Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards.

Daily top performer — Pyth Network (PYTH)

The S&P 500 dropped 1.5% to 5,282.70 this week, down 5.9% in April and 10% year-to-date, led by tech losses. Real estate and energy outperformed, while political pressure on Fed Chair Powell and inflation concerns weighed on sentiment. Gold dipped 0.6% to $3,319 after a record high, as Powell’s stagflation warning tempered its rally. Despite the pullback, the uptrend remains intact. The Coindesk Indices, which tracks the broader crypto market, are up by 0.77%, with Bitcoin and Ether rising 0.64% and 0.72%, respectively, over the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PYTH, up 10.1%, following the launch of Pyth Entropy for secure on-chain random number generation by Soneium.

Pyth Network (PYTH),  is a blockchain oracle system that delivers real-time crypto price data to blockchains, enabling smart contracts to react to market changes. Soneium 

 Pyth Entropy, a tool for securely generating random numbers on-chain. Two apps, HandsNFT AI and 2p2e, are already utilizing Pyth Entropy to create unpredictable and engaging experiences.

Check out the latest prices, charts, and data of 

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards. This approval follows recent changes to local laws, with China Asset Management (ChinaAMC) partnering with OSL Digital Securities to launch the ETF by May 15. The ETF will offer exposure to Ethereum staking, transforming it from a passive investment into an active participant in the Ethereum network. The staking process is powered by Kiln, with OSL providing custody and insurance services. The rewards will contribute to the ETF's net asset value, benefiting shareholders.

Yesterday, Bitcoin spot ETFs saw $25.9M in inflows, all from non-GBTC funds, while GBTC recorded no flow.

" and a points campaign called Drops, where users can earn points—potentially leading to an airdrop—by engaging with Linera content on X. To join, sign up on 

, complete tasks like joining Discord and interacting on X, then enter the campaign. Keep engaging to earn more points, but avoid spamming.

Beginner

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Hong Kong approves Ethereum ETF with staking rewards, boosting institutional participation

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

US president Donald Trump’s tariff policies are influencing both crypto and US equities. Last week, BTC and the S&P 500 rallied due to a 90-day pause in reciprocal tariffs (excluding China). Equities are slightly below their April 9 highs, while BTC is holding above $83K. Its implied volatility term structure has normalized, and the volatility skew has improved from last week’s bias toward out-of-the-money puts, though it hasn't fully shifted toward calls.

Please check out the report’s highlights.

Tariff pause briefly brings back trading volume

Since our last report, open interest surged on Apr 9, 2025, as crypto spot prices rose after President Trump’s temporary tariff pause, accompanied by a nearly $10B increase in trade volumes. However, trade volumes have since returned to mid-March levels, and open interest has declined from the April 9 highs. The initial price spike indicates the tariff pause surprised the markets, but the subsequent pullback reflects concerns over remaining tariffs.

After being inverted for much of April due to trade policy shocks and macro headwinds, BTC’s term structure has disinverted, with front-end volatility dropping significantly this week. Call and put volumes have been balanced, with calls slightly exceeding puts most days. Apr 9, 2025, reflected mixed market sentiment, as both call and put volumes rose, but puts were higher overall. Open interest remains greater in calls, and has increased slightly since last week, reaching its highest level for the month (more than double from the beginning of April).

Despite a rally on Apr 9, 2025 that brought ETH close to $1.7K, traders sought downside protection, leading to higher volumes in put contracts as compared to calls. Since then, ETHUSDT options volumes have declined, but open interest remains strongly weighted toward calls with later expirations, which have increased since last week. After being inverted for much of April, ETH’s term structure of volatility has flattened, with volatility compressing around the 70% mark across tenors.

Advanced

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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

In this article, Bybit Learn breaks down how the RFC meme coin was launched by the 'ifindretard' community, what’s driving its popularity and how to trade the RFC meme coin on Bybit.  

RFC quickly became one of the most talked-about and actively traded meme coins in early April 2025. In this article, we’ll break down how the token started, what’s driving its popularity and show you how to trade RFC on Bybit.  

Meme coins have always relied on humor to capture a wide audience and RFC is no different. The coin is inspired by the 

 X account that posts right-leaning, political and social posts on the platform. The account quickly became popular and gained over 718,000 followers as of mid-April 2025. 

 the launch of RFC, a Solana-based meme coin with a core mission of becoming the definitive meme coin for their community. The project aims to counter the prevalence of rug pulls and scams and create a token that is fair and community-centric.

The RFC token was launched on Mar 24, 2025, on the 

 platform. Within a few hours of its launch, the token graduated from the bonding curve and was placed in the liquidity pool. The initial post from the @ifindretards account is likely the major cause of the parabolic rise in the price of the token on the pump.fun platform. 

In the following days, the popularity of RFC experienced a significant surge, largely fueled by an enthusiastic community that rallied around the project. The coin’s 

 on Solana and its allocation of 96% of the supply to the public attracted a lot of attention from the meme coin community. Such community-centric characteristics quickly boosted the coin’s profile. According to 

, over 216 KOLs have mentioned the coin, with 124 being bullish and only five being bearish. This positive momentum was soon reflected in the price surge of RFC.

Following the graduation from the bonding curve, the price momentum continued and the coin reached a peak market cap of around $8 million, but quickly retraced to $1.2 million the next day. Over the next few days, the coin consolidated in the $1 million to $5 million range. 

On Mar 31, 2025, the coin broke out of this range and witnessed a 2-week staggering rally that saw the market cap rise as high as $138 million on Apr 14, 2025. This is a 25x increase from the first day’s close of $5.5 million. The coin has since retraced slightly, and as of Apr 15, it’s currently trading at a valuation of around $91 million market cap. 

The total supply of RFC is fixed at 1 billion tokens. The distribution of these tokens is heavily weighted towards the public, with 96% allocated for a public fair launch. Notably, only 4% of the total supply was allocated to the developer wallet, and the project explicitly states that there were no airdrops or presales.

If you’re interested in riding the RFC wave, you can go long or short on the token with up to 20x leverage on Bybit through its 

 RFCUSDT perpetual contract. Whether you're bullish or bearish, you can dive into the action and start trading the 

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RFC: Trending meme coin with a strong community

Metaverse

Altcoins

Highstreet is a metaverse that combines virtual reality, crypto, gaming, virtual shops and physical items into a seamless and fun retail experience.

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An intriguing aftermath of the 2020 COVID-19 pandemic is the increase in popularity that online shopping has received. Yet, despite e-commerce demands skyrocketing, the underlying infrastructure remains relatively unaltered — until now.

A new platform called Highstreet aims to take e-commerce to the next level by merging online shopping with games in the 

, a 3D virtual world that provides users with amazing VR or AR experiences with the use of a special headset. If you haven't heard about it until now, no worries. We'll explain to you how exactly Highstreet bridges the virtual with the physical and look at the associated benefits for its users.

 is a digital platform that aims to change the way consumers approach the virtual world, 

 (NFTs) and massively multiplayer online role-playing games (MMORPG). 

Highstreet World’s metaverse combines virtual reality, crypto, gaming, virtual shops and physical items into a seamless and fun retail experience. Besides the usual MMORPG experiences such as battling monsters and completing quests, you can shop for real-world brands to purchase items that exist both digitally and physically. The brand products are integrated as part of the creative narrative in MMORPG game quests, so that you’ll stay immersed in the entire metaverse experience.

Highstreet was created by Travis Wu and Jenny Guo, who are also co-founders of a virtual reality company, 

, which has worked with established brands such as Victoria’s Secret and J.P. Morgan. 

Highstreet World is the MMORPG section of the Highstreet ecosystem which can be played on VR and on PC. It’s made of different elements, including the Highstreet Market for trading NFTs and 

 items, and Highstreet Homes, which can be bought via initial home offerings (IHO). One significant difference from other MMORPGs is that some in-game items in the Highstreet Market have physical iterations as well.

The primary feature of Highstreet Market is the limited-edition items it has for sale. The market has a variety of celebrity partnerships, and agreements with social media influencers. Additionally, community members themselves are encouraged to submit items for purchase within the market. It’s an excellent place to help build a brand, or to give new life to an existing property.

Highstreet presents the future of retail with its unique "phygital" business model, which will also revolutionize the NFT sphere. For years, NFT detractors have asked, "Why would I pay for a digital file when there's no physical component to it?" 

Although this question demonstrates a lack of understanding about NFTs as a whole, even the most ardent NFT opponents will have to admit that it doesn't apply to Highstreet Market. As the system grows in popularity, it may change the way people think about the idea of NFTs.

The term "phygital" is a portmanteau of the words "physical" and "digital.

 Phygital items consist of two parts: a digital asset that can be used as clothing or to decorate your metaverse home, and a physical version of the same item, which is then mailed directly to your real-life home. 

The two parts are divided into fractions within the NFT, and can be bought separately. Hence, you can choose either to buy the digital item, or the item as a whole and possess it digitally and physically. The physical item is then mailed to your home. Marketplace purchases are made using the STREET token in-game currency, which we'll discuss in more detail below. 

The Highstreet Market’s metaverse functions like real-life department stores, with both crypto and traditional brands establishing virtual storefronts. Unlike traditional department stores, however, users can receive both in-game and real-world benefits from making a purchase. 

Limited edition items are delivered via phygital drop, a two-part process. First, the user buys a product token by staking HIGH tokens into the bonding curve's reserve pool. After purchase, the user can decide whether to keep the token and resell it for a profit back to the marketplace at a later time.

 determines prices for items to ensure a fair trade for all. Through the bonding curve, if a product runs limited in quantity, the price of the item will be raised to show that it’s more valuable. Therefore, people who buy the same product earlier stand to gain as they can resell that item for profit. Brands can also tailor their bonding curves to be steep or flat in order to drive either more transactions or redemptions. The bonding curve ensures constant liquidity as all deposits made are stored in a 

If you decide you want to use the item instead of reselling it, the associated product token acts as a redemption voucher, which is then burned. You can then use the minted NFT in the metaverse, and the physical product will be shipped to you.

Highstreet Crypto Tokens (HIGH and STREET)

To avoid problems such as resource hoarding and game bots mining for tokens, which would cause inflationary issues and eventually render the token worthless, the Highstreet 

World operates with two distinct tokens. 

The first of Highstreet’s two coins is known as HIGH. Within the Highstreet ecosystem, HIGH is used for staking and to purchase in-game real estate and limited edition products. It has a hard cap of 100 million tokens, and comes in both 

At present, Highstreet World is run by the Highstreet development team. After the game becomes more established, governance of the system will be handed over to holders of the HIGH token, who will also be able to participate in the governance of the metaverse and vote on merchant matters.

The second token is called STREET Credit, or STREET token, which is the in-game currency of Highstreet World. You can earn STREET by completing in-game quests, fighting monsters, watching advertisements, betting in matches and more. STREET tokens are used in a variety of ways, including purchasing items from 

, bidding for your favorite song to play in a club, and upgrading or repairing your ship or hoverboard, which are the means of transport in Highstreet World. 

The STREET token works as an inflationary currency, with the number in circulation constantly increasing as new users join the system. As the STREET token only exists in the Highstreet World universe, its value will always be tied to HIGH and it cannot be used outside of that game world. 

As of Mar 20, 2023, HIGH’s price is $2.41, up 2% from its 24-hour low. Its all-time low was on Jan 1, 2023, when it hit $0.845. It reached its all-time high of $38.42 on Dec 17, 2021.

Although all investments carry a certain amount of risk, in our view, Highstreet could be an excellent long-term investment. Even the most conservative predictions expect its price to increase at least 900% by the end of the decade. This is likely due to Highstreet’s innovative concept of marrying the digital with the physical, which will evolve the e-commerce landscape in exciting ways. As the adoption of the Highstreet World metaverse increases, HIGH tokens are expected to rise in price. It may take a while before this massive boost takes place, however. 

Note that this is not investment advice. Always remember to do your own research before investing in any cryptocurrency, as their prices tend to be volatile.

HIGH is available on many top crypto exchanges, including Bybit. HIGH can be purchased by creating an account and funding your wallet with USDT. After your account has received funding, you can trade HIGH as a 

) on Bybit’s easy-to-use trading terminal.

Highstreet World isn’t the first metaverse, but it has the potential to become the most successful. Its novel phygital business model will also be a huge boost to the perceived value of NFTs. As time goes on, the price of the HIGH token is expected to increase significantly. 

As an MMORPG game, Highstreet may or may not rival 

 in popularity — but we can be sure that the Highstreet game world is a major step forward for both the metaverse and MMORPGs in general. Just as 

 became the model for virtual reality-based gaming over 15 years ago, Highstreet World may soon become the standard on which all subsequent AR and VR experiences are based.

Highstreet (HIGH): Shopping and Gaming in the Metaverse

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