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

Indicators

Trading

Fibonacci extensions are horizontal lines drawn on a price chart to indicate potential price levels where a trend may target or reverse.

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 to achieve better forecasts, resulting in consistent trading gains. They are a powerful tool that can help you identify price targets, 

, and potential market reversals. Below, we’ll look at what they are, what they indicate, how to draw them, and how Fibonacci extensions and Fibonacci retracements compare to each other.

 These levels are calculated by applying Fibonacci ratios (typically 0.618, 1.000, 1.272, 1.618 and 2.618) to a significant price swing or trend. Traders use these extensions to identify areas of support and resistance when deciding to take profit or make a reversal trade.

While the choice of Fibonacci extension levels ultimately depends on the trader's strategy and risk tolerance, certain levels have proven to be more reliable. The most commonly used Fibonacci extension levels include 0.618 (61.8%), 1.000 (100%) and 1.618 (161.8%), with 0.618 often regarded as a strong support or resistance level. According to 

, 1.000 is a common target for corrective wave patterns, and 1.618 is also called the “golden ratio,” viewed as a potential target for price extensions.

Determining the best time frame in which to trade Fibonacci levels largely depends on the trader's style and preferences. Fibonacci extension levels can be applied to any chart time frame, be it short-term intraday charts or longer-term daily or weekly charts. Shorter time frames, such as 15-minute or hourly charts, are preferred by day traders aiming for quick profits, while swing traders and investors often focus on daily or weekly charts to identify larger price targets and trends.

A trader who correctly applies the Fibonacci extension tool to significant price swings is armed with potential reversal points. This is a huge benefit for traders looking to exit the current trend or enter a trade on the next trend change.

Fibonacci extensions on a price chart reveal critical levels that indicate where a price move might extend to or encounter a rejection. These levels are calculated by multiplying the length of a previous price move by Fibonacci ratios, such as 0.618, 1.000, 1.272, 1.618 and 2.618. Traders use the levels to identify potential support and resistance and to set profit targets.

One of the primary insights Fibonacci extensions provide is the identification of price projections and profit targets. The levels obtained enable traders to anticipate where a price trend may potentially halt or encounter resistance, allowing them to plan their trades accordingly. For those already in the trade, these key price zones offer profit levels to consider closing the trade. For traders not in a position, these potential reversal zones may offer them the opportunity to place a reversal trade.

Traders skilled in technical analysis and Fibonacci extensions will seek out overlap and confluence of key levels on different chart time frames. When this overlap of price levels appears, it signals harmony within the various waves, increasing the potential for a reversal.

Additionally, when you stretch Fibonacci extension levels to the historic price action on the chart, you’ll find that other support and resistance levels may line up in the same price zone. This too is a stronger signal that the support and resistance level is likely to hold, at least initially.

A Fibonacci extension comes from the numbers in the Fibonacci sequence. If you’re unfamiliar, the Fibonacci sequence is:

0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377 …

The next number is always the sum of the two preceding numbers, and continues without a limit. Important Fibonacci ratios are determined from this number string.

For example, let’s focus on the number 144. When you divide 144 by the number to the right of it (233), you get 0.618, or 61.8%. When you divide 144 by the number to the left (89), you get 1.618, or 161.8%.

The 1.618 ratio is considered a golden ratio for reasons beyond the scope of this article. This golden ratio is found abundantly in the natural world. As a result, it’s been applied to markets, and traders use Fibonacci to help manage their trades.

If we continue to compare 144 by two numbers to the left (55), we get 2.618, or 261.8%. In theory, you can apply this little math equation to any number in the sequence and the ratios will approach 61.8%, 161.8% and 261.8%.

Another common number is used with the extension tool at 100%. This is conceived when you compare the numbers at the beginning of the sequence (1 and 1). When you divide 1 by the number to its left (1), you get 100%.

The Fibonacci extension tool is a 3-click-tool on your charts. Here is a simple process to draw it.

Find and activate the Fibonacci Extension drawing tool in your charts. If you don’t see it initially, it might be named Fib Extension or Trend-Based Fib Extension, or it might even be mislabeled as Fib Expansion. Please note that some charts may offer the tool as a 4-click drawing, and that’s okay, too.

If the market is in an uptrend, find a swing low to start the drawing as your first click.

Then, find the next swing high in price and click again for your second click. Essentially, Fibonacci extensions measure the length of the trend between the first and second clicks.

Third, find the next swing low after the second click. This swing low should be above the swing low used for the first click. Effectively, this swing low is a retracement of the previous rally, and is lower than the swing high. Place your third click at this swing low.

At this time, the Fibonacci levels will appear as horizontal lines on your chart.

In the Bitcoin example above from 2018–19, notice how 

 stalls and hesitates near several of the Fibonacci levels (0.618, 1.618, 2.618 and 4.236).

The Fibonacci tool is also used in downtrends, using the same principles to project how deep a correction might travel.

 begins to decline in early 2022 after reaching an all-time high in 2021. Then, after a brief rally, Ethereum begins to correct even further.

After applying the Fibonacci extension tool to the decline, the 2022 price low appears at the 1.618 Fibonacci level. From the June 2022 low, Ethereum rallies nearly 100%, and the Fibonacci extension tool helps identify a support level where the correction will end.

How to Use Fibonacci Extensions to Trade Crypto

The primary use of the Fibonacci extension tool in crypto is to estimate the target price for the end of a trend.

Here are two trading strategies for how a trader might use this information.

#1: Estimate the End of a Bullish Trend to Exit a Long Trade

The first trading strategy applies when a trader is 

, and needs to know when to exit the trade.

 Fibonacci extensions can help many traders determine potential turning points.

In Mar 2022, Ethereum is rallying hard. After pausing briefly, its price continues higher, reaching the 100% level. Then, Ethereum carves a 

, one of the many candlestick patterns traders follow. Since a hanging man is a bearish pattern that forms near significant resistance at the top of a bullish trend, it suggests the market will reverse soon. The next day, Ethereum begins a decline of nearly 50%.

#2: Estimate the End of a Bearish Trend to Open a Long Trade

 in crypto can become … well, unbearable. The second trading strategy is to use the Fibonacci tool by estimating potential support to see where the correction might end. This offers traders a chance to buy into the crypto market at a cheaper price.

When drawing the Fib extension, notice how the price pauses at the 61.8% level, then eventually corrects further to the 100% extension. As tails form out of the downside of the candlesticks, it indicates the market is respecting this Fibonacci extension level. As a result, the trader can begin to formulate the trading strategy to enter in preparation for an uptrend.

In this case, once the 100% extension is reached, Ethereum rallies about 15% in just over a week.

Fibonacci Extensions vs. Fibonacci Retracements

The concepts of Fibonacci extensions and Fibonacci retracements are built around the same Fibonacci sequence. However, how you draw the tools and what information you glean from them differ.

For example, the extension tool is a 3-click tool that measures how far the trend wave is likely to travel. As a result, it requires three points to measure out the first wave, and then project it onto the next wave.

On the other hand, the Fibonacci retracement tool is used simply to see how far the countertrend wave will travel, based on the length of the original wave. Therefore, the Fibonacci retracement tool only needs two points to measure the length of the trend wave effectively.

Lastly, the most common Fibonacci levels for each tool are different. Extension levels generally fall at 100% or greater, while Fibonacci retracement levels are less than 100%

Advantages and Limitations of Fibonacci Extensions

Fibonacci extensions offer traders a valuable tool for chart analysis, aiding in identifying price targets and potential resistance zones. However, it’s vital to understand both the advantages and limitations of utilizing these extensions in order to make informed trading decisions.

: Fibonacci extensions help many traders identify potential price targets, allowing for more precise profit-taking and trade planning.

: Fibonacci extensions can be applied to any market and/or time frame, making them versatile tools for traders across different asset classes.

:Different Fibonacci extension levels can overlap or cluster around the same price area. This cluster or overlap typically leads to a price reversal, providing traders with a clue to exit trades or possibly enter a reversal trade.

: Choosing the appropriate price swing to which to apply extensions requires some practice. Traders of different skill levels may select slightly different swings, potentially leading to variations in where the extension levels land.

: While Fibonacci extensions provide valuable insights, they’re more effective when combined with other technical indicators or chart patterns to form a comprehensive trading strategy.

Ineffective in Trendless or Choppy Markets

:Fibonacci extensions work best in trending markets, and can be less effective in 

 or choppy market conditions where price swings are less prominent.

By leveraging the Fibonacci extension, traders can gain valuable insights into price projections, support and resistance areas, and potential reversal zones. While the fib extension tool has its limitations, when used in a trending market it can be applied to a variety of chart time frames, making it a favorite tool among traders.

How to Use Fibonacci Extensions for Consistent Trading Gains

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How to Use Fibonacci Extensions for Consistent Trading Gains

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