical and strategic developments. The anticipated TON Applications Chain (TAC) and the integration of a Bitcoin bridge highlight the network's commitment to enhancing its infrastructure to support more complex operations and ensure seamless user experiences.

Moreover, collaborations with entities like 

 and the Triangle web3 startup accelerator highlight TON’s efforts to foster innovation and support early-stage projects within its ecosystem.

Despite these advancements, TON faces challenges, particularly in sustaining the volumes of its DApps. 

 (DEXs) such as DeDust and STON.fi, while holding substantial TVLs, have seen fluctuations in activity levels, suggesting that sustaining user engagement remains a complex endeavor​​.

Critiques have also emerged around the strategy of using airdrops to boost user numbers, with concerns about the long-term sustainability of such growth tactics. TON’s focus on incentivizing participation through airdrops has been effective in the short term, but poses questions about the genuine, sustainable adoption of the platform's offerings.

TON's ecosystem is emerging as a powerhouse of innovation and user engagement, rooted deeply in Telegram's vast Web 2.0 user base. With a vision clear and geared toward the future, TON is uniquely positioned to bridge the gap between Web 2.0 and web3, facilitating a seamless transition for users into the blockchain world. This strategic alignment with Telegram not only leverages existing user familiarity, but also simplifies the introduction to decentralized technologies, making TON a pivotal player in the evolving technological landscape.

Looking forward, TON's adaptability and proactive approach to integration are set to drive further growth and spur continuous innovation. With its commitment to lowering the entry barriers for Web 2.0 users into Web3 applications, TON stands at the forefront of the blockchain evolution, making it an essential focus for anyone interested in the future of blockchain and decentralized technologies. This strategic positioning is likely to catalyze significant advancements in the ecosystem, enhancing its appeal and functionality, thereby ensuring TON remains central to discussions about the future of digital interaction and finance.

Decoding the TON Ecosystem: Telegram's Push Into Blockchain

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