Canary Capital has filed with the SEC to launch a U.S. Tron (TRX) ETF that would include staking benefits, allowing investors to earn extra yield. 

The S&P 500 futures fall 1.5% amid US-China trade concerns and Fed warning; over 100 companies will report earnings this week. Gold hit a record ~$3,375, up 1.43%, on safe-haven demand amid tariff and geopolitical worries. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, rose 1.80% in the past 24 hours, while Bitcoin and Ether gained 2.70% and 3.41%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is STX, up 9.4%, following the announcement of Stacks gaining institutional support with major exchange listings and custodian backing.

Stacks (STX), founded in 2013, is a cryptocurrency project that enhances the Bitcoin blockchain by enabling decentralized apps (DApps) and smart contracts without altering Bitcoin's features. It operates as a Bitcoin Layer 2 (L2) blockchain, ensuring security through Bitcoin while allowing developers to build modular applications on top of the network. 

 with its listing on top 15 exchanges, the launch of the Grayscale STX Trust, and support from top-tier custodians like BitGo, Copper, and Figment.

Check out the latest prices, charts, and data of 

Canary Capital has filed with the SEC to launch a U.S. Tron (TRX) ETF that would include staking benefits, allowing investors to earn extra yield. This proposal is part of a broader trend, with Canary also seeking approval for ETFs based on assets like XRP, Solana, and Sui. The fund would aim to provide exposure to Tron’s price, but the SEC has yet to approve staking in crypto ETFs. This move follows the success of Bitcoin and Ethereum ETFs, which have attracted significant institutional interest.

During the week of April 14–18, 2025, U.S. Bitcoin spot ETFs recorded a modest net inflow of $13.7 million, entirely from non-GBTC products, as GBTC saw no activity. Since inception, total net inflows have reached $35.5 billion, with non-GBTC ETFs contributing $58.3 billion and GBTC experiencing $22.8 billion in outflows.

Orochi Network airdrop participants can now 

 their earned $ON tokens on the Monad Testnet to increase their Bonus Level and earn rewards faster. A minimum of 50 ON is required for the first claim, and subsequent claims have no minimum. New users can still join by signing up and starting the Prover. Daily check-ins open at 6 AM UTC and fill up quickly.

Beginner

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Canary Capital files for SEC approval of Tron ETF with staking benefits

There are a total of five ways you can buy USDC on Bybit: via Bybit P2P, Bybit One-Click Buy, Auto-Invest, Bybit Card and Bybit Convert. Learn more here.

 that maintains a 1:1 value with the US dollar through full reserves held in regulated financial institutions. This stability makes USDC an attractive option for traders looking to participate in the crypto market with reduced price volatility.

In this guide, we’ll explore the multiple ways to buy USDC on Bybit, detailing five distinct purchasing methods tailored to different preferences. You'll also discover practical applications for your USDC holdings, from trading opportunities to payment solutions and investment strategies.

Whether you prefer trading directly with other users or making quick purchases with a credit card, there's an option for you. Let's examine each method in detail.

 allows individuals and businesses to buy and sell USDC via peer-to-peer mode without intermediaries. You simply transact with another trader to purchase or sell your crypto with zero fees.

There are two main parties on the P2P platform — makers and takers. Makers place ads for buying or selling cryptocurrency, while takers are the users who place orders through the existing ads created by makers. Neither makers nor takers pay any fees on completed orders.

If you decide to go the P2P route to buy your USDC, you can either place a buy ad as a maker, or select an existing offer as a taker. Placing ads is completely free, although specific trading activity requirements exist. If you're a beginning trader on the platform, and want the easiest way to purchase USDC, selecting an offer from an existing ad as a taker is probably the preferred route.

If you need to trade USDC in large volumes (typically tens or hundreds of thousands of USDC per transaction), you may also choose to consider 

, which offers high order limits — up to $200,000 per order — as well as expedited transaction processing.

 feature to complete your USDC order efficiently. HotSwap combines offers from P2P traders with liquidity options from third parties, potentially delivering more choices and options.

Steps for buying USDC via the standard P2P option

2. How to buy USDC via Bybit One-Click Buy

The One-Click Buy service lets you quickly purchase crypto using several supported payment modes: P2P, bank card payments, third-party payments and your account's fiat balance. You can use a credit or debit card (including the Mastercard-powered 

), bank transfers, Apple Pay, Google Pay and other payment methods.

 is another way to purchase USDC on Bybit. The Auto-Invest option allows you to automatically buy crypto at regular intervals using the popular 

Bybit Card is a Mastercard crypto debit card that allows you to make online payments. The card is available to users in specific regions — EEA and CH, AIFC, Australia, Brazil and Argentina — with more locations to be added in the future. It's accepted by more than 90 million merchants within the Mastercard network. Upon successfully applying for your Bybit Card, you may proceed to 

 while you order and wait for your physical card to arrive. 

It's easy to buy USDC using the Bybit Card, as you enjoy reward features like loyalty points and cashback for USDC transactions. The steps for buying USDC using the Bybit Card are nearly the same as shown above in the One-Click Buy section, the only difference being that you'll need to specify your Bybit Card as the preferred payment method.

 lets you easily swap crypto assets without directly trading through the P2P route or other channels. Using Bybit's order books, the platform matches your order with current suitable orders and executes the requested swap. By leveraging Bybit's vast trading volumes and activity, Bybit Convert enables swift and efficient swaps.

If you have non-USDC crypto funds in your account, you can take advantage of the 

 function to buy the stablecoin as follows:

Steps to for buying USDC via Bybit Convert

USDC is more than just a stablecoin for trading; it offers various applications within and beyond the Bybit ecosystem.

USDC serves as a reliable base currency for trading various cryptocurrencies on Bybit.

Trading with USDC helps mitigate volatility risks between trades, as its value remains stable at approximately $1, allowing traders to preserve capital during market downturns.

USDC has emerged as a popular payment method due to its stability and wide acceptance.

Platforms on which users can make USDC payments include Travala for travel bookings, Newegg for electronics, and various crypto-friendly merchants via payment processors, such as BitPay and Coinbase Commerce.

USDC offers various investment opportunities on Bybit and beyond.

The benefit of investing with USDC is that your principal amount remains stable while generating returns, which is particularly attractive in volatile market conditions.

USDC combines dollar stability with digital efficiency on the Bybit platform. This guide has detailed five ways to purchase USDC, and explored its versatile applications for trading, payments and investing. Armed with this knowledge, you can confidently navigate Bybit's ecosystem and make the most of what USDC has to offer.

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A complete guide on how to buy USDC on Bybit

Apr 21, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — Trump wants to fire Powell? 

US president Donald Trump is actively considering firing Federal Reserve Chairman Jerome Powell, following Trump's public criticism of Powell for not moving quickly enough to reduce interest rates. National Economic Council Director Kevin Hassett confirmed that the administration is examining this option, suggesting that Powell's actions have politically favored Democrats. Hassett argued that the Federal Reserve's decision to raise interest rates shortly after Trump took office was intended to undermine the economic impact of the tax cuts implemented during his administration, which were deemed inflationary. He further criticized the Fed for not addressing inflation concerns stemming from federal spending under President Biden, implying a lack of accountability.

During a recent press conference, Trump conveyed his dissatisfaction with Powell, asserting that if he wanted to remove him, it could happen "real fast." While he did not explicitly state his intention to dismiss Powell, his remarks highlighted the growing tensions between the White House and the Federal Reserve regarding monetary policy. Hassett defended Trump's frustrations, advocating for a focus on economic policy rather than interpersonal conflicts. This situation underscores the complex dynamics between the executive branch and the central bank, as Trump navigates economic challenges leading up to the next election.

Weekly crypto highlight — XRP ETF coming

HashKey Capital has officially launched the HashKey XRP Tracker Fund, marking the first investment fund in Asia designed specifically to track the performance of XRP, the digital asset integral to Ripple's global payment ecosystem. This fund is aimed at professional investors and offers a unique opportunity to gain exposure to XRP without the complexities of direct asset management. Investors can subscribe through cash and in-kind options, with the fund providing monthly liquidity.

Ripple, as an early backer of the fund, is looking to enhance its strategic partnership with HashKey Capital, which already manages Hong Kong–listed spot ETFs for Bitcoin and Ethereum. This collaboration not only solidifies Ripple's presence in the Asian market, but also opens avenues for future financial products, such as the potential tokenization of a money market fund on the XRP Ledger. Fiona Murray, Ripple's Managing Director for the Asia-Pacific region, highlighted that this partnership is part of a broader strategy to introduce more regulated cryptocurrency products for institutional investors in the region, aiming to foster a more robust crypto landscape in Asia.

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Weekly Institutional Insights: Trump’s desire to fire Powell might induce volatility; XRP ETF coming

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

Daily top performer — Pyth Network (PYTH)

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

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

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

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

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

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

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

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

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

Crypto

Bitcoin

Curious about the 21 million Bitcoin limit? From price surges to legislative support, here's what happens when all Bitcoins are mined.

 continues gaining traction and popularity for its decentralized nature and potential long-term value growth. More than 19 million bitcoins have been mined, and the next Bitcoin halving is taking place less than a year from now. This leads us to a most perplexing question: What happens when all the bitcoins have been mined?

As of Jun 2023, approximately 19.402 million bitcoins are already in circulation, which means only 1.59 million bitcoins are left for mining.

 An average of 37.5 bitcoins are being mined hourly, which makes 900 BTC mined each day. No bitcoins are truly lost. The assignment of the term “lost” to Bitcoin relates to owners who have 

, which results in their Bitcoin being locked away permanently.

 is used to reduce the number of available bitcoins entering circulation by half every time 210,000 

 have been mined (roughly every four years). This means the last Bitcoin will be mined by the end of 2078. In other words, no more bitcoins will be left to mine.

There is some confusion surrounding the exact date when the total Bitcoin supply will have been mined. If you search Google for the answer, chances are that the date of this event is listed as 2040 instead of 2078. 

The reward for mining started out at 50 BTC per block when Bitcoin was released in 2009. When the first Bitcoin halving took place in Nov 2012, the reward was halved to 25 BTC per block, followed by block rewards of 12.5 BTC in Jul 2016 and the most recent halving (May 2020

lowering the block reward to 6.25 BTC. It’s estimated that the next Bitcoin halving will occur on June 5, 2024, reducing the Bitcoin block reward to 3.125 BTC.

As of Jun 15, 2023, the current block count is 794,416, with 45,584 left to be mined until the next halving at 840,000 blocks.

, determined in 2008 that the total Bitcoin supply cap would always be pegged at 21 million, ensuring a virtual currency without inflation. However, since Bitcoin is intended for transactional use, just like paper currency, too many bitcoins in the market could generate wild BTC price swings.

With that in mind, the inventor stipulated a 21 million Bitcoin limit to control the supply and, thus, future Bitcoin prices and fluctuations.

One way to control the mechanism was to gradually release bitcoins, without overwhelming the market by releasing all 21 million bitcoins. For this reason, Bitcoin’s code was designed to allow only a fixed number of bitcoins to be mined every year until the 21 million limit is reached.

New bitcoins enter circulation whenever a new block is mined and added onto the Bitcoin blockchain. 

 is programmed with a difficult mathematical algorithm that helps keep the entire system stable by maintaining a 10-minute duration for finding new blocks. This difficulty is updated every 2,016 blocks, or roughly every two weeks, as the network itself determines if the activities of miners have increased or decreased. The network then adjusts the Bitcoin mining difficulty to keep each block time to roughly 10 minutes.

Every day, fewer Bitcoin blocks are available to mine as the Bitcoin mining end date gradually approaches. However, it’s essential to understand that not every Bitcoin mined to date is in circulation — which further reduces the total supply of bitcoins in circulation at any given moment. There are many reasons why the existing supply of bitcoins doesn’t correlate to the total number of bitcoins already mined.

One of the main reasons is the method of storing Bitcoin. Since the owner needs to protect their Bitcoin using 

 and passwords, there’s no way to access the stored bitcoins if the owner passes away without giving someone else access to the password. Bitcoin can also be rendered permanently inaccessible due to other errors on the part of its owners. This innovative digital currency is unlike any other assets in that it’s almost impossible to retrieve without the consent of the owner.

According to a recent study by the New York Times, almost 20% of bitcoins are trapped in

, with a total value estimated to be around $140 billion. These bitcoins will likely stay trapped indefinitely, which affects the total supply of bitcoins in circulation.

The next time someone asks you how many bitcoins are in circulation, simply look at the circulating supply. As of this writing, that number is 

, minus any bitcoins trapped in inaccessible wallets.

Even if there were no trapped bitcoins, it’s theoretically impossible to reach the supply limit of 21 million once all the bitcoins have been mined. In reality, the final figure will be very close to Bitcoin’s supply cap because Bitcoin’s supply is never expressed in exact terms. Instead, the code Bitcoin uses rounds off decimal points to the closest integer. As a result, a supply of 6.2589 bitcoins is represented as 6 bitcoins.

Bitcoins are split into smaller units, known as satoshis. One satoshi constitutes one 1/100 millionth of a Bitcoin. Due to these smaller units — and the rounding off of figures — experts suggest the Bitcoin supply cap will be limited to 20,999,999 instead of 21 million.

Incentive to Increase Bitcoin’s Total Supply

Bitcoin mining is popular because there’s a tremendous incentive for miners who can successfully mine the maximum amount of Bitcoin for their gain. Although the incentive is paid in block rewards, besides receiving Bitcoin miners also receive a part of the transaction fees associated with the completion of a block.

After the three previous halvings, miners currently receive 6.25 BTC for confirming a block. Despite the reduction in the mining reward amount, the higher value of each Bitcoin makes up for the halving effect. Transaction fees have also increased as a result of Bitcoin going mainstream. While Bitcoin transaction fees are expected to rise, not all BTC transactions need to be settled on the blockchain. Additional layers, such as 

, provide cheaper, faster ways to transfer Bitcoin, and will likely help with mass adoption as well.

Some experts believe that incentive isn’t an issue — because the transaction fees, which make up only 6% of the existing revenue for miners, will increase substantially, making up for the loss of Bitcoin block rewards. Still, this isn’t a satisfying answer for many stakeholders who are actively engaged in the Bitcoin industry. They still want to know what will happen when all 21 million bitcoins have been mined, and if there’s something they can do about how many bitcoins there will be in the future.

Is It Possible to Change the Bitcoin Supply Cap?

It’s theoretically possible to change the total Bitcoin supply by altering the underlying code. Since Bitcoin itself is software, experts agree that it can be changed. To do so will require developers, stakeholders and the community at large to agree to alter the code. If an agreement were to be reached, the developers would write a code to integrate those changes into the 

In order for everything to work properly, the next step would be to ensure that all nodes on the Bitcoin network either accept the changes — or are forced off of it. However, getting every node to accept the changes is no trivial task, since the Bitcoin platform was primarily designed as a standalone system that requires no changes. At that point, the developers would need to deal with a 

, which is a consensus change that makes a previously invalid behavior valid. In the perfect scenario, all the nodes would be upgraded to accept the proposed changes.

Another scenario would have only some Bitcoin users favoring the existing 21 million BTC limit. In this situation, miners and nodes who didn’t accept the change would continue to operate on the existing Bitcoin platform. These dissidents would likely compete with the new Bitcoin platform to capture market share. This is known as a 

, as it would create another chain that splits the miner base. One such example is 

Impact on Stakeholders: What Happens When All 21 Million Bitcoins Have Been Mined? 

At this time, no one can accurately predict what will happen when all the available bitcoins have been mined.

Several analysts favor using higher transaction fees to compensate for the absence of block rewards. New technologies will likely help to cut the mining cost, eventually resulting in more profit for miners. Another theory suggests that Bitcoin platforms will only be used for large transactions of very high value, offering sufficient revenue to satisfy stakeholders. Still other theories speculate about proof of stake (PoS) and mining cartels.

From a stakeholder’s perspective, the following is a brief overview of what will happen when all of the bitcoins are mined.

Miners are responsible for verifying transactions and adding new blocks to the Bitcoin network. They must solve complex mathematical puzzles, which nowadays require costly ASIC computers with substantial computational power that use a lot of electricity.

To compensate for their effort and cost to secure the network, miners are awarded block rewards and transaction fees.

Currently, most miners and mining firms use the Bitcoin block reward system to offset the cost of mining and still make a profit. But as mining rewards are halved, it’s expected that Bitcoin mining costs will eventually exceed the BTC rewards that miners make, well before the fixed supply is reached.

However, if the price of Bitcoin increases over time, it can sometimes offset a decrease in Bitcoin block rewards. Currently, using a regression model, the average cost of mining a Bitcoin is roughly $17,600, and the most efficient miners using 

 can still mine at breakeven between $7,700 and $10,560, depending on the network difficulty and cost of electricity. All miners from the previous generation of 2016 to 2018 are no longer profitable, and many of the mining rigs between 2019 and 2020 are also no longer profitable.

In the next Bitcoin halving in 2024, these breakeven prices will double if more efficient mining rigs aren’t created or cheaper sources of electricity aren’t found. This could spell trouble for miners if Bitcoin’s price doesn’t increase enough to reach those levels, creating a potential death spiral in which too many miners stop mining as it becomes unprofitable. There just won’t be enough hash power to mine sufficient blocks for the mining difficulty to readjust within two weeks.

The only question is: What happens to transaction processing fees when all the coins are mined? Theoretically, if a miner validates enough transactions, the fees earned can help compensate for missing block rewards. But the transaction fee amount will depend on the state of the network in the future.

If the current limit of 21 million isn’t breached, one of the existing scenarios will need to occur: Higher transaction fees and reduced operational costs should be enough to keep things rolling; or, at the opposite end of the spectrum, miners may form cartels to control the supply and demand of bitcoins, as practiced in oil production and in diamond mining industries.

As Bitcoin mining nears its limit, the value of Bitcoin is expected to rise. Assuming that Bitcoin remains popular, the limited supply and investment value will tempt people to use Bitcoin as an investment commodity that acts as a store of value rather than for transactional use.

The price graph of Bitcoin favors this extrapolation because its value has consistently risen, despite the decrease in reward per block. HODLers and retail investors will hoard bitcoins in their wallets instead of releasing them. These actions will further decrease the supply, and keep Bitcoin’s value high.

In the future, whenever a new crisis emerges, central banks around the world are likely to print more money to combat it, causing a devaluation of the currency. Citizens of that country may choose to use their highly inflationary local currency to 

, a disinflationary digital currency that cannot be controlled, as a store of value, regardless of the supply of Bitcoin, as long as its supply is limited.

A growing number of companies are eager to test the crypto waters. Tesla, Block, Morgan Stanley and many other brands already have long-term plans to adopt crypto. Even 

. If the popularity of cryptocurrencies continues unabated, it’s likely to attract more institutional investors who will be ready to take first-mover advantage.

According to Philip Gradwell, Chief Economist at Chainalysis, institutional investors are treating

. Due to Bitcoin’s mining limit, scarcity and potential price increase, institutional investors will use virtual currency as a hedge against inflation, just as they’ve used precious metals in the past.

Bitcoin and other cryptocurrencies have proven to be a double-edged sword for governments worldwide. While many countries don’t accept Bitcoin as legal tender, they’re keenly watching its impact on the world’s economy. As of now, El Salvador is the first country to adopt Bitcoin legally, but 

Instead of the take-it-or-leave-it approach, policymakers will probably favor a middle ground, such as approving a 

. Governments will adopt Bitcoin — but they’ll try to regulate every aspect of its operations. Rather than waiting to find an answer to what happens when all the bitcoins have been mined, there’s a strong possibility that individual governments, including that of the U.S., will create their own versions of digital currencies to compete with Bitcoin, known as 

Given the enduring popularity of Bitcoin, we can safely assume that, 

, it will continue to attract stakeholders even when the total Bitcoin supply has been mined. Reaching the maximum number of bitcoins won’t create a doomsday scenario unless Bitcoin loses its demand and traction. More likely, the Bitcoin ecosystem will continue to adapt to changing patterns in the global economy, giving it a stable outlook for the foreseeable future.

21 Million Bitcoin Limit: What Happens When All the Bitcoins Have Been Mined?

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