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

Crypto

WalletConnect is an open-source protocol that acts as a bridge between various crypto wallets and decentralized finance DApps.

Imagine a world where connecting your cryptocurrency wallet to 

 (DApps) is seamless, secure, and user-friendly. That’s the reality with WalletConnect, an open-source protocol that has transformed the way mobile wallets and DApps interact. In this blog post, we’ll take you on a step-by-step journey to understand, set up, and use WalletConnect, ensuring you enjoy a secure and efficient experience.

 technology continues to evolve, WalletConnect has emerged as a popular choice for users who want to interact with DApps using their mobile wallets. Stay with us as we guide you through the process and share some valuable tips and insights for maximizing your WalletConnect experience.

Understanding WalletConnect: A Brief Overview

So, what exactly is WalletConnect? It’s an open-source protocol that bridges the gap between mobile wallets and decentralized applications (DApps). WalletConnect establishes secure connections between mobile wallets and decentralized applications (DApps), facilitating interaction with over 450 DApps through more than 170 compatible wallets. In a world where security and seamless integration are paramount, WalletConnect has become the go-to choice for many cryptocurrency enthusiasts.

You might be wondering how WalletConnect achieves this remarkable feat. Serving as a bridge, it facilitates interaction between blockchain wallets and multiple DApps, providing secure connections to various platforms. For more information about WalletConnect, you can visit their official website at 

How WalletConnect Works: The Connection Process

The central feature of WalletConnect involves creating encrypted connections between crypto wallets and DApps through QR code scanning and deep linking. This ensures user privacy and security, whether connecting through a desktop browser or a mobile browser.

The protocol utilizes a shared key between two peers to establish encrypted connections, allowing users to enjoy a private and secure connection when interacting with DApps. WalletConnect also requires your authorization for any transactions and never provides DApps with access to your private keys, making it a popular choice among popular crypto wallets.

QR code scanning is a key element in WalletConnect’s connection process. Users can set up secure connections between DApps and their wallets by scanning the QR code presented on the DApp interface.

WalletConnect’s deep linking also allows the creation of a secure and encrypted connection between two apps through QR code scanning or clicking a deep link without revealing personal information.

Setting Up and Using WalletConnect: A Step-by-Step Guide

Having grasped the basics of WalletConnect and its connection process, we can proceed with a step-by-step guide on its setup and usage. This guide covers choosing a compatible wallet and DApp, initiating the connection, and authorizing transactions.

Following the steps below will guide you towards a secure connection of your mobile wallet to DApps, helping you to maximize the potential of WalletConnect.

For seamless integration and functionality, selecting a WalletConnect-compatible wallet and DApp is necessary. A DApp is a decentralized application that operates on a blockchain network, and WalletConnect is a protocol that facilitates users to link their self-custody crypto wallets to DApps, allowing for secure transactions and interactions.

Considering factors such as security measures, accessibility, supported cryptocurrencies, and device compatibility is necessary while selecting a WalletConnect-compatible wallet. To determine if a DApp is compatible with WalletConnect, consult the official website for a list of compatible applications, visit the DApp’s official website, and search for an option to connect a crypto wallet.

When selecting one of the WalletConnect compatible wallets as your preferred wallet, keep in mind that it guarantees optimal integration and performance while enabling a secure connection of your wallet to various platforms.

After selecting a compatible wallet and DApp, you can initiate the connection. This can be done by scanning the provided QR code with your wallet or utilizing deep linking, depending on the platform.

To connect a wallet with WalletConnect, follow these simple steps:

Authorizing and managing transactions within the DApp are key aspects of using WalletConnect. You should review and confirm all transaction details before proceeding to do this.

A WalletConnect transaction detail typically includes information such as:

A careful review and confirmation of these transaction details will help you have a safe and smooth experience with WalletConnect.

Troubleshooting Common WalletConnect Issues

Despite WalletConnect’s user-friendly interface and secure connection process, you may still encounter some common issues, such as connection errors and session disconnections. This section will address these problems and provide solutions for resolution.

Some of the most frequent WalletConnect connection errors include:

To address the “Session Disconnected” issue, you can follow these steps:

If the issue persists, you may need additional help or contact the WalletConnect support team.

Keep in mind, if a connection failure issue remains unresolved despite your efforts, there might be a technical bug on the server side. In such cases, reaching out to the support team with a connection request for potential solutions is advised.

WalletConnect Security: Ensuring Safe Connections

WalletConnect mainly aims to provide a secure connection between wallets and DApps. It achieves this by:

The primary key is not shared with the bridge server, regardless of whether a QR code or deep link with a mobile wallet is used. This means it is not exposed to any third party, including the intermediary executing the secure transaction. This ensures that your connection remains private and secure at all times.

Best Practices for Secure WalletConnect Usage

Following some best practices is necessary to maximize the security of your WalletConnect experience. These include checking transaction details, using trusted URLs, and disconnecting your wallet after use.

Finally, don’t forget to disconnect your wallet from the DApp after completing a transaction. This simple step can protect you from potential risks, including unauthorized access, privacy issues, and security vulnerabilities.

By now, you’ve learned how WalletConnect works, how to set it up, and how to use it securely. It’s clear that WalletConnect offers numerous advantages for cryptocurrency transactions. Its enhanced security, ease of use, and compatibility with a wide range of wallets and DApps make it a popular choice for users.

WalletConnect also simplifies the connection of various wallets to DApps supporting multiple chains, offering a secure method for users to perform crypto transactions. With all these benefits, it’s no wonder that 

 has become an integral part of the cryptocurrency ecosystem, making wallet connect work seamlessly for users.

In conclusion, WalletConnect is an invaluable tool for those looking to securely connect their mobile wallets to decentralized applications. Its open-source protocol, compatibility with numerous wallets and DApps, and secure connection process make it a preferred choice for cryptocurrency enthusiasts.

As you embark on your journey with WalletConnect, remember to follow best practices for secure usage, including verifying transaction details, using trusted URLs, and disconnecting your wallet after use. By doing so, you’ll be well on your way to enjoying a seamless and secure WalletConnect experience.

What is the use of wallet connect on trust wallet?

WalletConnect enables users to securely connect Trust Wallet to decentralized web applications (DApps), allowing them to carry out transactions without revealing any secret information. By using WalletConnect, users can access over 450 DApps with their compatible wallet, like Trust Wallet and 

WalletConnect is an open-source protocol that enables mobile crypto wallet connection to decentralized applications and other wallets.

How does WalletConnect ensure secure connections between wallets and DApps?

WalletConnect ensures secure connections between wallets and DApps by using QR code scanning and deep linking to establish encrypted connections, safeguarding user privacy.

Can I use WalletConnect with any wallet and DApp?

Yes, you can use WalletConnect with any wallet and DApp, but for the best experience it's recommended to choose compatible options.

What are some common WalletConnect issues, and how can I resolve them?

Common WalletConnect issues include connection errors and session disconnections, which can be resolved by clearing stale sessions, verifying your internet connection, or contacting the WalletConnect support team.

How to Use Wallet Connect: A Beginner's Guide

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