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

Copy Trading

Trading

Mirror trading is a strategy whereby follower traders precisely copy all the market moves of an experienced trader in a real-time format to replicate their success. 

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Due to the volatile nature of the cryptocurrency market, crypto trading poses significant risks for novice traders. Some of the ways to reduce these risks involve using trading strategies that emulate the market moves of experienced successful traders — mirror trading and 

. In this article, we’ll take a detailed look at mirror trading and its applicability to crypto.

Mirror trading is a strategy whereby you precisely copy all the market moves of an established and well-performing trader in a real-time format to replicate their success. 

This trading strategy relies on automation to immediately mirror all the trades placed by a Master Trader, whose behavior is being “mirrored.” It’s considered to be an algorithmic trading strategy.

Mirror trading originated in the first years of the 2000s, thanks to advances in the development of trading software. It was first used in the stock market and forex trading. More recently, mirror trading has become available on some crypto trading platforms as well.

Originally, mirror trading was limited to large institutional traders. As trading became more dependent upon automation, and the cost of trading software declined, retail investors also started using it. By now, mirror trading is a commonly used strategy in the stock market, forex and commodities markets, and, increasingly, in the crypto market.

Traders wishing to use a crypto mirror trading strategy first need to select a platform that supports mirror trading services, and then choose a Master Trader they’d like to mirror. Master Traders’ performance data and history are listed on each platform to help you make an informed choice when setting up your mirror trading account. Master Traders themselves are incentivized to share their trading strategies by earning a proportion of the profits generated by their followers.

As a follower mirror trader, you can simply relax and leave everything on autopilot as the software on the platform precisely replicates the moves of your chosen Master Trader. All the analysis and work are done by your Master Trader and the software that links your account to theirs.

When using mirror trading, note that the specifics of the cryptocurrency market introduce additional factors for consideration. First, due to the fast-changing nature of the crypto market, some strategies selected by your Master Trader might require rapid adjustments. If your Master Trader doesn’t react quickly enough to sudden price changes so prevalent in crypto trading, both you and the Master Trader may abruptly slide into loss.

Secondly, the choice of mirror trading platforms in crypto is still relatively limited. Only a few crypto exchanges offer a full-scale mirror trading platform, leading to higher fees and fewer discount options.

Crypto Mirror Trading vs. Copy Trading: Which Is Better?

Mirror trading is similar to — though not exactly the same as — copy trading. In copy trading, you also follow an established and successful 

, replicating their moves. However, copy trading is customizable and leaves some of the decisions to the follower trader. While mirror trading involves the unquestioned, automated following of all the moves of a Master Trader, copy trading allows you to make some adjustments.

In addition to giving you more flexibility, crypto copy trading is available on more platforms than mirror trading is.

Regardless of whether you adopt a mirror trading or copy trading strategy, your potential returns will largely depend on your Master Trader’s risk profile and trading style. Both mirror trading and copy trading essentially represent strategy replication methods. As such, they don’t necessarily differ significantly in terms of risk-vs.-return.

However, as fewer platforms offer mirror trading, these fees are consequently higher, which eats into any profits earned. Copy trading, on the other hand, generally offers low trading fees. On Bybit, copy trading is free to use for both Followers and Master Traders, which means substantially higher gains in the long run. 

As noted above, mirror trading is less customizable than copy trading. Therefore, copy trading might be a better choice for someone who wants to retain some control over their trading. Copy traders have the freedom to follow or not follow their Master Traders’ specific moves, a luxury not available for mirror trading.

For instance, in copy trading, if you decide that a particular move by your Master Trader is too 

, or is simply incorrect, you can opt not to mimic them on that trade. In contrast, mirror trading mandates that you follow your Master Trader’s moves precisely — even if you disagree with some of them.

Both mirror trading and copy trading rely on automation to work. The former might be considered a more automated strategy, as it’s completely reliant on “set and forget.” Meanwhile, when copy trading, you can choose to halt trades and manually close a position before the Master Trader does.

While copy trading is also suitable for beginning traders, mirror trading is a particularly good fit for those who may not have the knowledge to devise even the most basic trading strategies. Traders who would like to dedicate a minimum amount of time to managing their trading activities might also find mirror trading helpful. 

As with any other form of trading, mirror trading comes with its own set of pros and cons.

Beginners can be profitable right from the start.

 Even before you’ve mastered the myriad techniques and approaches used in trading, mirror trading lets you reap profits straightaway. Many novice traders delay starting their trading activities due to lack of knowledge. They might spend significant time learning the basic trading techniques, reading the advice of prominent traders online, researching various markets and testing the waters with tiny amounts of funds.

While all these activities are useful in developing the fundamentals of your trading knowledge, you’re missing out on market opportunities if you stay away from the market while you’re learning. Mirror trading allows you to start mimicking the skillful moves of your Master Trader while you learn.

Zero emotional element in making trading decisions. 

Since this mode of trading is completely automated and relies on other traders’ decisions, there’s no emotion involved in your trading. This is incredibly helpful for newbie traders who may get overly stressed from having to make various trading decisions.

 Initially, you’ll spend some time selecting a Master Trader you’d like to mirror. After that, the time required to stay on top of your account is minimal. Of course, you do need to check occasionally how your account is doing in order to spot if your Master Trader’s performance changes significantly. Other than that, mirror trading requires very little time commitment.

You get to learn from an established Master Trader. 

As they execute their moves and your account mirrors these, you get an opportunity to see the actions and behavior of an experienced market trader.

Mirror trading is not a magic-bullet strategy, and does have its own drawbacks and limitations. 

Complete dependency on another trader’s style and decision-making.

 As you gain trading knowledge, you might notice some decisions made by your Master Trader that you don’t understand or agree with. Perhaps some of their moves are too risky or, on the contrary, too cautious from your perspective. While you might agree with their overall approach and profit by mirroring them, you might question some elements of their strategy.

Unfortunately, you cannot be selective in mirror trading. You are bound to exactly mirror your Master Trader. If you disagree with any part of their strategy, you only have the option to completely drop them. In that respect, copy trading acts as a good alternative to mirror trading by giving you the choice to opt out of certain of your Master Trader’s moves.

You’re tied to the performance of another trader. 

Although Master Traders are usually successful, past performance isn’t necessarily a guarantee of future success. If your Master Trader executes the wrong trade and takes a loss, the automated, real-time nature of mirror trading can quickly put your account at risk.

Mirror trading is a perfectly legal activity, both for Master Traders and for anyone who mirrors them. In many parts of the world, mirror trading is regulated, with Master Traders legally responsible for maintaining legitimate trading practices.

Some traders might be under the mistaken impression that mirror trading is illegal. This is largely due to a highly publicized “mirror” trading 

 and some financial entities in Russia. The scandal saw Germany’s largest bank embroiled in an illegal scheme to move large sums of cash out of Russia. The “mirror” trades under the scheme had nothing to do with mirror trading.

Another publicized case that is, unfortunately and undeservingly, associated with the term “mirror trading” concerns the 

, a fraudulent Bitcoin pool operator involved in the theft of its own clients’ funds. Like the Russian scandal involving Deutsche Bank, Mirror Trading International has nothing to do with the strategy of mirror trading.

Mirror trading is a good strategy for beginners and even for experienced traders who would like to spend less time watching the market and placing trades. It allows you to take a completely hands-off approach to trading, a significant benefit for traders of all kinds.

Of course, the biggest limitation of mirror trading is the lack of flexibility when following a Master Trader’s strategy. For traders interested in automated, hands-off strategies, but who also want to retain some level of control and customizability, 

 might work as a great alternative to mirror trading.

Mirror Trading in Crypto, Explained

Compete for 2,500 USDT USDT Every Week

Mirror Trading in Crypto, Explained

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards