Mar 17, 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 — consumer sentiment falls

US consumer sentiment has fallen to its lowest level in over two years, reflecting growing concerns about the economic impact of tariffs. According to data from the University of Michigan, the preliminary sentiment index for March 2025 dropped to 57.9 from 64.7 in February, the lowest level since November 2022. This decline was worse than expected by a Bloomberg survey of economists.

Inflation expectations surged, with consumers anticipating a 3.9% annual price increase over the next five to ten years, the highest rate over three decades. Additionally, consumers expect prices to rise by 4.9% over the next year from 4.3%, marking the steepest rise since 2022.

As US president Donald Trump’s tariff policies expand, consumers across the political spectrum increasingly worry that these extra duties will lead to higher costs. Despite recent inflation cooling, ongoing price pressures could lead households to reduce discretionary spending.

The survey also indicated a record low in consumer expectations regarding personal finances, with respondents estimating only a 48.7% chance of stock market gains in the coming year. Joanne Hsu, 

 the University of Michigan, emphasized that uncertainty surrounding economic policies complicates financial planning.

Some analysts warned that declining consumer confidence poses a significant threat to spending, as fears of an economic downturn may deter purchases of major items. Overall, the current conditions gauge and the expectations index fell to their lowest levels in several months, showcasing widespread consumer apprehension.

Weekly crypto highlight — Bitcoin see slight life in the past weekend

Bitcoin rebounded from a four-month low earlier this week alongside other risky assets recovering from recent market turmoil. Economic uncertainties driven by a wave of tariffs from President Trump and the threat of a government shutdown have led to significant sell-offs across various asset classes, including cryptocurrencies.

“As we conclude a week of widespread selling, markets are experiencing a relief rally from oversold conditions,” stated Ravi Doshi, Co-Head of Markets at FalconX. The avoidance of a US government funding shutdown has eased market uncertainty.

On Friday, Bitcoin rose by as much as 6.2%, reaching $85,301, while smaller digital assets surged even more: Solana gained over 9%, Chainlink increased by 13% and XRP rose nearly 8%. Earlier in the week, Bitcoin had dropped to around $77,000, a significant decline from its all-time high of $109,000 in January 2025.

This slump triggered record outflows from Bitcoin exchange-traded funds, and large liquidations in crypto derivatives markets. Crypto markets are bouncing back as macro-driven liquidations seem to be pausing. Analysts suggest that ongoing macroeconomic stability may support crypto prices.

Advanced

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Weekly Institutional Insights: Consumer sentiment falls as crypto recovers from 4-month low

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.

The ongoing sell-off in risk-on assets has intensified bearish signals in derivatives markets for crypto assets. Funding rates indicate a demand for short exposure, futures prices are trading below spot prices and volatility smiles are showing a strong skew toward OTM puts as traders hedge against further declines. The at-the-money (ATM) volatility term structure has inverted again after a lack of clarity around Trump’s proposed strategic digital asset reserve caused short-dated volatility to fall briefly before last weekend.

Please check out the report’s highlights.

Choppy spot price movements have had an impact on funding rates, with BTC and altcoin rates reacting primarily to spot fluctuations, rather than long-term market views. ETH has sold off more sharply during declines, and hasn’t participated as strongly in relief rallies, resulting in the worst YTD performance among the five tokens in Trump’s proposed digital asset stockpile. This is reflected in funding rates, with ETH perpetual swaps showing strong demand for leveraged short exposure to further downside risk.

Investors continue to protect against further decline

Despite higher realized volatility increasing both short- and long-tenor implied volatility, options trade volumes remain low. Last Friday’s expiration of significant open interest was mostly for downside protection against a deepening sell-off. However, the options market has reverted to an inverted term structure, which had dissipated during last Friday’s White House crypto summit, with strong relative demand for short-dated put contracts.

Open interest in Solana (SOL) options declined at the end of February, with over $5M in calls and more than $3M in puts expiring and most positions not rolled over. Despite SOL trading 44% below its January ATH, most new positions are in calls. However, this new positioning is disappointingly weak, given SOL's inclusion in Trump’s crypto reserve announcement alongside BTC, ETH, XRP and ADA.

Beginner

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Bybit X Block Scholes crypto derivatives analytics report (Mar 14, 2025): Investors hedge further declines

BinaryX has rebranded to Four, uniting GameFi, IGOs, and MemeFi under one ecosystem. With BNX now FORM, Four continues to innovate in blockchain gaming."

Having launched in May 2021, BinaryX, which started out as a 

 (DeFi) platform, has continued to evolve and adapt to the rapidly changing blockchain landscape. However, in the spirit of adaptability and innovation, the platform switched to 

, focusing its attention on play-to-earn (P2E) games.

As a GameFi platform, BinaryX has also created an 

 (IGO) launchpad from which developers can launch GameFi projects.

Now, BinaryX has rebranded to Four in order to align with the mission of its 

 product, a launch platform for the meme coin ecosystem.

Let's learn more about BinaryX and the way it continues to shape the crypto market with innovative products and adaptable business models.

 hub for the development of GameFi projects, includes an IGO launchpad to facilitate developers in launching games. 

BinaryX began in 2021 as a decentralized derivative trading system that featured the use of 

. But in 2022, the BinaryX team gradually evolved its project into a GameFi platform in order to adapt to the increased demand for P2E games. Its aim is to make web3 games more accessible and approachable to the vast community of gamers.

BinaryX also developed an IGO launchpad to serve as a comprehensive hub for gaming developers to launch their GameFi projects, and for investors to receive early access to promising new play-to-earn games. Furthermore, the BinaryX team announced the incorporation of a 

 (DAO) into its GameFi ecosystem so that its community of token holders could participate in voting on governance matters.

In February 2025, BinaryX rebranded to Four in order to align with its latest product, Four.meme, which was launched in July 2024. Following the rebrand, its native token, BNX, would now become FORM to reflect the project's commitment to innovation and adaptability.

As one of the top web3 platforms on BNB Chain, BinaryX has continued to innovate and experiment with different business models to adapt to the blockchain landscape's fast-paced nature. To this end, BinaryX has the following diverse products under its wing.

BinaryX launched its Initial Game Offering (IGO) launchpad in May 2022 as a dedicated platform to support blockchain gaming projects. The launchpad helps game developers secure funding for decentralized video games. They also get a platform on which to build communities and accelerate their web3 game development.

By leveraging BinaryX’s expertise in GameFi and its existing user base, projects gain exposure to a vast community of crypto gamers. The platform offers early access to promising blockchain games, allowing investors to participate in token sales and 

 presales. BNX holders can use their tokens to vote for games' listings on the BinaryX platform, and they also receive rewards, such as game tokens and NFT 

Some notable games launched on the BinaryX IGO launchpad include 

. These games showcase BinaryX’s commitment to innovation in GameFi, integrating play-to-earn mechanics, NFTs and decentralized governance to help create immersive gaming ecosystems.

BinaryX's GameFi trading platform is a marketplace designed for seamlessly trading blockchain gaming assets, including NFTs, in-game tokens and virtual items. Launched to support the growing GameFi ecosystem, the platform enables gamers and investors to buy, sell, trade and auction assets from BinaryX-powered games in a secure and efficient manner.

 and DeFi principles, BinaryX ensures transparent transactions with minimal fees, and enhances liquidity for in-game assets while empowering players to maximize their earnings.

The BinaryX GameFi trading platform supports transactions involving 

In January 2022, BinaryX launched the BinaryX DAO, a first for a GameFi project, through which BNX token holders can participate in the project's community governance, determine airdrop and dividend ratios, and submit proposals on how to improve the BinaryX ecosystem.

Case in point: BinaryX's community participated in voting for/against the platform's rebranding to Four during a community vote that was held from Sep 21–23, 2024.

The BinaryX Treasury serves as the financial backbone of the BinaryX ecosystem, supporting the development and sustainability of its GameFi projects. Some sources of assets used to fund the treasury include initial capital injection by the BNX team, income from gaming activities, income from the IGO launchpad and profit from external investment.

Profits in the BinaryX Treasury are used to reward BNX stakers, incentivize BinaryX sidechain node providers and finance strategic investments in third-party projects.

BNX is the native token for the BinaryX platform. Its original maximum supply of 2.1 billion tokens was adjusted to 580 million after a community vote in late July 2024.

Distribution of the 580 million BNX tokens is as follows:

Following BinaryX's rebranding to Four, BNX will change to FORM, and holders will be allowed to exchange to the new token at a ratio of 1:1 (details to follow at a later date).

BinaryX has integrated a multi-token model. Apart from BNX, the other two tokens associated with the platform are as follows:

BinaryX officially rebranded to Four on Feb 21, 2025, following an overwhelming vote via its DAO, marking a significant transformation in its vision for GameFi and DeFi innovation. This shift comes with a revamped website, which will serve as a hub for the GameFi platform, IGO launchpad and Four.meme, a new addition to Four’s expanding ecosystem.

Following the rebranding, a 1:1 token migration from BNX to FORM is necessary in order to enhance the token's identity and align with the project's new direction. FORM remains on the BNB Chain, ensuring smooth compatibility with existing infrastructure.

 (CEXs) won’t need to do anything — the token swap to FORM will take place automatically. BinaryX will liaise with these exchanges to switch from the BNX contract address to the one for FORM.

 (DEXs), cold wallets and self-custody wallets will need to carry out a manual token swap based on a converter provided by BinaryX. To carry out this token swap, you’ll need to do the following:

 landing page (link will be provided at a later date).

4. Sign to authenticate your transaction to receive the FORM tokens.

5. Add the new FORM contract address into your wallet to see the new tokens.

You can buy BNX as a USDT Perpetual contract (

) on the Bybit trading platform. However, the BNXUSDT contract will be delisted on Mar 17, 2025, 9AM UTC, so make sure to close your open positions and cancel your active orders for BNXUSDT as soon as possible.

Over the years, BinaryX has consistently demonstrated strong performance. The rebranding of BinaryX to Four marks a bold step forward in its mission to impact the web3 space. This transformation reflects the project’s commitment to expanding its ecosystem, enhancing token identity and integrating innovative elements, such as Four.meme, alongside its GameFi platform and IGO launchpad.

By adapting to the evolving crypto landscape, Four is positioning itself as a comprehensive hub for web3 and gaming enthusiasts so that it can offer a seamless experience for gamers, investors and meme culture participants. The introduction of the FORM token ensures a more cohesive and recognizable branding, reinforcing Four’s long-term vision. Thanks to the smooth migration process from BNX to FORM, users can continue participating in the ecosystem while benefiting from enhanced liquidity and utility.

Four remains dedicated to GameFi innovation, supporting successful blockchain games such as 

, all of which feature play-to-earn mechanics, NFTs and decentralized governance. The revamped platform is designed to foster a dynamic gaming economy, support new game launches and provide a secure environment for trading digital assets. With its rebranding and expanded offerings, Four is set to lead the next wave of blockchain gaming and DeFi innovation, uniting gamers, developers and investors in a vibrant web3 ecosystem.

Intermediate

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From BinaryX to Four: A unified hub for GameFi, IGOs and MemeFi

Learn about the benefits of using Bybit Pay and the step-by-step instructions to get started with Bybit Pay now.

Traditional financial systems and blockchain-based ecosystems have long operated in silos, creating friction for users and businesses alike. 

 is a new payment solution that’s been designed from the ground up to solve this issue to make cryptocurrency transactions seamless for any users.

With the aim of mainstreaming crypto payment options, Bybit Pay has already begun partnering with traditional payment solution providers, enabling users to transact with cryptocurrencies through existing infrastructure. For example, with its recent 

, Brazilian users can now shop by using cryptocurrencies in a quick and effortless manner. 

In this article, we’ll explain the benefits of using Bybit Pay and provide step-by-step instructions for new users who want to get started with the platform.

With more than 60 million users on the Bybit platform, Bybit Pay empowers merchants with access to the global network of its vast user base. Meanwhile, users benefit from a seamless integration with web3 wallets that makes paying with crypto as easy as paying with fiat currency. The platform also offers collateralized payment tools that allow users to borrow against their NFT and crypto holdings. 

Through these innovative features, Bybit Pay blends the ease of traditional finance with the flexibility of cryptocurrencies, creating an ecosystem that benefits both users and merchants.

Bybit Pay can be accessed using the Bybit App on mobile and desktop. 

While filling in the form, make sure that the information you enter matches the information you’ve already provided during 

: As of now, only verified users in Brazil can make transactions using a Pix QR code.

Since the Pix integration, Brazilian users can use Bybit Pay wherever Pix is accepted. This opens up a vast network of offline establishments in the country, since Pix is Brazil’s leading instant payment system provider. 

In addition to offline establishments, Bybit Pay can also be used with a number of e-commerce providers for online shopping using cryptocurrencies. Bybit Pay will be available to users from other regions soon.

With the launch of Bybit Pay, Bybit is integrating crypto payments with traditional payment services providers — and vastly expanding the number of places where cryptocurrencies can be used.

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How to use Bybit Pay for effortless payments

Bybit Learn

Bybit Earn

Bybit Launchpad gives users access to the latest and pre-listed tokens. Users can commit a certain amount of MNT or USDT to earn new tokens. Learn how it works.

In the ever-evolving world of cryptocurrencies, innovation is the name of the game. As the crypto ecosystem matures, new platforms and tools are emerging to address the burgeoning market’s needs. Among these innovations, crypto launchpads have carved a niche for themselves, acting as springboards for new projects to gain traction, secure funding and establish a community. These launchpads serve as a bridge between project developers and potential investors, ensuring a smoother and more transparent token launch process.

Crypto launchpads aren’t just platforms; they’re ecosystems that foster growth, trust and collaboration. By providing a structured and secure environment for token sales, they mitigate risks associated with 

, ensuring that both investors and developers can engage in a mutually beneficial relationship.

As we delve into the world of crypto launchpads, one platform you can count on is Bybit Launchpad. In this article, we'll explore the unique features and benefits of Bybit Launchpad, and see how it stands out in the crowded space of crypto launch platforms.

Bybit Launchpad is a token launch platform that gives investors early access to new and pre-listed tokens from promising projects directly on Bybit. As a way to make things more exciting for users, Bybit recently introduced new features to Bybit Launchpad, branding this version as Launchpad 3.1.

Users can commit a certain amount of MNT or USDT tokens toward each new project and earn new tokens. This event is available for any user who has completed the Identity Verification Level 1 requirements, and has deposited either MNT or USDT in their Bybit Wallet. In addition, this feature is limited to users who aren’t from restricted countries (see below under “Requirements”).

You’re probably wondering what the main differences are between the old Bybit Launchpad and the new Bybit Launchpad 3.1. Take a look at the table below for a clearer picture.

Each Launchpad project goes through four stages: 

You also have two different ways to participate in Launchpad by committing either MNT or USDT tokens. Read on to find out exactly how you can participate, and how the platform works. 

The Snapshot period usually lasts between three to five days. During this period, the daily average amount of MNT or USDT in your Funding Account, Spot Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) will be recorded automatically through hourly snapshots. 

 to earn tokens, note that the daily average amount of MNT in your Funding Account, Spot Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) during this period must be equal to or greater than 50 MNT. The snapshot will be updated at 3AM UTC every day. Due to the high volume of asset calculations, there might be a delay in updating your daily average MNT balance.

For the Funding Account, please note that MNT staked in Flexible Savings, Launchpool, Lending as well as any MNT used as collateral in Crypto Loans will automatically be counted in the snapshot of your Funding Account. MNT staked in other products on Bybit Earn (e.g., Dual Asset) will not be included.

For the Derivatives Account, your wallet balance — which may be affected by realized P&L — will be counted.

 to earn tokens, you’ll need to fulfill one requirement — the daily average amount of USDT in your Funding Account, Spot Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) during this period must be equal to or greater than 100 USDT, and will be rounded down to the nearest integer.

Due to the high volume of asset calculations, there might be a delay in updating your daily average USDT balance.

Want a chance to earn more tickets beyond the default ticket issued upon your USDT commitment? There are two primary ways in which you can do so. 

Please note that you can only select one path for additional ticket acquisition beyond the initial ticket: either through VIP status or through maintaining/trading assets. 

If you’re a Bybit VIP, here’s some good news for you! When you commit USDT, you’ll be able to automatically receive 

 additional lottery tickets. This brings your total ticket count to the maximum of 

 lottery tickets, which also means that you have 

If you have yet to become a Bybit VIP, you can participate in our Bybit VIP Program simply by fulfilling one of two criteria — asset balance and monthly trading volume. Alternatively, if you’re already a VIP user on another cryptocurrency exchange, simply screenshot your current VIP status or your monthly trading volume from that exchange and email it to premium@bybit.com. 

For more information, you can check out our 

. Join today and you’ll not only get three additional lottery tickets, but lots of other perks as well! Bear in mind, VIP status typically takes T+1 to activate, so kickstart your application promptly! 

that all assets staked in Bybit Flexible Savings, Launchpool and Lending will automatically be counted in the snapshot of your Funding Account. All assets staked in other products on Bybit Earn (e.g., Dual Asset Mining) will not be included. Two distinct asset snapshots are taken into consideration:

Your daily average MNT or USDT balance = the sum of all hourly snapshots / 24 hours

Let’s assume that on Oct 31, 2023, Alice signs up with Bybit and makes a deposit of 100 MNT every hour to her Funding Account only. Her wallet balance snapshots will be recorded as follows:

In this case, her average daily wallet balance on Oct 31, 2023 would amount to 1,250 MNT, based on the following calculation:

(100 MNT + 200 MNT + 300 MNT + 400 MNT + … + 2,400 MNT) / 24

Let’s assume that on Oct 31, 2023, Bob signs up on Bybit and makes a deposit of 200 USDT

. His wallet balance snapshots will be recorded as follows:

In this case, his average daily wallet balance on Oct 31, 2023 would amount to 2,708 USDT, based on the following calculation:

200 USDT + 400 USDT + 600 USDT + 800 USDT + … + 4,800 USDT) / 24 

 of them are chosen for the USDT lottery draw, you’ll receive twice the total tokens allocated for each selected USDT lottery ticket. 

This means that if 30 tokens are allocated to each selected USDT lottery ticket, you’ll receive 60 tokens in total. 

Once the Subscription period starts, head to the 

, select your preferred project, and commit either through the Subscription track or the Lottery track. 

If you’ve chosen the Subscription track, click on 

 to commit a certain amount of MNT toward the new project during this period. You can commit multiple times during the Subscription period; however, the maximum amount of MNT you can commit depends upon the final daily average combined MNT balance in your Funding Account, Spot Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) over the Snapshot period. 

Each project also has a hard cap on the maximum number of tokens allocated to each subscriber.

Final token allocation amount = (amount of MNT you’ve committed during the Subscription period / total amount of MNT committed by all participants) × total amount of new tokens allocated for the project

• Number of MNT committed by Alice: 1,250 MNT

• Number of MNT committed by all participants: 1,000,000 MNT

• Total amount of new hypothetical token (“β”) allocated for the project: 3,000,000 β

In this case, Alice’s final token allocation will be (1,250 MNT / 1,000,000 MNT) × 3,000,000 β = 3,750 β.

If you hold MNT under your Funding Account, Spot Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account), please 

 transfer MNT to your Funding Account for subscription during the Subscription period.

If you’ve chosen the Lottery track, click on 

to commit 100 USDT to enter all your lottery tickets into the draw. If you hold the maximum number of 

The probability of winning for each USDT lottery ticket = total number of winning tickets/ total number of tickets issued × 100%

If you have multiple winning tickets, you’ll receive multiple token allocations.

Bybit Launchpad: Everything You Need to Know

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards