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

Blockchain

The use of smart contracts is inevitable in the blockchain. But what's its purpose, function & how it impacts the blockchain? Learn more.

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Smart contracts are automated and self-explanatory based on the predetermined conditions set on the contract. Since the 

 is a distributed ledger technology (DLT) that allows data to be stored globally across different servers, it relies heavily on these databases to confirm a transaction. Hence, smart contracts are appealing to eradicate administrative overhead.  

A smart contract represents the terms and conditions written in codes that automatically transfer funds from one party to another once the contract’s predefined requirements are met. For example, when both parties agree on exchanging a cryptocurrency, the transaction will move forward with the blockchain ledger via the protocol bound on the smart contract. 

Today, smart contracts remain popular in the crypto industry, primarily for exchanging cryptocurrencies. But it’s not restricted only to crypto, and in fact, many insurance and property companies are adopting this standard protocol for better scalability at a cheaper rate. In a nutshell, smart contracts are an essential component for many platforms. That is precisely why it is vital to clearly understand what smart contract is about and how they work.

What Is The Purpose of Smart Contracts in Blockchain?

Since smart contracts is a program that runs on the blockchain, users would need to send transactions to the blockchain to initiate the program. Once the codes are defined and logic is locked, then only can run the program.

Generally, smart contracts’ main purpose is to simplify business transactions between parties by removing intermediaries involved in traditional business processes. These contracts

aim to reduce payment delays, risks of errors, and a conventional contract’s intricacy without compromising authenticity and credibility.

Its main distinctive advantage is that it allows the performing of credible transactions without intermediaries.

How Do Smart Contracts Work in Blockchain?

Smart contracts refer to a computer algorithm designed to form, control, and provide information on the asset’s owner. It is indeed a program that runs on the 

 to facilitate, verify, or carry out credible transactions autonomously. To know how it works, first, we must understand what a smart contract consists of. 

When these requirements are set, you can then enter the blockchain-based smart contract. However, the agreement is subject to negotiation before the terms are put into practice in the blockchain. 

Typically, a smart contract will automatically trigger an action based on the agreement between two users sustaining on the blockchain. That means, when a seller intends to sell a BTC, the smart contract will govern the transfers until the BTC is successfully changed from one person to another. When that happens, the funds will be released, and there shall not be any changes. And all of the information about the transaction will be listed and stored in a public database.

The idea of smart contracts was originally 

, a well-known American cryptographer. In 1996, his article about smart contracts was published in the magazine 

where he prognosticated the benefits and features of the blockchain contract applications. He then developed this concept in several articles in the following years.

Ian Grigg and Gary Howland were the other contributors to the idea of smart contracts. They published their work about the Ricardian Contracts as a part of the Ricardo payment system in 1996.

The implementation of smart contracts became possible after Bitcoin and its blockchain had come into existence, having created appropriate conditions. This innovation finally broadcasted several years later on the Ethereum blockchain. Today, many alternative platforms allow users to take advantage of this function, though Ethereum remains the pioneer.

As mentioned above, smart contracts represent computer protocols or, in simple words, pieces of code that are a fundamental technological element. They serve to specify all the agreement conditions that are concluded between transaction parties to the blockchain. As soon as these conditions are fulfilled, the smart contract will automatically make a transaction.

A system based on the blockchain allows its participants to reduce intermediaries and excessive paperwork as it relies on the public ledger where any interested party can verify all transactions. The central requirement here is to describe all the agreement conditions via mathematical rules with suitable programming languages.

The blockchain represents a distributed network of nodes, each one storing the information about all transactions. To undo a transaction or to 

, one would have to gain control over more than 50% of all these nodes.

Supposed a person wants to initiate a smart contract, they’ll need to download special software and generate a public key published in the system. Subsequently, an initiating message should be sent, and the nodes will pick it up. When the event established by the smart contract is fulfilled, the codes will execute.

For example, vending machines automatically give a buyer an ordered item if specific requirements are met (a definite amount of money is paid). A smart contract works the same.

Apart from transferring funds, there are several other use cases:

Smart contracts use cases are variable and cover numerous opportunities. Potentially, they can become a powerful tool in many fields of human activities.

Smart contracts possess some distinctive features that mark them out of other forms of financial transactions:

Smart contracts are useful beyond cryptocurrency trading, including day-to-day tasks in financial services, IoT, and more. To your surprise, they are far more practical than anyone could imagine.

 It is a concept of adding the Internet function to the everyday objects in the house. Smart contracts can help users to achieve distributed and trustworthy access control for IoT systems.

 Smart contracts can make a contract execution very convenient. When it comes to human resources, by utilizing smart contracts, employee details like salaries, professional roles, and responsibilities can be recorded with ease. At the same time, the transparency and immutable characteristics of a smart contract enhance the trust between an employer and employee. The parties can record only a part of the agreement using smart contract technologies. In this context, the contract can be:

 A content owner should receive the royalties, but it is often tough to make sure who is a valid content owner as many parties can be involved in creating a single piece. Smart contracts can make it easy to understand the rights and responsibilities at any creative process stage.

Which Crypto and DApps Use Smart Contracts?

Today, smart contracts are much closer to our everyday life than one can think. Not only big businesses recognize them today. Numerous blockchain platforms are utilizing them in their activities, and various programming languages are used for writing smart contracts.

Ethereum is one of the most popular choices; that’s why its original coding language, Solidity, is widely used by developers. Other blockchains can prefer something different. 

Here’s an overview of the blockchains that can process smart contracts: 

 Bitcoin blockchain allows documents to be processed, relying on smart contracts. However, there is a limitation to process these documents.

: NXT offers templates for smart contracts. However, there’s a limitation on the selection because there are not many rooms for customization. 

 Ethereum thrives with smart contracts as it supports advanced coding and processing with flexibility and efficiency. However, the downside is that it comes with a price. Supposedly you want to customize something, but you’ll need to contribute ETH tokens as a payment for the computer power for it to be executed.

This might be the oldest smart contract platform, but its speed and security are arguably better than Ethereum. It boasts of a simpler, more straightforward, and easier to use interface. However, it is not suitable for complex contract development as it’s mainly to facilitate simpler smart contracts.

 based on smart contracts include online financial platforms such as MakerDAO and Compound, decentralized exchanges such as Uniswap.

There’s no one shoe fit all sizes kind of solutions, and that includes smart contracts. Of course, it’s helpful in the decentralized crypto space, but it has its limitations too. Here’s what you need to know:

The advantages of smart contracts are obvious and form the basis for smart contracts’ growing popularity. These are autonomy, security, high speed of performance, and the possibility to cut down costs associated with intermediaries. People choose them as they promise affordable yet accurate and efficient commercial transactions. 

Smart contracts allow excluding a possible failure of the human factor in operation, that’s true. But at the same time, there can be mistakes and vulnerable places within the smart contract’s code itself. These mistakes can result in vast amounts of losses. There are more than enough examples of when platforms were hacked and funds were stolen because of some code mistakes. Take the ill-famous 

The legality of such smart contracts is another point of discussion. It is unclear how governments and legal authorities should treat and regulate them as they are out of the state’s legal system. It is a disputable question if they even can be qualified as contracts by governmental institutions. Being outside the legal system also means that criminals can utilize this technology for illegal activities. Ultimately, it’s because smart contracts are not always in black and white. Hence the terms and conditions are vague.

The impossibility of changing something in the smart contract can also be a disadvantage. Fixing errors and changing contract terms will be an unsolvable problem.

Transparency is a great thing, but not always. Sometimes users need some privacy. Some platforms attempt to offer “smart private contracts” to their users, but this practice is unusual. Besides, introducing new technology can also involve costs. Only an experienced developer can create a reliable smart contract.

Generally, this technology still raises many questions. But what’s the future like? Will there be a new technology that will overcome its limitations or completely replace it?

Today it is already clear that smart contracts’ recognition will only grow in time. Of course, they will not completely replace traditional paper contracts in the next few years, but they will carve out their share in the market, particularly when buying or exchanging goods, services, and rights. It is no doubt that they will break into more and more spheres of people’s life.

The legality issues will be solved over the next few years in many countries as they are inevitable. Even today, Arizona and Nevada have already amended their state versions of the Uniform Electronic Transactions Act (UETA) to incorporate blockchains and smart contracts into them unambiguously.

The smart contracts’ benefits can hardly be denied or underestimated. They look a great alternative to traditional agreements offering a higher level of performance. If they manage to gain a position, they will take the sphere of contracts and arrangements will change forever. They will change the way people do business.

Low costs, reduced frauds, and delays, complete autonomy make smart contracts appealing to the public. But only with increased efficiency and certainty in transactions and decrease the need for third parties makes smart contract even more interesting.

What Are Smart Contracts In Blockchain & How Do They Work?

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