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

Altcoins

With increasing interest in XRP, and its increasing use in banking systems, is it actually a good investment? Bybit Learn takes a look.

Compared to Bitcoin, XRP (also known as Ripple, its parent company) is not as well-known to the average person. But you’ll be surprised to know that XRP remains one of the largest cryptocurrencies by 

, even after going through all of the hurdles of an 

Before 2020, XRP token’s future seemed bright and on the right growth trajectory. However, the cryptocurrency took a beating when the SEC charged Ripple with offering XRP tokens as unregistered securities to the public in 2020. 

Despite its bumpy ride in the crypto market, Ripple is still building blockchain solutions to facilitate fast cross-border payments. 

However, the question remains: Is XRP still a good investment in 2023? Let’s find out. 

 focuses primarily on both a digital payment and currency exchange network to process financial transactions. 

The technology facilitates fast exchanges to different forms of currencies and gold through the use of a 

 (P2P) decentralized concept. This eliminates potential settlements later between mainstream financial institutions.

 is pre-mined, with a supply of 100 billion, and serves to facilitate cross-border currency transfers through the Ripple network. 

, Ether (and its parent company, Ethereum), many people get the name of the digital currency mixed up with its parent network. In the case of the XRP token, its network is Ripple, an open-source protocol (developed by Ripple Labs, Inc., more commonly known simply as Ripple).

The technology was released in 2012 by its co-founders, 

. Ripple’s ultimate goal is to create a fast and seamless payment solution and remittance system to replace the traditional 

 system used for international money and security transfers.

Currently, settlement systems for transactions, such as SWIFT and PayPal, generally use U.S. dollars as a common currency for conversion. This incurs money and time. Ripple uses XRP as a mediator that settles almost instantly at a fraction of the cost via 

, a liquidity solution that’s been developed to make lengthy and expensive transactions a thing of the past.

International payments, especially in emerging markets, require businesses to hold pre-funded accounts in destination currencies. It’s a costly endeavor that ties up resources.

RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds — freeing up capital and guaranteeing the most competitive rates available today.

Tom in the U.S. wants to send $1,000 to Rachel in Asia. Traditionally, this has involved going to the bank and filling out various forms. After that, it would take up to three days for the transfer to go through, costing perhaps $10–$20. This is because of the liquidity costs for the financial institutions administrating the exchange. Pre-funded 

 accounts are necessary on either side of the transaction to exchange the currency (in Tom and Rachel’s case, from USD to GBP). 

Holding these accounts entails liquidity costs for the bank, costs which are ultimately passed on to Tom. However, if this payment were made using XRP on the Ripple network, the outcome would be considerably more favorable for Tom. Ripple’s payment protocol obviates the need for pre-funded Nostro accounts. Instead, the bank can transfer USD to XRP and then XRP to GBP at a fraction of the time and cost. Ultimately, Tom saves three days and $20 in processing fees, as the Ripple network only requires about 10 seconds to process the transaction. 

The fee on the Ripple network will be less than $0.01, though the bank may set a fee — which will still be nowhere near a traditional bank transfer fee.

How Is Ripple (XRP) Different From Other Cryptocurrencies?

, but it differs significantly from Litecoin (LTC), ETH and Stellar (XLM) in

Unlike Bitcoin and other cryptocurrencies, XRP doesn’t operate on a 

. Instead, Ripple uses its unique technology, the Ripple Protocol consensus algorithm (

). Its distributed consensus verifies transactions on the network.

For example, a participating node can verify the authenticity of a transaction without a central authority by using a poll. It works similarly to a blockchain, though, in that there has to be a consensus in order for transactions to be verified on the network.

Despite the debate as to whether or not XRP is centralized, XRP is, in fact, 

centralized. Ripple uses a decentralized P2P structure, relying on nodes to process transactions through a voting system. Although the network doesn’t operate via blockchain, its consensus protocol is similar. However, its system uses a negligible amount of energy as compared to Bitcoin.

XRP cannot be mined. Although there’s a limited supply of the currency, XRP isn’t created through the actions of miners. Instead, it’s pre-mined and has been capped at 100 billion tokens. As of June 2023, almost 52 billion tokens are in circulation. The remainder of the XRP tokens are released periodically by Ripple from escrow.

What’s Happening With the Ripple Lawsuit?

 charging Ripple Labs and its two top executives with raising over $1.3 billion without first registering it as a security with the regulator. 

There has been much controversy about the lawsuit, focusing on whether XRP is a security or simply a cryptocurrency. If it is security — as the SEC alleges — then it must be registered with them as one. The SEC has never classified the top two cryptocurrencies, Bitcoin and Ether, as securities. However, they are decentralized, and not owned by one entity. This is not the case with XRP.

Ripple has fiercely contested the charges, stating that XRP doesn’t constitute an investment contract, and that it should be considered a digital currency, as it’s only used to facilitate cross-border payments on the platform. 

In April 2023, SEC Chairperson Gary Gensler failed to answer whether XRP was a security or not during a congressional hearing. 

In May 2023, a U.S. federal judge denied a motion by the SEC to seal internal documents containing a speech by William Hinman, former 

director of the SEC’s Division of Corporation Finance

Now, all eyes are on Judge Torres, as people await her historic ruling on this long-running case (the date of the judgment is unknown as of now).

Since launching in 2013, XRP has seen some 

. Up until 2017, its price had barely managed to reach $0.01. But in March and April of that year, its value rose significantly. By the end of April 2013, its price was up to $0.05, and it didn’t stop there — not by a long shot.

By the end of May 2017, XRP’s price was up to $0.25. It retraced slightly in the coming months but took off as 2018 dawned, just as other cryptocurrencies (most notably Bitcoin, which peaked at nearly $20,000) did at this time in the infamous 

. Its price peaked at $3.84 on Jan 4, 2018. 

Within two weeks, however, XRP had lost more than half of its value, and by early 2019, it was priced around $0.30. In late 2020 it went on a bull run, hitting nearly $0.70, but then crashed due to the uncertainty over the SEC lawsuit. (Since then, its price has stabilized somewhat, hovering around the $0.55 mark at the end of March 2023.)

In early April 2021, XRP’s price shot past $1 for the first time since 2018, nearly hitting the $2 mark. By mid-May, it was still hovering around $1.50, after which it retraced to $0.60 in July, finally closing the year at around $1. Following the onset of bearish market conditions in 2022, XRP began a price decline. Its price fell below $0.50 by May. 

However, XRP’s price rose at the beginning of 2023, hitting a peak of $0.54 on Mar 30 and trading sideways since that time.

As of Jun 5, 2023, XRP’s price was $0.53, an 84.22% price drop from its ATH of $3.40 in Jan 2018, and a 19,000% increase from its low of $0.0027 in May 2014. 

 in 2025 is cautiously bullish, predicting it could hit $1.63 and cross the $10 mark by 2030. Similarly, 

 offer price predictions for XRP of $1.80 in 2025 and $7.50 in 2030. 

The question on most investors' minds is: How much will XRP be worth if Ripple wins its SEC case? While nothing is guaranteed in the world of crypto, if the SEC case ruling tips in Ripple’s favor, XRP’s price could possibly exceed its ATH of $3.40 and even reach the double-digit mark of $10. 

Furthermore, in favorable bullish market conditions, the XRP price could potentially hit $20, $30 and even $50. However, these price predictions should be taken with a pinch of salt. 

Various factors could influence XRP’s price, as follows.

Inclusion of Ripple as a Mainstream Payment Protocol

Ripple Labs, the company behind XRP, is working hard to help the world recognize its product as a key payment protocol for global transactions. 

Through strategic partnerships with traditional banks, organizations and various enterprises, Ripple is making strides toward becoming a key player in international money transfers. Official recognition as a safe, secure and fast cross-border payment provider could cause XRP price to skyrocket.

The lengthy lawsuit between Ripple and the SEC has taken a toll on XRP’s price. Since the case started, there’s been barely any momentum behind XRP, with various investors losing interest in the project. 

If Ripple wins the case, XRP’s price could rally and get on track in terms of recovery. However, an unfavorable outcome could lead to a crash and the possibility that XRP’s price may not recover. 

Recently, there's been increasing talk regarding government regulation of the crypto industry. Policymakers and financial authorities are looking for ways to regulate cryptocurrencies, which experts believe could lead to further price drops. 

Tightening government regulations would negatively affect not only XRP’s price, but that of other cryptocurrencies as well. 

That said, the above sentiments don’t constitute financial advice. We highly recommend you 

 before investing in XRP or any other altcoins.

The financial world is unpredictable. Every investment has its fair share of ups and downs, and digital assets like XRP are no exception.

Ripple's future is currently questionable, due to the lawsuit with the SEC and large-scale loss of investor interest in the cryptocurrency. However, should XRP be able to settle this lawsuit, it can create an even stronger bull run.

The SEC case aside, Ripple has been aggressively working behind the scenes to strengthen its brand and enrich its ecosystem with strategic partnerships. 

, Ripple launched a platform dedicated to the development of 

. The network has also been expanding in Europe and the Middle East to provide enterprises with crypto-enabled payment options and on-demand liquidity. 

 who buys digital currencies based on a top-down investment approach to diversifying their portfolio.

However, we must recognize the legal risk associated with XRP because an adverse outcome in the SEC case could negatively affect its price. 

As an investor, please consider the pros and cons of investing in XRP discussed in the section below.

Is Ripple (XRP) Still a Good Investment in 2023?

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