Off the Grid's black market is thriving as players trade skins and GUN tokens for real money ahead of the GUNZ L1 mainnet launch.

Daily Top Performer — Story Protocol (IP)

The S&P 500 slid 3.1% last week, weighed down by trade policy uncertainty and global tensions. Gold held above $2,900, supported by Trump’s tariff threats and a weaker US jobs report. Coindesk Indices, which tracks the broader crypto market, fell 5.39% in the past 24 hours, with Bitcoin down 5.47% and Ether up 2.33%. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is IP, up 8.0% following the launch of Story Protocol’s IP Portal Public Preview.

Story Protocol (IP), founded in 2022, is a Layer 1 blockchain that tokenizes IP to ensure attribution, royalties, and fair creator compensation in an AI-driven economy. Story Protocol has launched the 

, the first step toward a decentralized IP monetization platform. Users can register IP, set licensing terms, manage assets, and opt in for AI training. Upcoming features include instant licensing, automated royalties via smart contracts, and dispute resolution. The platform aims to simplify and decentralize IP management while tailoring future updates to industry-specific needs.

Check Out the Latest Prices, Charts, and Data of 

Off the Grid's black market is thriving as players trade skins and GUN tokens for real money ahead of the GUNZ L1 mainnet launch. With official on-chain trading still unavailable, players turn to Discord groups and OTC deals, some exceeding $60,000. Despite risks, many believe item values will surge post-launch. Gunzilla Games aims to enable official trading by Q1 2025, but until then, underground markets continue to grow.

BTC Spot ETFs saw $739.2M in net outflows this week, with GBTC losing $125.4M and non-GBTC funds shedding $613.8M. The largest outflow occurred on March 7, with $409.3M withdrawn. Since inception, BTC Spot ETFs have recorded $36.2B in net inflows, as non-GBTC funds gained $58.6B, offsetting GBTC’s $22.4B in losses.

Cytonic, a Layer 1 Multi-VM blockchain enabling seamless interoperability across Bitcoin, Ethereum, and Solana, has launched its 

 event. Users can earn Flames (points) by opening chests using Energy generated from deposits, with $200 recommended for better rewards. Deposits are supported across multiple chains, and withdrawals take 5 days. Complete tasks, open chests, and stay tuned for future lottery events to maximize rewards.

Beginner

4.png

Off the Grid Players Fuel Market Economy Ahead of GUNZ Mainnet Launch

Mar 10, 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 — Fed likely to stay put amid softening job market

US job growth stabilized last month, with nonfarm payrolls increasing by 151,000 in February 2025, while the unemployment rate rose to 4.1%. This mixed report from the Bureau of Labor Statistics suggests a softening labor market, with more people out of work permanently, a decline in federal government jobs and a rise in part-time workers due to economic conditions. The number of individuals holding multiple jobs reached nearly 8.9 million.

Concerns about US president Donald Trump's policies have added to the uncertainty, as persistent inflation and reduced consumer spending might lead businesses to reconsider hiring. Economists predict that continued government actions, such as tariff hikes and spending cuts, could have a further impact on job creation.

The advance in hiring was primarily in the healthcare, transportation and financial sectors, but government payrolls saw their weakest growth in nearly a year. The report reflects the initial impacts of Trump’s second term, with significant job cuts anticipated due to federal layoffs.

Additionally, restrictions on immigration may hinder job growth. The labor market participation rate dropped to its lowest in two years, particularly among men, while the number of part-time workers rose to a four-year high, pushing the broader underemployment rate up.

Average hourly earnings increased by 0.3%, but economists warn that layoffs from major companies could lead to a rise in unemployment in the coming months. The Federal Reserve is expected to maintain interest rates, awaiting clearer signs of inflation trends.

Weekly crypto highlight — strategic reserve proposal fails to lift sentiment

De-risking in the crypto derivatives markets persisted following President Trump's proposal to include Bitcoin, Ether and three other tokens in a national strategic crypto reserve. While Trump's announcement briefly boosted crypto prices, it didn’t improve premiums or open interest for Bitcoin futures on the CME. The basis, reflecting the annualized expected return from selling Bitcoin futures while buying spot, experienced a momentary increase, but quickly fell back, indicating that US institutional investors remain cautious.

Perpetual futures, popular among non-US investors seeking leverage, also mirrored this trend, with their funding rate hitting negative levels not seen since September 2024. Trump's announcement did little to enhance sentiment on the CME, as the basis remained in single digits during Bitcoin's brief recovery. It’s noted that Trump's policies continue to disrupt broader financial markets, with crypto failing to act as a safe haven amid global uncertainty.

Increased liquidations and record outflows from Bitcoin exchange-traded products suggest ongoing risk aversion. Even crypto investors, traditionally tolerant of volatility, are opting to stay on the sidelines as they observe the early months of Trump's second term. Although Trump's pro-crypto stance previously propelled Bitcoin to new heights, his recent tariff policies and unpredictable geopolitical maneuvers have unsettled the crypto landscape.

Advanced

Bybit Institutional_Weekly Poster.png

Weekly Institutional Insights: Job market softens; ETF outflows send headwind to crypto

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

Crypto price movements remain heavily influenced by US president Trump’s policies. Recently, several SEC cases against crypto firms were dropped, which is positive for the industry. This was followed by Trump’s announcement to include BTC, ETH, XRP, SOL and ADA in a US strategic crypto reserve. However, ongoing bearish sentiment in risk assets, highlighted by a decline of over 5% in the S&P 500 since its February all-time high, has negatively impacted crypto. 

Consequently, BTC and ETH have experienced heightened volatility, resulting in an inversion of their at-the-money implied volatility term structures, with strong demand for short-term protective puts.

Please check out the report’s highlights.

President Trump’s announcement on Mar 2, 2025 regarding a US crypto reserve to include BTC, ETH, SOL, XRP and ADA led to a sharp rally in their spot prices. However, funding rates for these tokens have remained subdued, compared to previous highs seen before Trump’s inauguration on Jan 20, 2025. Over the past week, long positions have paid a consistently positive rate across all coins, indicating a lack of strong short demand and potentially robust demand for long positions.

The rally in spot prices following Trump’s announcement of a US crypto strategic reserve to include ETH quickly reversed, as his ongoing tariff pledges contributed to bearish sentiment in risk assets. This volatility has pushed realized volatility above options-implied levels to monthly highs, leading to increased demand for short-term options. The term structure of volatility has inverted, with short-term volatility skewing toward puts as traders seek protection against potential downside.

Open interest in Solana (SOL) options declined at the end of February, with over $5M in calls and more than $3M in puts expiring, most of which weren’t rolled into new positions. Despite SOL trading 44% below its January all-time high, the majority of new positions have been in calls. However, this new positioning is disappointingly weak, given SOL's inclusion in the list of tokens for a crypto strategic reserve announced by Trump alongside BTC, ETH, XRP and ADA.

block-scholes-x-bybit-report.jpeg

Bybit X Block Scholes crypto derivatives analytics report (Mar 7, 2025): Investors seek protection as strategic reserve news rattles market

Exchange-traded funds (ETFs) linked to cryptocurrencies have seen notable activity, particularly in response to the recent market downturn. 

Market volatility and geopolitical influences

The cryptocurrency market has been marked by extreme price fluctuations in recent weeks, primarily influenced by political events and economic conditions. A notable catalyst has been US president Donald Trump’s aggressive financial policies, including his unexpected announcement of a US crypto strategic reserve. Initially, this announcement led to a surge in prices; however, the market quickly reversed, raising doubts about the effectiveness of government intervention in stabilizing the crypto sector.

Bitcoin, the top cryptocurrency, experienced a significant drop of 28.3% from its all-time high of $109,115, closing February at $78,226. This decline coincided with a heated exchange between Trump and Ukrainian President Zelensky, which unsettled the crypto community amid discussions about potential tariffs and geopolitical stability. The broader crypto market lost over $640 billion in just 25 days, showcasing a direct correlation between traditional stock market movements and cryptocurrency trends.

Investor behavior has been characterized by emotional responses, including fear of missing out (FOMO) and fear, uncertainty and doubt (FUD). These reactions have often led to price movements that contradict prevailing predictions. For example, during Bitcoin’s price decline, many retail traders panicked and sold off their holdings, only to witness a rebound shortly after. Conversely, price surges driven by FOMO frequently result in subsequent corrections, allowing larger investors (or 

Social media trends indicate a shift in trader sentiment, with discussions around high price targets for Bitcoin suggesting a market top, while talk of lower price expectations may signal a bottom. Recent data reveals a decline in discussions related to speculative investments, indicating a growing caution among retail investors. This shift toward stablecoins and Layer 1 tokens reflects a healthy level of fear that could potentially set the stage for bullish momentum in the future.

The role of ETFs and institutional interest

 (ETFs) linked to cryptocurrencies have seen notable activity, particularly in response to the recent market downturn. Significant outflows from crypto-backed ETFs occurred as investors reacted to declining asset values, resulting in heightened trading volumes. The interplay between ETF movements and underlying crypto assets continues to be crucial for assessing market health and investor confidence.

Despite the current volatility, institutional interest in digital assets remains strong, as indicated by Bitcoin's network growth and ETF trading volumes. This ongoing institutional engagement may provide a stabilizing effect on prices over time. Historically, periods of extreme pessimism in the market have preceded major bull runs, suggesting that traders could soon shift from panic to accumulation.

In conclusion, while the cryptocurrency market faces immediate challenges, the long-term outlook may be more optimistic. If key macroeconomic conditions improve and institutional buying increases, Bitcoin could potentially rise above the $100,000 mark by the end of 2025. For now, traders must navigate the volatility wisely to position themselves for future rewards.

Intro to Santiment.png

Bybit x Santiment: Crypto strategic reserve unnerves market; investors turn cautious

DeFi

web3

The Bored Ape Yacht Club NFT collection is fast becoming a household name, with its unique, almost instantly recognizable design attracting many fans. Here's the run-down. The Bored Ape Yacht Club NFT collection is fast becoming a household name, with its unique, almost instantly recognizable design attracting many fans. Here's the run-down.

What-Is-the-Bored-Ape-Yacht-Club-NFT-Collection-All-About_1600x900.jpg

Bored_Ape_Yacht_Club.png

Bored Ape Kennel Club

Mutant Ape

Otherdeed

. When it comes to crypto-collectables like these, not all collections are created equal. In particular, the Bored Ape Yacht Club NFT collection is fast becoming a household name — not just for those in the know, but in mainstream media as well. With its rising popularity, it looks to dethrone 

The collection’s unique, almost instantly recognizable design has attracted large numbers of fans. Among them are celebrities and influencers such as rapper Eminem, television host Jimmy Fallon and billionaire entrepreneur Mark Cuban. This has only increased the hype, leading to soaring prices. In the last year, professional traders have been 

 and reselling them, making up to tenfold profits.

In this guide, you’ll learn what the Bored Ape Yacht Club collection is, why it’s so popular, and how it’s garnered such a strong fan base.

What Is the Bored Ape Yacht Club NFT Collection?

Bored Ape Yacht Club NFT (Image source: 

The Bored Ape Yacht Club is a digital art collection of 10,000 different 

. Each image depicts a cartoon ape in profile, decked out in various colors and traits, with unique facial expressions. The collection was launched in April 2021, with many celebrity owners taking a keen interest and purchasing them. Since its launch, the collection has risen in value by several thousand percent. They’re commonly used as 

 on social media profiles. Aside from that, these NFTs also serve as entry passes to an elite social club.

The hype behind this NFT collection is helping it skyrocket in price. FOMO could lead to further price increases, especially if more celebrities make investments.

The NFT space had its first breakthrough in 2017 with the launch of 

 launched. However, their popularity quickly waned when the crypto market crashed. A couple of years later, when investors came flocking back to the crypto space, the foundation for NFTs was already established. The entire space 

Likewise, the CryptoPunks collection experienced a resurgence, with its most expensive NFT 

. Currently, the popularity of NFTs is being fueled by the 

, in which NFTs will play an important role, serving as certificates of ownership of goods, other items and 

It’s no surprise that a new and tremendously popular collection has emerged. In April 2021, the Bored Ape NFT collection seized its moment. Its 10,000 images quickly sold out for 0.08 ETH per NFT. At the time, that translated to around $190. As of June 2022, the cheapest one will set you back 89.9 ETH, which amounts to approximately $107,000 at the time of writing.

The Bored Ape Yacht Club collection, otherwise known as BAYC, is now one of the most popular NFT collections globally. It gained traction in July 2021, and its prices have kept pace with the growing interest. Let’s take a look at the project’s creators and its remarkable popularity.

is the company behind the Bored Ape Yacht Club. When BAYC was launched, the company had four core members, all working under pseudonyms: No Sass, Gargamel, Emperor Tomato Ketchup and Gordon Goner. The team now counts 11 members from diverse ethnicities and cultures, demonstrating how designers and entrepreneurs from distinct backgrounds can cooperate and serve as an inspiration to the world.

Every team member is extremely passionate about NFTs, each one having spent the majority of their life playing video games. They understand what NFTs mean for the future, and are 

 that will hopefully leave a lasting mark in the NFT space.

The team is taking advantage of their abundant gaming experience and is currently working on a 

The clearest reason for BAYC’s popularity is the current hype around the NFT space, which attracts millions of potential investors seeking profits. But there’s more to it, including the following factors:

Let’s look at each of these components in turn.

There are only 10,000 Bored Apes available. While that number might sound like a lot, it’s a small number for the whole world. A global population of almost 8 billion means that only 0.000125% can get their hands on a Bored Ape NFT. 

Aside from the relatively small collection, some pieces are rarer than others and are therefore significantly more valuable. In addition, there’s a subjective appeal to certain stylistic aspects, such as clothing, color and facial expression.

Another reason for Bored Ape Yacht Club’s undeniable traction is that dozens of celebrities have decided to invest in them. Additionally, some have flaunted their purchases on social media, drawing in masses of less illustrious fans.

Celebrities who have purchased Bored Apes include Eminem, Jimmy Fallon, Shaquille O’Neal, Gary Vaynerchuck, Post Malone, Mark Cuban and Stephen Curry. The list keeps growing, with the added exposure leading to even more celebrity investment and media coverage. Consequently, the general public has become aware of the Bored Ape Yacht Club NFT collection, in turn generating more hype.

The collection has also been featured in the music video of “

“. The latest hit album by Snoop Dogg and Eminem currently has over 13 million views on YouTube. This has generated a ton of hype as the usually static Bored Ape avatars owned by Snoop Dogg and Eminem were brought to life in animation, as the legendary rappers showed their support for the blue-chip NFT collection.

BAYC’s most notable collaborator is Adidas. The company has teamed up with Yuga Labs LLC to release its own Bored Ape Yacht Club-style NFTs. Those who purchase Adidas NFTs will receive merchandise — featuring NFT Bored Apes purchased by Adidas.

Adidas Originals’ Twitter avatar during their BAYC collaboration (Image Source: 

On top of that, owners of BAYC and Mutant Ape Yacht Club NFTs (which we’ll discuss below) have early access to some of the 20,000 Adidas NFTs. Their release was a hit, earning the company 

in profits within a single afternoon. One of the reasons for its smashing success was that the project involved brands such as Adidas® Originals, 

 and BAYC. Many NFT aficionados made use of this early access, purchasing plenty of works from the collection.

Another exciting project that’s attracting attention is a partnership with 

. The companies are working on a joint gaming project that looks to expand the usability of Bored Ape NFTs. Given the successes behind Animoca Brands and the passion that Yuga Labs has for gaming, the expectations are high.

Remember, there’s a finite number of Bored Apes in BAYC. If you want to belong, there’s a limited chance — and being in the same “club” as all the abovementioned celebrities can bring perceived benefits. There are already Bored Ape Yacht Club events for their NFT community.

The club’s gathering in NYC occurred at 

, which brought together numerous Ape owners. They even dressed like their Ape NFTs so that other members could easily recognize them.

If you think of BAYC as a social club which includes various celebrities, it’s clear where the NFT hype is coming from. Owning at least one of the Apes provides access to an event that might be attended by the likes of DJ Khaled or Jimmy Fallon, and FOMO leads to even more sales. Additionally, the 

 outlines future plans for the popular NFTs. Owners seem to have plenty to look forward to.

The creators of BAYC haven’t been idle. They’ve continued to create more content and perks for BAYC owners, which is an excellent approach to keeping the community engaged. Currently, the BAYC ecosystem consists of four related projects. The Bored Ape ecosystem governance token, 

, and three other NFT collections called Bored Ape Kennel Club, Mutant Apes, and Otherside.

token developed as the utility token of BAYC. The APE token was launched on March 17th, 2022 to power the entire BAYC ecosystem and serve as a governance token for the 

. This decentralized autonomous organization is governed by BAYC holders or APE token holders and is overseen by the 

which ensures that ideas of the DAO community are brought to fruition.

The APE token has gained a huge following after its 

 NFT project exploded in popularity. The total circulating supply of ApeCoin is capped at 1 billion, of which 150 million tokens were airdropped to Bored Ape, Mutant Ape and respective Kennel NFT holders.

The team at Yuga Labs have outlined their intentions of making APE the de facto currency for a vast ecosystem of projects building on the Otherside metaverse. Third-party projects like 

, a popular Animoca Brands mobile video game have announced an integration with ApeCoin, in which players can earn in-game tokens that can be exchanged for APE.

As more projects come to support the APE token, we could foresee a future where dozens of NFT projects are integrated with ApeCoin as a means to attract users from the BAYC and surrounding NFT ecosystems.

 is another NFT project exclusively for BAYC owners. The premise of the project is that every Bored Ape needs a companion — thus, the Kennel Club was born. Each BAYC owner was given the chance to adopt a “dog companion” to their Ape, free of charge (

 gas fees aside). That gave BAYC owners a chance at a completely new NFT from the launching collection to add to their own.

Bored Ape Kennel Club NFT (Image source: 

The dogs have never been available for sale, making them all the more exclusive. BAYC owners were given a one-week period to “rescue” their furry companions, after which unclaimed Kennel NFTs were removed from the collection.

The project generated even more hype because BAYC owners had to remain patient after minting their token to meet their pet — as the actual Kennel NFTs were only revealed at the end of the week. Like their Ape companions, each dog is unique, with its own design elements, colors and accessories.

These NFTs might receive roles in the upcoming game, which is in development, but for now, they’ve created additional FOMO for NFT collectors.

This is all another way of keeping the community engaged. The digital dogs were introduced as a gift to BAYC owners. Even though there was a copyright fee on each transaction, all the proceeds will be donated to charities. At the top of the list are no-kill animal shelters.

Aside from the opportunity to adopt virtual pets, in August 2021 owners of the BAYC NFTs received a “mutant serum”, which transformed their Bored Apes into Mutant Apes – essentially allowing Ape owners to mint a new, mutant version of their ape NFT.

The Mutant Ape BAYC collection is also highly valued, with their rarest serum sold for a whopping $5.8 million, driving even more value into the billion-dollar ecosystem. We’re likely to see additional events in with this collection as the developers have plans for the future.

Their most recent release comes in the form of a deed to the land of the Bored Ape 

 is a Massive Multiplayer Online Role-Playing Game (MMORPG) set in its own world, where the entire NFT community is invited to explore and interact within a new digital world.

As previously mentioned, the Otherside metaverse will utilize 

 as the main currency to buy in-game NFTs such as merchandise, and pay for services and events held in the metaverse world.

Otherdeed is the key to claiming land in Otherside. Each 

 has a unique blend of environment and sediment, some with resources and others with powerful artefacts. The first 100,000 Otherdeeds were available for sale on April 30, 2022. The other 100,000 Otherdeeds were awarded to Bored Ape and Mutant Ape holders, along with contributors of the Otherside metaverse.

 that they have acquired the IP to two of the most popular NFT collections on OpenSea, 

 and Meebits. The agreement with Larva Labs gave Yuga Labs control over both brands, art copyrights and IP rights, along with 423 CryptoPunks and 1711 Meebits.

While the team at Yuga Labs is working to bring additional utility to both collections, nothing has been confirmed as they have mentioned that they would be listening to the communities before deciding what comes next.

Setting the Stage for a New Generation of NFTs

BAYC is a great example of what people may expect from the NFT market in the coming years. More NFT communities and ecosystems will be evolving as greater numbers of collections appear, giving them further purpose and applications. It looks like the team behind BAYC has the right idea.

We’ll have to wait and see how the BAYC team incorporates already-existing NFTs in their upcoming game, but they’re partnering with some of the premier blockchain game developers, including 

. Still, with the whole space in its infancy, there’s plenty of ground to cover.

BAYC is an excellent example of how creative people can introduce an ecosystem around an NFT product, motivating others with their fresh and continually evolving approach. There is even a 

 collection – a satirical take on the original – which features 

 instead of right. Unfortunately, the collection has since been taken down on OpeaSea.

As the NFT landscape evolves, there are also new ways of owning a slice of the NFT pie. With high-value NFTs such as the Bored Ape collection, it will be increasingly costly to wholly own your own NFT. Some owners are thus exploring 

 against digital artist Ryder Ripps for re-minting and releasing an exact copy of the BAYC collection. The NFTs were then sold to the public as a separate collection called RR/BAYC. Since then, an announcement regarding the lawsuit was made on 

 and the RR/BAYC collection has been removed from 

On top of that, Ripps has been documenting a pile of neo-Nazi and racist evidence against Yuga Lab which can be found on his website. He claims that these references have been incorporated into the Bored Ape design, and released an hour-long 

 in collaboration with popular YouTuber Philion, titled "BORED APE NAZI CLUB".

 any connections to extremist imagery or cultural references and has dismissed Ryder's content as an elaborate troll. Yuga Labs says they have filed a lawsuit to “put a stop to the continuous infringement, and other illegal attempts to bring harm” to the company and the BAYC community.

Investing in the crypto space involves considerable risk. The market is volatile, and prices can drop drastically. Nevertheless, Bored Ape Yacht Club has continued to receive endorsements from celebrities and influencers, which has greatly boosted the value of their entire collection.

While investors and crypto-savvy individuals big and small continue to invest in the crypto space globally, your approach should be based on your risk appetite. The first rule is to invest only what you can afford to lose. If we look at the history of cryptocurrencies, one thing’s for sure: as with stocks and other commodities, the overarching trend is the growth that has repeated itself throughout the years.

The same history follows the NFT space, but investing in smaller fractions might be a better approach. The decision is in your hands. If you can afford to invest in Bored Ape Yacht Club NFTs, you’ll become a member of a club that many others have already joined.

The creators behind the BAYC collection have built a community of like-minded people who use NFTs as membership cards. The project’s team has found ways to keep its community engaged by implementing new NFTs and events. We’ve yet to see how the NFT ecosystem will continue developing, but so far, things look quite promising.

If you’re eager to know more about NFTs, please check out 

, where you can learn more about the entire NFT space. If you’re ready to start trading NFTs, check out 

What Is the Bored Ape Yacht Club (BAYC) NFT Collection All About?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards