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

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

Weekly highlight — Trump wants to fire Powell? 

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

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

Weekly crypto highlight — XRP ETF coming

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

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

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

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

Daily top performer — Pyth Network (PYTH)

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

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

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

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

Check out the latest prices, charts, and data of 

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

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

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

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

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

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

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

Please check out the report’s highlights.

Tariff pause briefly brings back trading volume

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

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

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

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Bybit X Block Scholes crypto derivatives analytics report (Apr 16, 2025): Bitcoin put bias has moderated, but not yet shifted to calls

KiloEx (KILO) is a user-friendly DEX for perpetuals trading, offering high leverage, rewards, LSTfi integration and a robust multi-chain ecosystem.

 trading is one of the most lucrative areas for cryptocurrency enthusiasts if you know how to navigate the sometimes complex world of these contracts. Unlike standard futures, perpetual futures contracts have no expiration date, allowing traders to hold onto their positions as long as they prefer. You only exit a crypto perpetual (or “perp”) contract when you feel it’s the best time to execute your long or short trade. The lack of an expiration period makes these contracts attractive for traders.

Unfortunately, many crypto perpetual contract trading platforms are far from user-friendly. It seems like many perpetual crypto exchanges assume that only professional traders dabble in these contracts, and along with that assumption goes a second one — that these pros can navigate even the most complex user interfaces. As a result, finding a user-friendly perps platform is a challenge in the world of crypto trading.

 (DEX) that aims to change the status quo by providing a user-friendly environment for traders. Its platform also offers high leverage ratios, integration into the wider liquid staking token finance (LSTfi) ecosystem and generous reward programs for referrers and affiliates.

Thanks to its numerous benefits, this DEX caters to the needs of traders at all levels of expertise who are interested in crypto perpetuals. Operational since mid-2023, KiloEx launched its native token, KILO, in March 2025 to further enhance its platform's reward, staking and governance mechanisms.

 (BNB) that specializes in crypto perpetual futures trading.

 The platform prides itself on offering a user-friendly interface, high 

 ratios of up to 100x, multi-token vaults with generous APYs and a number of reward programs for referrers and affiliates.

Co-founded by Joey Ni (CEO) and Charles Gong (COO), KiloEx was originally launched on BNB Chain's mainnet in June 2023. As of mid-April 2025, the platform has additionally expanded its service coverage to five 

 (B2). This coverage allows KiloEx to access the ecosystems of three leading blockchain platforms — 

Manta, Base and Taiko are Ethereum-focused Layer 2 solutions, while opBNB is an efficient and low-cost optimistic rollup for the BNB Chain, while B

 is a platform linked to Bitcoin that acts as a major Bitcoin DeFi (BTCFi) enabler.

Because it’s a BNB-native platform, KiloEx's industry footprint is most notable within this blockchain's broader ecosystem. In fact, as Apr 17, 2025, KiloEx is the top DEX on the opBNB network by 

Using Layer 2 chains allows KiloEx to offer its users fast and low-cost transactions, which isn't always possible on a typical Layer 1 network. It's true that BNB Chain, the primary Layer 1 used by KiloEx, generally has much lower gas fees than Ethereum, the industry's leading 

 chain that’s notorious for its exorbitant costs. However, KiloEx's partner Layer 2 networks help drive costs and transaction times even lower. BNB Chain's current average gas fee is slightly over $0.10, while the opBNB Layer 2 rollup's comparable fee is only about $0.005.

In 2024, the platform introduced one of its most innovative features — the 

, which allows liquidity providers to stake multiple assets to earn high yields. That same year, KiloEx significantly expanded its partnership network, becoming an active player in the LSTFi ecosystem. LSTFi is a new stream within the DeFi industry that allows you to use 

 (LSTs) on various protocols for additional yield.

Having solidified its market presence in 2024, the project launched its native token, KILO, in March 2025. However, in mid-April 2025, KiloEx 

 and halted trading on April 15 as a risk management measure, pending investigation of the damage.

The Hybrid Vault is among the most innovative features offered by KiloEx. Essentially, it acts similarly to liquidity pools on other exchanges. Liquidity providers can contribute their crypto funds to the vault to support trading activity on the DEX and earn interest on their contributions, based on the fees earned by the protocol.

You can contribute a mix of coins to a KiloEx vault. Supported assets include 

Depending upon trading activity and the mix of coins contributed, you can earn APYs as high as 30%, making KiloEx one of the most lucrative choices for liquidity providers in this niche.

KiloEx uses a health factor calculation for this type of vault to keep your funds and the entire ecosystem safe. Based on the health factor score of your contribution to the vault, your funds could be liquidated if their value drops dangerously low.

Discounts are also offered for fixed-term deposits for established assets, such as USDT and USDC. Withdrawals for the fixed deposits are processed upon maturity, while all other withdrawals are processed within one to three "epochs," with each epoch on the platform lasting about three days. Thus, depending upon your contributed funds, you’ll wait anywhere from three to nine days to receive your crypto back.

The KiloEx platform also runs a generous referral program under which you can earn rewards for referring your friends to the platform. The amount you earn depends upon the trading volumes generated by the people whom you’ve referred. Additionally, your referees to the DEX can also benefit from fee rebates, again depending upon the volume of trade they generate.

There’s a tiered system, comprising nine levels, based on which you and your friends earn commissions and rebates. Under this system, even those referred traders whose monthly volume is at the lowest level (below $5,000) can still benefit from 5% rebates, while you also earn a 10% commission.

The table below shows the structure of this referral system with percentages for commission and rebates based on monthly trading volumes.

KiloEx offers an affiliate program for key opinion leaders (KOLs) with a certain level of social media following and influence in the crypto market. KOLs may apply to join the program by filling out an application, which is then considered by the project team within 48 hours.

To qualify for affiliate status, a KOL must have: 

Approved affiliates are provided a link to the platform, and are encouraged to invite their followers to trade on the KiloEx. If they invite at least five followers who trade at sufficient levels, the affiliates can start earning their commission. KOLs can earn up to 55% commission, depending upon the referred followers' trading activity.

KiloEx’s native utility token, KILO, is a 

 asset launched on BNB Chain. It’s used on the platform for governance, fee discounts on trades, rewards via 

, liquidity provision incentives and staking.

KILO is a supply-capped asset, with a maximum and total supply of 1 billion. The token’s supply allocation shares are shown in the chart below.

xKILO is an escrowed version of the KILO token. You can convert KILO to xKILO at a fixed rate of 1:1. The primary utility of xKILO is to provide boosted liquidity provision, which makes it possible to receive staking rewards. By locking xKILO on the platform, you can access special discounts and other benefits reserved for VIP-level users. Holding xKILO also grants you governance power to vote and influence the platform's future direction.

Unlike KILO, xKILO is nontransferable and isn’t tradable on the secondary market. The only ways to obtain xKILO are either to buy it with KILO or receive it via airdrops.

Platform users can earn points to qualify for KILO airdrops. Typically, you accumulate points by trading, depositing funds, referring others to the DEX, checking in to the platform and completing other specified eligible activities.

The project’s initial airdrop, Genesis Season, had an eligibility snapshot taken back in July 2024. Under the currently running airdrop campaign, Pioneer Season, users can earn points to receive KILO tokens for 180 days past the token generation event (TGE) in late March 2025 (i.e., until late September 2025).

Additionally, you can earn KILO tokens on Bybit simply by participating in the 

 event and holding BNB in your account. Every day at various random times, Bybit will take snapshots of your BNB holdings in your Funding and Unified Trading Accounts to calculate the number of KILO tokens you’re eligible for. The campaign will run through Apr 25, 2025, 11:59PM UTC, and you’ll have your share of KILO airdropped seven days after this date.

 market as a swap pair with USDT. If you don't have a Bybit account, you can easily 

, and access opportunities across hundreds of trading pairs and crypto products on the exchange's Spot and Derivatives markets.

As of Apr 17, 2025, the KILO token is trading at $0.039, which is 76.2% lower than its ATH of $0.1648 on Mar 27, 2025, and 17.3% higher than its ATL of $0.03344 on Apr 12, 2025.

Long-term price forecasts for KILO are mostly bullish. CoinCodex 

 at $0.0387 in 2027 and then rise to $0.135 in 2030 while PricePredictions 

When it comes to perpetuals trading, both traditional 

 (CEXs) and DEXs have often struggled to offer an intuitive trading experience. In contrast, KiloEx has made user-friendliness a cornerstone of its operations. With KiloEx, you can enjoy a streamlined trading process, access market trends info for thorough research, get an overview of the cryptocurrency market and conduct other activities via an interface that’s designed for anyone, irrespective of their familiarity with decentralized trading.

The platform also boasts a diverse range of other benefits not easily found in the world of perpetuals-based cryptocurrency trading — generous leveraged trading options, trading fee discounts, lightning-fast trades, low trading fees and an innovative Hybrid Vault system. Many of these benefits are thanks to KiloEx's collaboration with several Layer 2 decentralized platforms, which provide the technical infrastructure to enable low costs and fast order processing.

If you’re a crypto perpetuals enthusiast, KiloEx is definitely a platform to peruse.

Intermediate

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KiloEx (KILO): More than a DEX — a rewarding ecosystem

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Tax season approaching? Here are the best crypto tax software solutions you should use to generate your tax reports with ease.

The potential for financial gains has increased the popularity of crypto exchanges. This new digital currency allows both beginner and novice investors to reap profits. However, transactions also come with tax liabilities.

Tax preparation quickly becomes a chore without a way to streamline the process. Enter the best software solutions to help ease the daunting tasks of reporting capital gains and capital losses from transactions.

Continue reading to learn more about the 17 best crypto tax software solutions, their top features, costs and more to help you choose the best one for you.

Although crypto is an alternative currency, it still has real value. Owners can spend it like traditional money. Additionally, cryptocurrency can be held similarly to stocks to achieve long-term gains. Profits can also be attained 

As a result, crypto is considered a capital asset that’s subject to 

 just like traditional money. The rules for capital gains and capital losses apply to determining what’s owed in taxes.

Regulations for how crypto is taxed vary among different countries. For example, virtual currencies in the U.K. and U.S. are treated like other capital assets in your portfolio. If you gift cryptocurrency to another person in the U.K., you must pay taxes on the amount.

 mean you may owe taxes on Bitcoin and altcoins if the selling price is higher than what you paid to buy them.

There are a number of factors that determine how to calculate your tax rate:

• Whether crypto mining is your personal hobby or business venture

• Transactions that are either capital gains or capital losses

• Whether you have short-term or long-term gains or losses

As an investor, you might complete a high number of cryptocurrency transactions each year. Keeping good records for tax reports might not be possible. The tedious process of calculating taxes can be easier with the best crypto tax software that matches your needs.

Features will change, but some of the best crypto tax software solutions can automatically sync across wallets and different crypto exchanges. In addition to calculating capital gains and losses, you may also get tax reports to file taxes in your country.

The best crypto tax software will also include helpful features and match your skill level.

Crypto tax software is a program designed for you to prepare taxes for cryptocurrency assets. This tool helps you calculate capital gains or capital losses and apply deductions for expenses.

Having the best crypto tax software can simplify the calculating and filing process for tax returns. After calculating your gains or losses in cryptocurrency, the software can automatically fill in the information.

This reduces how much time you spend completing a return. In addition, the best crypto tax software can minimize the often confusing task of filing this type of return.

Essentially, the mechanics of using the best crypto tax software are similar to the software you may use for tax preparation of other assets. You can sign up to use the software. Most programs let you integrate crypto exchanges and wallets to pull transaction history as needed.

After choosing the best crypto tax software for your needs, you provide the required information [such as your legal name, email, dependents and AGI (adjusted gross income)] for the previous year. Other information that might be required includes 1099-G forms and business receipts.

Features to Look For in Crypto Tax Software

The best crypto tax software will take the information you enter into the system and reconcile the transactions. The software will also produce detailed tax reports of gains and losses, according to your local and/or state and national tax authority guidelines.

Typically, the best crypto tax software doesn’t assume that you can breeze through the steps. Some programs offer professional tax assistance. This helps if you have taxation-related questions. Customer support may be available in many forms, such as chat, email and phone.

Some of the other features that may stand out in the best crypto tax software solutions include:

• Support for all or most crypto exchanges — automatic synchronization or integration with crypto exchanges to gather data, which is used to calculate how much you owe in taxes before automatically filing your taxes

• Calculating your profits and losses in cryptocurrency while keeping a record of the transaction history

• Allowing you to import and export reports of your crypto transactions

• Making qualifying tax deductions and tax credit suggestions, based on your information

• Free or affordable to use (advanced users may believe paid solutions are the best crypto tax software with the best features)

• Audit support and assistance from crypto tax experts

• Long-term storage of tax information, which allows you to access previous records for many years

• An option to file state tax returns in addition to filing a federal return

• Checks and balances with alerts if the information entered is incorrect

• Crypto tax software to match your needs.

• Easy to use, no matter your computer skill level

What Are the Best Crypto Tax Software Solutions?

While you want to get a good return on your investments, the last thing you want is to learn that you didn’t pay enough taxes. The following is a list of 17 of the best crypto tax software solutions available on the market.

 platform offers a comprehensive set of features that tracks and manages Bitcoin portfolios.

One thing that makes Accointing one of the best crypto tax software solutions is its personalized dashboard. You can review insightful visualizations of the actual value of data.

The only notable downside to using Accointing is that the software doesn’t include IRS tax forms, such as Schedule D.

• Support for American and European tax reports

• Compatible with over 7,500 currencies

• Easy-to-use interface for both mobile and desktop applications

 — comes with tax preparation access for a maximum of 25 transactions

 — costs $79 for up to 500 transactions; includes email support

 — allows 5,000 transactions for $199 and includes the same features as the Hobbyist plan

’s popularity places it on the best crypto tax software list as a fast processor of digital asset tax returns. Available across 20 different countries, Koinly allows you to complete your crypto taxes in less than 20 minutes.

Some of Koinly’s standout features include:

• Dashboard display of profits and losses, ROI and current holdings

• Support for 300-plus wallets and exchanges

One downside to using Koinly is that it doesn’t accept cryptocurrency as payment for service.

• Generous offering of up to 10,000 transactions under the 

 is one of the earlier crypto tax software platforms on the market. You can use it for your financial and tax needs to cover any type of digital asset. TaxBit is the best crypto tax software for individuals, government entities and large enterprises.

Processes within this tax software are completed by live experts, instead of the bots used by other platforms. TaxBit uses intelligent optimization tools for tax calculations. Auto-syncing is limited, which can be a downside.

Taxbit also offers a free plan which includes unlimited transactions, and features to complete tax reports. Additional plans include 

 for $50 per year, with email and live web support.

 plans offer the same features for $175 per year and $500 per year, respectively. The 

 plan also provides a dedicated concierge.

 is known as the best crypto tax software for complex filings. If you need more than a crypto tax calculator, TokenTax offers a full-scale accounting firm for your crypto taxes. This gives you more confidence in receiving comprehensive, reliable and accurate services.

Businesses and advanced users can take advantage of TokenTax’s audit assistance, support for all crypto exchanges and automatic integration. Additionally, you can use the software to access forms to file your taxes.

• Support for international transactions

 — up to 500 transactions, $65 per tax year

 — up to 5,000 transactions, $199 per tax year

 — up to 20,000 transactions, $799 per tax year

 — up to 30,000 transactions, $3,499 per tax year

 makes the best crypto tax software list because of its tax filing accuracy, which helps you avoid overpaying. ZenLedger tracks your transactions, and keeps a history of your profits and losses.

This fast and user-friendly platform lets you import transaction data, and also review and download your completed forms. ZenLedger is known for stellar customer support through phone, email and chat.

The platform uses two-factor authentication for extra security and privacy. One con to ZenLedger is that only U.S. users have access to local tax forms.

Pricing seems to be on par with similar platforms. You can get up to 25 transactions with the 

. Once you reach this limit, you can choose from four paid plans, priced per tax year:

17 Best Crypto Tax Software Solutions to Use for Tax Season

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