Bybit Ranks Second in Open Interest, Leads CEXs in OI-to-Volume Ratio
Bybit, the world's second-largest crypto exchange by trading volume, has achieved the second-highest open interest (OI) among major derivatives platforms. An analysis of April 2026 data also reveals Bybit leads all centralized exchanges with the highest OI-to-trading volume ratio at 0.81.
This significant metric underscores strong user position retention and a maturing participant base, including institutional and long-term investors. Yoyee Wang, Head of Institutional and Enterprise Business, noted this reflects deeper, more sustained positioning activity.
Furthermore, Bybit's reserve asset growth outpaced its OI growth compared to January, enhancing reserve support for leveraged positions. The exchange also maintained stable funding rates during market recovery, emphasizing its commitment to liquidity quality and sustainable growth.
Bybit, the world's second-largest crypto exchange by trading volume, has achieved the second-highest open interest (OI) among major derivatives platforms. An analysis of April 2026 data also reveals Bybit leads all centralized exchanges with the highest OI-to-trading volume ratio at 0.81.
This significant metric underscores strong user position retention and a maturing participant base, including institutional and long-term investors. Yoyee Wang, Head of Institutional and Enterprise Business, noted this reflects deeper, more sustained positioning activity.
Furthermore, Bybit's reserve asset growth outpaced its OI growth compared to January, enhancing reserve support for leveraged positions. The exchange also maintained stable funding rates during market recovery, emphasizing its commitment to liquidity quality and sustainable growth.
Warsh's Ambitious Fed Reforms Face Gradual Path
Kevin Warsh is poised to take the helm at the Federal Reserve, bringing a sweeping reform agenda. After 15 years, he aims to reimagine inflation oversight, market interventions, and communication, favoring a more restrained, opaque central banking approach. While a shift in tone could be swift, substantive changes are expected to unfold slowly to prevent market instability.
His anticipated leadership comes amidst recent scrutiny of the central bank's independence. Warsh's immediate challenge involves navigating demands for rate cuts against persistent inflation and robust employment data. He posits that AI-driven productivity gains, a shrunken balance sheet, and alternative inflation measures could justify lower rates.
Kevin Warsh is poised to take the helm at the Federal Reserve, bringing a sweeping reform agenda. After 15 years, he aims to reimagine inflation oversight, market interventions, and communication, favoring a more restrained, opaque central banking approach. While a shift in tone could be swift, substantive changes are expected to unfold slowly to prevent market instability.
His anticipated leadership comes amidst recent scrutiny of the central bank's independence. Warsh's immediate challenge involves navigating demands for rate cuts against persistent inflation and robust employment data. He posits that AI-driven productivity gains, a shrunken balance sheet, and alternative inflation measures could justify lower rates.
Ivory Coast Addresses Cocoa Farmer Unrest
Ivory Coast's Coffee and Cocoa Council (CCC) will dispatch officials to the centre-eastern region to ease tensions after farmers protested last week over unpaid and rotting cocoa stocks. Police used tear gas on protesters in M’Batto who demanded payment.
Farmers report they haven't been paid for main-crop cocoa harvested between October and March, despite a CCC pledge. Unsold stocks accumulated after global prices fell sharply below local rates.
These payment delays are causing significant financial hardship for farmers, forcing some to sell at lower prices, and could negatively impact the next harvest by discouraging producers.
Ivory Coast's Coffee and Cocoa Council (CCC) will dispatch officials to the centre-eastern region to ease tensions after farmers protested last week over unpaid and rotting cocoa stocks. Police used tear gas on protesters in M’Batto who demanded payment.
Farmers report they haven't been paid for main-crop cocoa harvested between October and March, despite a CCC pledge. Unsold stocks accumulated after global prices fell sharply below local rates.
These payment delays are causing significant financial hardship for farmers, forcing some to sell at lower prices, and could negatively impact the next harvest by discouraging producers.
Putin to Visit China After Trump-Xi Beijing Summit
Russian President Vladimir Putin will undertake a state visit to China from May 19-20, immediately following President Xi Jinping's bilateral summit with U.S. President Donald Trump in Beijing. This critical sequence of high-level talks underscores evolving global dynamics.
The visit, at Xi's formal invitation, coincides with the 25th anniversary of the Treaty on Good-Neighbourliness, Friendship and Cooperation. This foundational 2001 pact established a long-term strategic partnership and formalized multi-sector economic coordination between the two nations.
Upcoming discussions aim to significantly expand this framework through new bilateral agreements and a comprehensive joint statement, deepening their overall partnership and strategic cooperation. This move is expected to fortify institutional ties amidst rapidly changing global trade alliances.
Russian President Vladimir Putin will undertake a state visit to China from May 19-20, immediately following President Xi Jinping's bilateral summit with U.S. President Donald Trump in Beijing. This critical sequence of high-level talks underscores evolving global dynamics.
The visit, at Xi's formal invitation, coincides with the 25th anniversary of the Treaty on Good-Neighbourliness, Friendship and Cooperation. This foundational 2001 pact established a long-term strategic partnership and formalized multi-sector economic coordination between the two nations.
Upcoming discussions aim to significantly expand this framework through new bilateral agreements and a comprehensive joint statement, deepening their overall partnership and strategic cooperation. This move is expected to fortify institutional ties amidst rapidly changing global trade alliances.
Trump Organization Scraps A$1.5B Australian Skyscraper, Blames Partner
The Trump Organization has abandoned its plan for a 91-storey, A$1.5 billion skyscraper on Australia's Gold Coast, less than three months after signing a deal with Altus Property Group. Trump blamed Altus for failing to meet "most basic financial obligations."
A spokesperson for Trump stated Altus's CEO cited "world events" for the default, a claim Trump dismissed as a "ploy." The project, Trump's first intended Australian tower, may now proceed without the Trump brand. Local residents had also voiced strong opposition to the development.
The Trump Organization has abandoned its plan for a 91-storey, A$1.5 billion skyscraper on Australia's Gold Coast, less than three months after signing a deal with Altus Property Group. Trump blamed Altus for failing to meet "most basic financial obligations."
A spokesperson for Trump stated Altus's CEO cited "world events" for the default, a claim Trump dismissed as a "ploy." The project, Trump's first intended Australian tower, may now proceed without the Trump brand. Local residents had also voiced strong opposition to the development.
Oil Prices Slip Amid Iran Ceasefire Doubts & Trump's China Summit
Oil prices slipped today, breaking a three-day rally, as investors eyed a teetering Iran ceasefire and President Trump's high-stakes meeting with China's Xi Jinping. Brent crude dropped 0.76% to $106.95, while U.S. WTI decreased 0.65% to $101.52.
Benchmarks largely hovered above $100 since the U.S./Israel attacks on Iran and Tehran's Strait of Hormuz closure. Fading hopes for a lasting U.S.-Iran peace deal dim prospects for re-opening the Strait, vital for a fifth of global oil flow. Trump expressed no need for China's help despite dwindling peace hopes.
The ongoing Iran conflict is straining the U.S. economy; higher oil prices fuel inflation, bolstering expectations for the Fed to hold rates, potentially curbing oil demand. Meanwhile, U.S. crude inventories continue to fall, with official data expected later today.
Oil prices slipped today, breaking a three-day rally, as investors eyed a teetering Iran ceasefire and President Trump's high-stakes meeting with China's Xi Jinping. Brent crude dropped 0.76% to $106.95, while U.S. WTI decreased 0.65% to $101.52.
Benchmarks largely hovered above $100 since the U.S./Israel attacks on Iran and Tehran's Strait of Hormuz closure. Fading hopes for a lasting U.S.-Iran peace deal dim prospects for re-opening the Strait, vital for a fifth of global oil flow. Trump expressed no need for China's help despite dwindling peace hopes.
The ongoing Iran conflict is straining the U.S. economy; higher oil prices fuel inflation, bolstering expectations for the Fed to hold rates, potentially curbing oil demand. Meanwhile, U.S. crude inventories continue to fall, with official data expected later today.
Ukraine's Biggest Drone Attack Hits Moscow, Four Killed
Ukraine launched its largest drone assault on Moscow in over a year, killing at least four people. Three fatalities occurred in the Moscow region, one in Belgorod. Russia claimed over 1,000 drones downed nationwide; Moscow Mayor Sobyanin reported 81 targeted the capital.
President Zelenskyy justified the strikes as retribution for Russian aggression, asserting Ukraine's ability to hit targets over 500km away. Russia denounced the "mass terrorist attack," accusing Kyiv of civilian targeting. The assault damaged homes and wounded 12 near a Moscow oil refinery, though its core operations were unaffected. Kyiv has intensified long-range strikes on Russian infrastructure.
Ukraine launched its largest drone assault on Moscow in over a year, killing at least four people. Three fatalities occurred in the Moscow region, one in Belgorod. Russia claimed over 1,000 drones downed nationwide; Moscow Mayor Sobyanin reported 81 targeted the capital.
President Zelenskyy justified the strikes as retribution for Russian aggression, asserting Ukraine's ability to hit targets over 500km away. Russia denounced the "mass terrorist attack," accusing Kyiv of civilian targeting. The assault damaged homes and wounded 12 near a Moscow oil refinery, though its core operations were unaffected. Kyiv has intensified long-range strikes on Russian infrastructure.
US, Brazil See Ethanol Exports Soar Amid Global Fuel Shift
The US and Brazil, top ethanol producers, are seeing a significant export surge. This rise is driven by nations diversifying fuel sources amid the Strait of Hormuz crisis.
US ethanol exports jumped 20% in Q1 to 638M gallons, building on last year's record. Brazil expects to more than double foreign sales this season, potentially hitting 2.2B liters. This benefits corn and cane growers, supporting prices.
Experts note a global scramble for liquid fuel; US ethanol is competitive against gasoline. Many Asian nations are raising blending rates. This energy security demand will persist even if Hormuz resolves, as policymakers prioritize reducing reliance on single sources. Both nations plan significant production increases.
The US and Brazil, top ethanol producers, are seeing a significant export surge. This rise is driven by nations diversifying fuel sources amid the Strait of Hormuz crisis.
US ethanol exports jumped 20% in Q1 to 638M gallons, building on last year's record. Brazil expects to more than double foreign sales this season, potentially hitting 2.2B liters. This benefits corn and cane growers, supporting prices.
Experts note a global scramble for liquid fuel; US ethanol is competitive against gasoline. Many Asian nations are raising blending rates. This energy security demand will persist even if Hormuz resolves, as policymakers prioritize reducing reliance on single sources. Both nations plan significant production increases.
Israel's Inflation Holds at 1.9%; "Iran War" Boosts CPI M/M
Israel's annual inflation rate remained at 1.9% in April, slightly below forecasts and within the government's 1%-3% target range.
The Consumer Price Index (CPI), however, rose 1.2% from March, attributed to the ongoing war involving Iran. The Bank of Israel, after two rate cuts following the Gaza war, has held rates steady for two meetings and will decide again on May 25.
Israel's annual inflation rate remained at 1.9% in April, slightly below forecasts and within the government's 1%-3% target range.
The Consumer Price Index (CPI), however, rose 1.2% from March, attributed to the ongoing war involving Iran. The Bank of Israel, after two rate cuts following the Gaza war, has held rates steady for two meetings and will decide again on May 25.
Cuba's Energy Crisis Deepens Amid US Blockade
Cuba has completely run out of diesel and fuel oil, its Energy Minister Vicente de la O confirmed, declaring the national grid "critical" with "no reserves." Havana is experiencing its worst blackouts in decades, with some areas facing 20-22 hours without power daily.
The severe shortages are primarily attributed to a US blockade on fuel imports, now in its fourth month, which the UN has called unlawful. Rising global oil and transportation prices further complicate efforts to secure new supplies. Traditional providers like Mexico and Venezuela have halted shipments. Cuba remains open to any country willing to sell fuel.
Cuba has completely run out of diesel and fuel oil, its Energy Minister Vicente de la O confirmed, declaring the national grid "critical" with "no reserves." Havana is experiencing its worst blackouts in decades, with some areas facing 20-22 hours without power daily.
The severe shortages are primarily attributed to a US blockade on fuel imports, now in its fourth month, which the UN has called unlawful. Rising global oil and transportation prices further complicate efforts to secure new supplies. Traditional providers like Mexico and Venezuela have halted shipments. Cuba remains open to any country willing to sell fuel.
European Gas Prices Dip on Hormuz, Trump-Xi Talks
European natural gas prices saw a slight dip Wednesday, with the benchmark Dutch contract falling 0.6% to 46.440 euros/MWh. This comes amid reports of some shipments transiting the Strait of Hormuz, crucial for Europe's LNG imports, despite earlier bypasses by Qatari tankers. European gas storage currently stands at 35.6%, below last year's levels.
Attention now turns to President Trump's upcoming meeting with China's Xi Jinping. While trade and Taiwan are on the agenda, the US-Iran conflict is expected to dominate discussions. Analysts suggest China, a major Iranian oil importer, could mediate. However, expectations for a breakthrough are tempered after Trump dismissed Iran's peace proposal. Reports of potential US strikes against Iran persist, with Tehran showing no signs of appeasing.
European natural gas prices saw a slight dip Wednesday, with the benchmark Dutch contract falling 0.6% to 46.440 euros/MWh. This comes amid reports of some shipments transiting the Strait of Hormuz, crucial for Europe's LNG imports, despite earlier bypasses by Qatari tankers. European gas storage currently stands at 35.6%, below last year's levels.
Attention now turns to President Trump's upcoming meeting with China's Xi Jinping. While trade and Taiwan are on the agenda, the US-Iran conflict is expected to dominate discussions. Analysts suggest China, a major Iranian oil importer, could mediate. However, expectations for a breakthrough are tempered after Trump dismissed Iran's peace proposal. Reports of potential US strikes against Iran persist, with Tehran showing no signs of appeasing.
US Consumer Finance Watchdog Plans Staff Return to Office
The Consumer Financial Protection Bureau (CFPB) leadership intends to recall staff to its Washington office, over a year after the Trump administration closed its headquarters and sought to cut its workforce. The return-to-office plan, not yet announced to staff, has uncertain timing.
The agency's downtown headquarters are now partly occupied by the Office of Management and Budget (OMB), whose director also leads the CFPB. It remains unclear if staff will return to the original HQ or if the mandate includes non-Washington personnel.
The Consumer Financial Protection Bureau (CFPB) leadership intends to recall staff to its Washington office, over a year after the Trump administration closed its headquarters and sought to cut its workforce. The return-to-office plan, not yet announced to staff, has uncertain timing.
The agency's downtown headquarters are now partly occupied by the Office of Management and Budget (OMB), whose director also leads the CFPB. It remains unclear if staff will return to the original HQ or if the mandate includes non-Washington personnel.
Honeywell CEO: Iran Conflict & AI Fuel Demand Growth
Honeywell International CEO Vimal Kapur reports surging demand, attributing it to the Iran conflict and AI advancements. The conflict now boosts defense-related needs for the aerospace division, which is set to complete its separation next month.
Kapur noted AI's growing relevance for the automation business, leveraging generated data to boost customer productivity. He clarified that while external factors didn't influence the initial separation decision, both divisions now foresee increased demand. Elliott Investment Management's input on the split was deemed "productive," and the automation unit eyes strategic acquisitions up to $3 billion.
Honeywell International CEO Vimal Kapur reports surging demand, attributing it to the Iran conflict and AI advancements. The conflict now boosts defense-related needs for the aerospace division, which is set to complete its separation next month.
Kapur noted AI's growing relevance for the automation business, leveraging generated data to boost customer productivity. He clarified that while external factors didn't influence the initial separation decision, both divisions now foresee increased demand. Elliott Investment Management's input on the split was deemed "productive," and the automation unit eyes strategic acquisitions up to $3 billion.
Venezuela Demands Halt to Citgo Sale Amid Surging Value
Venezuela's lawyers told a U.S. court that refiner Citgo's value has significantly increased, arguing the previously approved $5.9 billion sale should be stopped. A Delaware judge greenlit Amber Energy's bid for Citgo's parent in November, but the sale awaits Treasury approval and faces appeal challenges over valuation and alleged conflicts of interest.
Lawyer Alexandra Cumings stated that publicly traded refiners' values have soared, pushing Citgo's current worth to an estimated $15.1 billion. She calls the $5.9 billion sale price "plainly unfair," noting the surge is partly attributed to a 50% rise in oil prices linked to ongoing Mideast conflict.
Venezuela insists Citgo is crucial for its $150 billion debt restructuring. They also allege confidentiality breaches and conflicts of interest involving firms advising the court and simultaneously working for bidder Elliott Management.
Venezuela's lawyers told a U.S. court that refiner Citgo's value has significantly increased, arguing the previously approved $5.9 billion sale should be stopped. A Delaware judge greenlit Amber Energy's bid for Citgo's parent in November, but the sale awaits Treasury approval and faces appeal challenges over valuation and alleged conflicts of interest.
Lawyer Alexandra Cumings stated that publicly traded refiners' values have soared, pushing Citgo's current worth to an estimated $15.1 billion. She calls the $5.9 billion sale price "plainly unfair," noting the surge is partly attributed to a 50% rise in oil prices linked to ongoing Mideast conflict.
Venezuela insists Citgo is crucial for its $150 billion debt restructuring. They also allege confidentiality breaches and conflicts of interest involving firms advising the court and simultaneously working for bidder Elliott Management.
Fuse Network Doubles Down on L1 for AI-Powered Payments & Last-Mile Commerce
Fuse Network unveils a roadmap positioning its 7-year-old L1 as the settlement layer for AI-native commerce and last-mile payments. It asserts that the right infrastructure, powered by AI agents, is key for enabling direct financial interaction for everyone without intermediaries.
AI eliminates technical barriers, letting businesses access programmable payments and on-chain settlement without developers. Fuse integrates emerging agentic payment standards and develops a dedicated MCP server for AI tools.
CEO Mark Smargon highlights empowering businesses with free POS and e-commerce, cutting out centralized platform dependency. Its non-custodial app, Solid, drives on-chain activity with stablecoin yield and a Visa debit card.
Fuse Network unveils a roadmap positioning its 7-year-old L1 as the settlement layer for AI-native commerce and last-mile payments. It asserts that the right infrastructure, powered by AI agents, is key for enabling direct financial interaction for everyone without intermediaries.
AI eliminates technical barriers, letting businesses access programmable payments and on-chain settlement without developers. Fuse integrates emerging agentic payment standards and develops a dedicated MCP server for AI tools.
CEO Mark Smargon highlights empowering businesses with free POS and e-commerce, cutting out centralized platform dependency. Its non-custodial app, Solid, drives on-chain activity with stablecoin yield and a Visa debit card.
Solana Joins BTC & ETH as Coinbase Loan Collateral!
Coinbase has added Solana (SOL) as eligible collateral for its crypto-backed lending service, enabling US users to borrow up to $100,000 in USDC. SOL now stands alongside Bitcoin and Ethereum on Coinbase's non-custodial product, built on Morpho over Base.
A 70% Loan-to-Value (LTV) ratio applies, meaning $10,000 in SOL can unlock $7,000 in USDC. Collateral is locked on-chain without a repayment deadline, but positions face auto-liquidation if the LTV hits its threshold.
This bullish integration coincides with SOL's strong price momentum, breaking out of its recent range. Currently at $95.69, the token eyes the $98-$100 resistance. This development offers structural support, potentially reducing sell pressure as holders access liquidity without selling. The short-to-medium term outlook appears highly constructive.
Coinbase has added Solana (SOL) as eligible collateral for its crypto-backed lending service, enabling US users to borrow up to $100,000 in USDC. SOL now stands alongside Bitcoin and Ethereum on Coinbase's non-custodial product, built on Morpho over Base.
A 70% Loan-to-Value (LTV) ratio applies, meaning $10,000 in SOL can unlock $7,000 in USDC. Collateral is locked on-chain without a repayment deadline, but positions face auto-liquidation if the LTV hits its threshold.
This bullish integration coincides with SOL's strong price momentum, breaking out of its recent range. Currently at $95.69, the token eyes the $98-$100 resistance. This development offers structural support, potentially reducing sell pressure as holders access liquidity without selling. The short-to-medium term outlook appears highly constructive.
IMF Boosts UK Outlook Amid Political Instability Warnings
The International Monetary Fund has upgraded its UK economic growth forecast for 2024 to 1.0% (from 0.8%), acknowledging resilience. However, the IMF issued a strong warning that ongoing "domestic uncertainty" stemming from political turmoil could significantly hinder spending and investment.
While the Bank of England may achieve its 2% inflation target by late 2027 without further rate hikes, assuming energy prices decline, the Fund stressed the need for readiness to act forcefully if "second-round effects" like wage demands prove stronger. Recent political speculation concerning Prime Minister Starmer's future has already elevated borrowing costs, underscoring concerns about fiscal discipline.
The International Monetary Fund has upgraded its UK economic growth forecast for 2024 to 1.0% (from 0.8%), acknowledging resilience. However, the IMF issued a strong warning that ongoing "domestic uncertainty" stemming from political turmoil could significantly hinder spending and investment.
While the Bank of England may achieve its 2% inflation target by late 2027 without further rate hikes, assuming energy prices decline, the Fund stressed the need for readiness to act forcefully if "second-round effects" like wage demands prove stronger. Recent political speculation concerning Prime Minister Starmer's future has already elevated borrowing costs, underscoring concerns about fiscal discipline.
UK House Price Decline Accelerates in April
British house prices saw a sharper fall in April, marking the steepest decline in months, as elevated borrowing costs continued to weigh on the market. The Royal Institution of Chartered Surveyors (RICS) reported its house price net balance weakened to -34%, indicating more surveyors reported falling prices than rising ones.
Buyer enquiries remain subdued, and agreed sales weakened slightly. Near-term price expectations are firmly negative, with London and the South East experiencing the strongest downturns. A notable North-South divide persists, as some northern regions and Scotland still see positive price movement.
In the lettings market, tenant demand rose, but landlord instructions remain negative. Some landlords are reportedly exiting the sector due to increased regulation and costs from the new Renters’ Rights Act, impacting rental supply.
British house prices saw a sharper fall in April, marking the steepest decline in months, as elevated borrowing costs continued to weigh on the market. The Royal Institution of Chartered Surveyors (RICS) reported its house price net balance weakened to -34%, indicating more surveyors reported falling prices than rising ones.
Buyer enquiries remain subdued, and agreed sales weakened slightly. Near-term price expectations are firmly negative, with London and the South East experiencing the strongest downturns. A notable North-South divide persists, as some northern regions and Scotland still see positive price movement.
In the lettings market, tenant demand rose, but landlord instructions remain negative. Some landlords are reportedly exiting the sector due to increased regulation and costs from the new Renters’ Rights Act, impacting rental supply.
Greer: China's Rare Earth Exports Improving, But Still Slow
U.S. Trade Representative Jamieson Greer notes improving rare earth exports from China to the U.S., despite Beijing's continued slowness in approving some shipments. He indicated U.S. officials often intervene for affected companies, offering China a "passing grade" but highlighting occasional delays requiring engagement.
China's April 2025 export controls, enacted following U.S. tariffs, persist in restricting some rare earths, despite an October deal for free flow. Beijing defends its controls, asserting it approves eligible requests. The U.S. recently saw significant yttrium shipments, a rare earth solely from China that had caused shortages in its semiconductor and aerospace industries for over a year. Greer characterized engagement with Chinese counterparts as constructive when issues arise.
U.S. Trade Representative Jamieson Greer notes improving rare earth exports from China to the U.S., despite Beijing's continued slowness in approving some shipments. He indicated U.S. officials often intervene for affected companies, offering China a "passing grade" but highlighting occasional delays requiring engagement.
China's April 2025 export controls, enacted following U.S. tariffs, persist in restricting some rare earths, despite an October deal for free flow. Beijing defends its controls, asserting it approves eligible requests. The U.S. recently saw significant yttrium shipments, a rare earth solely from China that had caused shortages in its semiconductor and aerospace industries for over a year. Greer characterized engagement with Chinese counterparts as constructive when issues arise.
Goolsbee: US Economy May Be Overheating as Inflation Persists
Chicago Fed President Austan Goolsbee warned that inflation readings indicate pervasive price pressures, suggesting the US economy may be overheating. He voiced particular concern over services inflation, which remains unaffected by energy or tariffs. April inflation accelerated to 3.8%, the fastest since 2023, a report Goolsbee described as "worse than expected." He stressed the need to "get it back down." The Fed kept rates unchanged last month, with inflation persistently above its 2% target for five years.
Chicago Fed President Austan Goolsbee warned that inflation readings indicate pervasive price pressures, suggesting the US economy may be overheating. He voiced particular concern over services inflation, which remains unaffected by energy or tariffs. April inflation accelerated to 3.8%, the fastest since 2023, a report Goolsbee described as "worse than expected." He stressed the need to "get it back down." The Fed kept rates unchanged last month, with inflation persistently above its 2% target for five years.