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

Trading

Stop loss is critical to make sure you're protected from significant losses. Still unsure how it works? Here's what you must know.

Stop Loss Limit Order

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Let’s be real; the only reason you’re trading is to make profits. However, losses are inevitable, especially if you’re trading in a volatile market.

But what if there’s a way to mitigate these risks?

I bet you’re guessing a stop-loss order, and you’re right. In fact, it’s one of the most common risk management techniques to limit potential losses. Still, what is a stop-loss?

Well, this is generally an order type used by traders to trigger the exit of a position when the price goes against them until touching a predefined level. When the price crosses that level, the trading platform closes the position automatically to avoid further losses.

A stop-loss order is a universal risk management technique applicable in stocks or even crypto trading to effectively limit potential losses. But giving traders the flexibility to trade with confidence. In most cases, traders use this order type to set a specific price level at which an existing order would automatically close if the price touches it.

Technically, stop-loss is a conditional instruction that a trader gives to the cryptocurrency exchange. When a cryptocurrency price touches the predefined level, the order automatically converts into a market order, which executes at the next available price. The stop-loss can be set at any price level and can instruct the crypto exchange to buy or sell the cryptocurrency, depending on the nature of the existing position.

To give you an example, check the chart below:

As you can see, we have a so-called "Shooting Star" 

, which generally shows up at the top of an uptrend and anticipates a bearish reversal.

Let’s say you decided to open a short position and want to place a 

 on Bitcoin. However, we are unsure whether the price will move according to your expectations – no trading pattern can guarantee that the price will move in one direction or another. Thus, we set a 

 the Shooting Star candle if the price continues the bullish move. 

Supposedly that happens, the stop order is triggered, and we end up with a loss. However, at least we know that the loss is limited, which helps us control the situation. Fortunately, the price shown in the above example continued to decline as planned, and the stop-loss wasn’t triggered.

Ultimately, stop-loss orders are here to help you save time and take profit. While the latter triggers the exit of a profitable position.

Let’s say you use these orders; you’ll avoid the exhausting practice of regularly monitoring your positions. Stop orders are ideal for short-term traders who need to automate most of their trading process. If you are a 

 who keeps a few positions open for weeks, you may not even need the stop-loss as soon as you check the prices daily. Still, using the stop-loss is super easy, and you lose nothing setting them.

The rationale behind this approach is pretty simple. If an unexpected bearish reversal occurs, you must know that the sell-stop order protects long positions in bullish markets. That means the order will automatically trigger a sell order if the price drops below a certain level decided by the trader. 

So, if the price declines thus far, it may continue to drop even further. Hence, the trader would prefer to cap the losses, and the sell-stop order is used to automate the risk management process.

For example, let’s say a momentum trader identified a bullish trend that may continue its path. As shown in the sample above, he entered a long position when the bullish candle broke above the local resistance. He then set a sell stop-loss right below the previous local support level to protect his position. So even if the price suddenly plunges and touches the stop-loss level, he’ll end up with a limited loss.

 of the sell-stop order. We use it to protect our short positions. In fact, the stop order from our first example is nothing else than a buy-stop order. It automatically triggers an exit by closing a short position when the price ascends.

Can You Use Stop-loss Order in Crypto Trading?  

In fact, not only can you use the stop-loss order in cryptocurrency trading, but you must oblige to consider it if you want to succeed in your trading journey. 

Stop-loss orders are especially relevant for crypto traders, given that cryptocurrencies are incredibly volatile and the market hasn’t matured yet. Imagine the price of Bitcoin goes sideways, defying technical analysis logic; you’ll see your hard-earned balance wiped out within minutes. 

So, a stop-loss order is a way to go to stay on a safer path. Besides, it’s a must-have feature for most crypto exchanges, so there is absolutely no excuse not to use it, especially if you are a day trader.

The main goal of a stop-loss is to limit potential losses. However, placing a sell-stop-loss order below the market price might not protect your long positions and vice versa. 

You must learn to use the stop-loss order correctly to get the maximum effect. 

It depends on the situation. Still, as a rule, you would be interested in setting the stop-loss 

near the previous support or resistance level

s. For example, you should place the sell stop-loss right below the previous support level, whether it’s an uptrend or a horizontal channel. 

In our example of the sell stop-loss order, we placed the order near the previous reliable support. You can 

However, if you use specific strategies or rely on chart patterns, which we recommend, you should have precise rules for placing the stop-loss order. For example, if you trade the Head and Shoulders pattern, the buy stop-loss is calculated from the distance between the pattern’s neckline and its peak.

A stop-limit order is a more complex order that helps traders protect their positions. The stop-limit order merges a stop order with a limit order. When the cryptocurrency touches the stop price set by the trader, it automatically triggers a limit order. Next, the limit order is executed at the set limit price or better.

Still don’t understand how stop-limit order works?

Well, first of all, you should know what a limit order is. Unlike the market order, which executes the instruction immediately, the limit order executes when the cryptocurrency touches a certain level set by the trader.

So the stop-limit order has two orders, and you should set two prices:

In other words, the stop-limit order is a risk management tool that gives traders more control over the price at which the order should execute. This order may work in volatile markets, so it’s relevant for cryptocurrency traders.

Why would you need a stop-limit order when there is a stop-loss anyways?

Stop-loss orders cannot protect your positions if the price goes against you and forms gaps, flash crashes, or even regular crashes that happen here and there during volatile markets.

 for an up-trend Bitcoin at $30,000, the price can suddenly drop to $29,900, and your stop-loss will work at this price instead, which means that you 

 with the trigger price at $30,050 and the limit price at $30,000. In that case, the order will get triggered when Bitcoin drops to $30,050, and the position will get automatically closed only if it touches $30,000.

For example, if it suddenly drops to $29,900, it won’t execute. The order will be pending until the Bitcoin price potentially rebounds to $30,000, at which point the order will execute.

You should always use a stop-limit order. But it’s even better if you use it during a volatile market and want to control your profits and losses.

 when the red candle broke below the previous support (1). You set a 

In our example, the price suddenly bounces back and surprises you. It touches the stop price (2), which triggers the limit order. However, the order doesn’t execute until the limit price is touched, and a seller at the other end offers the exact price you need (3).

But let’s say the scenario in the 3rd point 

. Suppose the price is volatile and suddenly crosses the limit price without execution because there was no seller on the other side (thus, the price condition couldn’t be fulfilled). In that case, the order will not execute and stay open until Bitcoin doesn’t touch the specific price set by the trader in the limit order. 

In our example, Bitcoin returns and crosses the limit price again (4). There is an available price at which the order is executed, and the short position is closed. The stop-limit order lets you hang on and wait for the price to pull back.

The stop-loss and stop-limit orders are similar because their goal is to protect the open positions.

However, the difference between the two shows up when the price hits the stop. In the case of the stop-loss order, when that happens, the position closes automatically. The bad news is that the position might not necessarily close at a price specified in the stop-loss order, which may happen during flash crashes or gaps.

So, in the case of the stop-limit order, when the price touches the stop, it only triggers the limit order that executes only if the price touches the limit price.

The stop-limit order gives traders more control over their positions regarding the prices that trigger a market exit. However, stop-losses are easier to use and can limit losses.

Benefits and Risks of Stop-Loss and Stop-Limit Orders

They’re both here to help you manage your positions more efficiently. But did you know they can help you automate the trading process too?

In fact, it’s useful to help you focus on other tasks while analyzing the market for trading opportunities.

However, the downside is even if you use any of these two orders, it doesn’t mean you are 100% protected from major losses.

A stop-loss may not work perfectly well during flash crashes and price gaps, leaving you with bigger losses than expected. On the contrary, the stop-limit order may not execute if the price doesn’t exceed the limit price. Hence, it would be best if you keep an eye on it even though it’s automated.

As a recap, stop-losses and stop-limit orders are great methods to minimize losses if the price goes against you. As the wise words say, "practice makes perfect," and trading is no exception. Hence, you should try and make as many errors on your demo account before diving right into it. Make sure you understand how they work and pick one of them as the primary risk management technique.

Explained: What Are Stop-Loss and Stop-Limit Orders?

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Explained: What Are Stop-Loss and Stop-Limit Orders?

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Compete for 2,500 USDT USDT Every Week

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