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

Bybit Learn

Altcoins

Numerai is a quant hedge fund that utilizes artificial intelligence (AI) and thousands of machine learning models to make predictions. Find out more here.

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Predicting the stock market has long been a guessing game for those who trade equities. Paying attention to signals, analyzing data and taking other steps before making an investment move is always smart, but it still comes with significant uncertainties. These uncertainties expose stock market investors to the risk of financial loss. However, making predictions and executing stock market moves are now enhanced thanks to 

Numerai is designed to take stock market investing to a higher level through its advanced features and functionality. It is powered by Ethereum, and it uses crowd-sourced machine learning models as well as AI to support smarter investments. Financial data that is gathered within the platform becomes the focus of a large group of data scientists. These individuals participate in incentivized competitions to solve the identified machine learning problems. The top submissions are then incorporated into the platform’s model for the benefit of traders. The data scientists will be able to earn Numeraire (NMR), the Numerai native token, for their efforts. More recently, these individuals can also derive conclusions from their own data to participate on the platform.

 is a type of alternative investment that uses pooled funds to potentially increase returns for investors who trade equities. They are specifically available to accredited investors, institutional investors and individuals with high net worths. A hedge fund’s manager is able to employ 

, complex trading and more with the pooled funds to produce returns that are often higher than what investors could typically realize on their own. The manager is compensated for their time and effort through a management fee and for their results through a performance fee.

The roots of Numerai date back to October 2015. Richard Craib, the founder and CEO of Numerai, raised a total of $27.5 million through six rounds of funding. The Numeraire native token, NMR, was launched in 2017. Rather than using an 

 (ICO) for this launch, the million tokens that were released at the time were sent to roughly 12,000 data scientists who had already been active on Numerai.

Historically, only major and institutional investors have been able to benefit from hedge funds. Numerai is committed to bringing those benefits to all investors through its functionality on the Ethereum blockchain. It works as a hedge fund of sorts by working with numerous data scientists to analyze market data and make predictions. The predictions are analyzed each week in a 

, and more than 5,100 staked models have been created to date through these predictions. Over the last three months (as of Jan 18, 2023), it has generated a 17.25% return on stake. 

Numerai performs its advanced functions using an AI aggregation model. This is known as the Meta Model, and it collects all of the market productions from participating data scientists. Based on data from Numerai's Meta Model, the system trades stock market equities algorithmically. More than that, all of the system’s users have access to the model. The data used in the Meta Model is obtained via the work of data scientists. 

The participating experts each analyze data points to make market products, and they receive NMR tokens for their efforts. To date, more than $40 million in NMR has been paid to the data scientists. The market predictions are submitted by staking NMR. Accurate predictions yield NMR tokens for the platform's participants, and bad predictions result in the staked tokens being burned.

Numerai is unlike any other platform currently in use today in terms of its objective and its functionality. The platform utilizes AI and machine learning to improve trading results for its users. It specifically functions based on three unique applications and features.

Each week, Numerai data scientists are encouraged to participate in 

. In the process, they can help investors trade equities and earn NMR rewards. These data scientists use the platform’s provided data as well as their own to build a machine-learning model and predict movement in the stock market. Through the assimilation of all of the models collected in a tournament, the results are used to form a Meta Model. The Meta Model’s algorithm manages how the assets in the Numerai hedge fund are invested.

While those who participate in Numerai tournaments have access to the same data provided by the platform, they can also use other data that they obtain independently. The goal of Numerai is to create the most accurate stock market predictions possible. Because of this, the platform encourages data scientists to share their sources. These can be sources related to 5,000 global stocks. Numerai will then analyze the submitted 

 to determine its originality. Data scientists can use NMR to stake their signal’s performance. By doing so, they can earn up to 25% each week.

After a user creates a machine learning model while participating in a weekly Numerai tournament, they can stake the model. NMR tokens are required to stake a model. In addition, models that accurately predict the market qualify the data scientist for a reward of more NMR tokens. 

Numerai is specifically designed to help investors see a greater return on their investment, and it has successfully done this throughout its history. However, the unique design and functionality of the platform offer several other benefits. What are the key benefits available to those who make use of the Numerai platform?

Numerai’s goal of generating great returns for users is based on the hard work of its participating data scientists. Because of this, it offers a few ways for these individuals to be rewarded for their efforts. In fact, rewards can be earned weekly, and they are paid out monthly. Each week, a data scientist can analyze market signals and make predictions. They are encouraged to submit their best predictions in exchange for NMR tokens.

Further, data scientists may earn more rewards for submitting their own signals to the platform. Numerai wants its participating users to make the strongest predictions possible, and this requires them to have access to a robust set of market signals. Data scientists who submit original signals for the group’s benefit can earn up to a 25% reward. On top of these benefits, some of the data scientists who are active on Numerai may also have their own assets invested in the platform’s hedge fund. These individuals can also benefit from the hedge fund’s performance.

An aspect of Numerai’s functions requires users to place a level of trust in virtual strangers. Numerai uses the 

 to create trust among its users. This is a live protocol that crowdsources intelligence on the Ethereum blockchain. This protocol is established by users staking their predictions. Essentially, they have skin in the game for their projections through the Erasure Protocol. Good predictions are rewarded; bad predictions result in their staked tokens being burned.

Driven by the opportunity to earn NMR tokens and to see great gains on their investments, a growing number of people have become active on Numerai. For the months between September 2019 and November 2021, the Numerai fund has produced a 21% return. While there is always a possibility for loss when funds are tied to the stock market, Numerai’s features continually promote improvement. Going forward, Numerai may see more data scientists becoming active in the community. At the same time, an increased buzz about Numerai and steady or improved performance may drive the price of NMR upward.

There was no ICO held for NMR’s launch. Rather than taking this typical approach to distributing its tokens, Numerai distributed a million tokens relatively evenly to approximately 12,000 data scientists. These are data scientists who have been active with Numerai prior to the token’s launch. 

The current supply of NMR stands at 5.89 million, and the maximum supply is 11 million. Tokens are burned regularly through the staking process, and new tokens are minted. Because of this, the value of the NMR token is partially rooted in how many people participate in the weekly tournaments. NMR is an ERC-20 token that has several benefits because it is built on Ethereum. These benefits include the Ethereum blockchain’s protection and versatility. 

The current price of NMR is $16.54. The all-time high was $168.49, and the low was $1.93. Generally, the NMR price has been declining in recent months. However, 

 predicts that the price of NMR may reach $30 in 2023, and the yearly average trading price is projected to be $21.25. In 2024, the NMR price may be as high as $40.15 with an average yearly price of $35.82. In 2025, the price is expected to range between $45 and $55. By 2030, the price may be in the range of $140 to $150.

Widely known for their volatility, the investment into any cryptocurrency comes with the risk of loss. The price of NMR, however, is anticipated to gradually shift upward through 2030. On a day-to-day basis, the fluctuations can be significant. 

With this in mind, NMR may be a good investment for those who are looking for long-term gains rather than quick profits. NMR may also be a good investment because of the ability to earn more coins by participating in the platform. Individuals who participate in the platform’s weekly tournaments and who more closely predict the market’s movement can also take this opportunity to earn NMR tokens as a reward. Because of this mechanism, Numerai users can gradually increase their holdings. As the price rises and holdings increase, NMR could prove to be a valuable investment.

Of course, we would still encourage all investors to do their own research before investing.

The future of Numerai is relatively clear. This platform already has a strong base of users who compete in weekly competitions, and this user base is expected to grow. Numerai’s use of the Erasure Protocol and its incentivized rewards system encourages users to make their best predictions. By doing so, the platform may continue to beat the stock market average. If this is the case, more users may be attracted to the platform over time. There are no specific plans in place at the moment to dramatically change the platform with updates or new features.

Numerai is a crypto platform that is unlike others in terms of its functionality and design. Its goal is to produce superior stock market predictions and to make investments accordingly, and it has met its goal regularly throughout its history. For those who want to profit from making good stock market predictions or who simply want to hold tokens with upward price potential, Numerai is well worth looking into.

Numerai (NMR): Incentivizing Stock Market Predictions

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