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 The largest outflow occurred on March 7, with $409.3M withdrawn.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.

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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.

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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.

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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.

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

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Bybit Guide

The LazarusBounty program is an industry-first bounty platform launched by Bybit and its partners, targeting funds that have been illegally moved by the Lazarus Group in the recent Bybit exploit.

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On Feb 21, 2025, at 02:16 PM UTC, an exploiter 

 one of Bybit’s Ethereum cold wallets, siphoning out $1.4 billion worth of ETH, stETH, cmETH and mETH. Hackers used a sophisticated phishing attack to change smart contract logic during a routine ETH transfer from Bybit’s cold wallet to a hot wallet.

 the stolen funds are linked to the Lazarus Group (allegedly run by North Korea’s government), who were involved in previous high-profile exploits involving the Phemex and BingX cryptocurrency exchanges.

The entire crypto community has thus far played a major part in Bybit’s swift and effective response. From efforts by on-chain investigators, such as ZachXBT, Arkham Intelligence, Beosin, TRM Labs, Halborn and others — who helped shed light on the addresses used by Lazarus Group and the flow of funds — to support from other industry players like Tether, Bitget, MEXC, DWF Labs and countless others, the crypto industry has rallied together in a sign of unity.

 that’s now offering a 10% reward for successful recovery of the missing funds. 

 a new API which will update a blacklist of suspicious wallet addresses that have been identified as being linked to Lazarus Group. Through a collaborative effort, the API aims to help security experts and investigators in their efforts to track and recover hacked funds.

How to Participate in the Fund Recovery Program

Individuals and organizations interested in participating in the LazarusBounty Program can contact us via email at 

 is an industry-first bounty platform that’s specifically targeting the funds that have been illegally moved by the alleged North Korean state-backed Lazarus Group in the Bybit exploit.

The LazarusBounty program was launched in response to the unprecedented security breach on February 21, 2025.

The LazarusBounty Program aims to incentivize the crypto community to track, trace and freeze the stolen funds. The platform emphasizes full transparency, providing real-time data, live rankings and tools to expose and disrupt the money-laundering operations of the Lazarus Group. It’s a collaborative effort to hold hackers accountable and secure digital assets, with future plans to expand support to other victims of the Lazarus Group.

Ben Zhou, Bybit’s CEO, emphasized transparency as a key weapon against cybercrime, 

 that "Bybit will not stop until Lazarus Group or bad actors in the industry are eliminated.” The Bybit platform aims to ensure each transaction is visible, and that every hacker is held accountable.

The LazarusBounty Program offers a 10% reward on recovered funds, distributed as follows:

Rewards are automatically disbursed upfront once the funds are frozen, ensuring quick and fair compensation for contributors.

The total bounty for the current exploit is $140 million, with over $4.2 million awarded to five bounty hunters at the time of this writing (Feb 25, 2025).

LazarusBounty also seeks to encourage exchanges, mixers and other industry players to act swiftly against sanctioned transactions, publicly ranking “good actors” who cooperate and “bad actors” who facilitate illicit activities, thereby setting a new standard for blockchain security.

How Users Can Participate in the LazarusBounty Program

Anyone can join this initiative as a “bounty hunter” by following the steps outlined below: 

By participating, users not only have the chance to earn rewards, but also to contribute to the broader mission of eliminating crypto crime and protecting the blockchain ecosystem from malicious actors like the Lazarus Group.

This incident serves as a powerful testament to the cryptocurrency industry's capacity for unity and resilience in the face of adversity. The crypto community’s collective response underscores Bybit’s long-standing positive reputation and strong relationships within the industry.

recovering these funds is crucial — and not just for Bybit. The U.S. Department of the Treasury has 

 that the cryptocurrencies stolen by Lazarus Group were being used in part to fund North Korea’s growing nuclear weapons and ballistic missile programs.

The involvement of the Lazarus Group highlights a major industry challenge — cyberattacks by sophisticated state-sponsored hackers that threaten the entire crypto ecosystem. By uniting to combat this breach, the crypto community will not only showcase its ability to fight back against such threats but also set a precedent for future cooperation.

Understanding the LazarusBounty Program: How to Join Bybit’s Initiative Against Lazarus Group

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards