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

Bybit Learn

All About P2P Platforms

Like any growing industry with lucrative returns, the crypto world has its fair share of crypto criminals and scammers. Here's how you protect yourself against P2P crypto scams and fraud.

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 (P2P) platforms is growing increasingly popular — thanks to the absence of intermediary parties and the general flexibility of this trading mode. Additionally, established P2P crypto trading environments, such as 

 platform, provide robust escrow systems and dispute resolution mechanisms. However, P2P crypto trading, just as any other kind of P2P financial activity, comes with a wide variety of scams and fraudulent schemes that every trader needs to be aware of before buying or selling cryptocurrency. 

In this article, we’ll take a look at common P2P crypto scams and learn how to avoid them.

P2P scams in crypto trading include diverse fraudulent techniques and schemes that nefarious individuals or groups employ to part honest traders with their hard-earned funds. These schemes exploit the unique nature of P2P crypto trading on online marketplaces and platforms.

Typically, a crypto P2P scam involves various elements, such as producing fake payment documentation, impersonating someone trustworthy or running an elaborate scheme that confuses the unsuspecting victim and forces them to release funds to scammers. Urging the victim to take transactions off a legitimate platform, and even the use of psychological pressure tactics, are frequently involved.

While any type of P2P financial activity may involve scams, certain unique characteristics of crypto P2P trading make this area particularly attractive to scammers and fraudsters of all kinds. First, crypto trading platforms feature a lower degree of regulation than many other markets, particularly the 

. Secondly, it's common for scammers to urge their victims to take all communication and payment activity off-platform. Left one-on-one with scammers, victims have little recourse when they lose their funds.

Moreover, the barriers to entry within crypto trading are relatively low, attracting a large number of financially naive or inexperienced individuals, many of whom fall victim to the various scams running in this sphere.

Below, we’ll cover some of the most common scams involved in P2P cryptocurrency trading, and discuss the best ways to avoid them.

Fake Receipt Scams/Escrow Transaction Scams

In fake receipt scams, the scammer sends forged payment documentation to trick you into releasing your crypto without actually sending any funds. In escrow transaction scams, the scammer urges you to use a fraudulent escrow service. You’re tricked into releasing payment into the escrow fund, assuming its legitimate nature.

How to avoid fake receipt scams/escrow transaction scams

: In order to avoid fake receipt scams, always verify that you’ve received the actual payment directly in your bank account or 

 before releasing funds from your side of the transaction. Additionally, 

As for fake escrow scams, only use trusted escrow services from reputable P2P platforms — and 

In chargeback scams, the fraudulent counterparty makes a payment and then files a chargeback after receiving funds from you, claiming fraud or an unauthorized transaction. As a result, the bank reverses the payment, and you find yourself out of both your money and crypto.

Scammers also like to exploit the vulnerability of check transactions by urging you to accept this form of payment. The check used to pay you bounces, leaving you unable to cash the now worthless piece of paper.

: Always ensure that you’ve received the payment in your account and the funds are available to you — i.e., there are no provisional lockups or pending confirmations — before releasing the payment on your side.

Also, avoid accepting check payments. Check transactions are particularly vulnerable to scams — and in 2025, there’s no pressing need to use this rather antiquated form of payment.

In this type of scam, the fraudster tricks you into canceling the order after you've already sent the funds. They typically tell you that there's a technical problem with payments or a price mistake, advising you to cancel and reorder. If you cancel, the platform views the trade as void. Meanwhile, the scammer disappears with your funds — and removes any ads they've placed on the platform.

: The key to preventing cancel order scams is simple: 

 cancel after you've paid, no matter what excuse the counterparty comes up with. If there's a genuine issue on their part, advise them to use the support system provided by the particular P2P trading platform.

In an overpayment scam, the scammer sends a higher amount than what was agreed upon during the deal. They then ask you to refund the excess amount, claiming it was a mistake on their part. Once you send the refund for the difference, the original payment is reversed as incorrect or fraudulent.

: To avoid overpayment scams, be cautious when you receive an offer with a mismatch between your asking price and what you’re being promised. If you're unsure about the situation, simply refuse the transaction, or ask the buyer to redo the transaction with the correct amount.

Phishing scams involve nefarious parties pretending to be legitimate platforms or individuals in order to trick you into giving away your 

 or login details. Often, they’ll send you fake emails and messages, or even create fake web pages that resemble real ones. Your login credentials might be compromised if you visit such a page via your browser and respond to the requests to share your details.

 click on links from unknown sources. Verify URLs to ensure you're on the actual site, and 

never share your private keys or personal information with anyone

, even if they sound trustworthy. Additionally, ensure that you protect your account with strong passwords and security features, such as 

 (2FA). Also, note that reputable websites virtually never offer a non-encrypted connection (the one that begins with 

: Legitimate P2P trading platforms such as Bybit P2P will 

Impersonator scams involve scammers pretending to be representatives of legitimate P2P platforms. They might also pose as well-known, trusted traders. These parties misrepresent their identities, and typically urge you to take the transaction outside the platform under various pretexts. If you fall for these scams and move your transactions outside the legitimate platform's environment, you lose all protections, and the scammers can easily steal your funds.

: Always stay within the platform for transactions. If anyone claiming to be from the platform asks you to move the trade off-site, 

SMS scams involve fraudulent parties sending fake messages to your mobile phone that look like they're from your bank or a payment processor. The message typically states that you've received a payment, specifying the amount you expect to receive from your transaction. The goal might be to steal your sensitive login details (if you click on the message), or to get you to send crypto or money to the fraudulent trader you’re dealing with.

: Don't click on links in unsolicited SMS messages. 

 by logging into your bank or trading account 

directly through the official website or app

, while allowed on many P2P crypto trading platforms, are an area of particular risk, due to the difficulties in proving or tracking any payments made. Scams during these transactions may involve a scammer buying or selling crypto with cash during a face-to-face meeting. In the buying scenario, the scammer might pay with fake bills. In the selling scenario, they may falsely claim that you’ve paid with counterfeit cash after receiving their crypto funds.

How to avoid in-person cash transaction scams

: In general, try to limit cash-based trading as much as feasible 

cash transactions are notoriously hard to verify in cases of disputes. If you absolutely need to buy or sell crypto for cash, carefully examine the counterparty’s reputation and history on the trading platform.

Triangle scams involve two scammers working together to deceive a seller. Here’s how it works: Scammer A and Scammer B both place orders with the same seller. Let's say Scammer A's order is for 1,000 

, and Scammer B's order is for 1,500 USDT. Scammer B sends a payment for 1,000 USDT, and Scammer A then marks their order as "paid." The seller releases crypto to Scammer A, seeing that their order has been marked as paid and that the seller's account was credited with 1,000 USDT.

Scammer B then sends a second payment — 500 USDT, the remaining amount on their buy order — and pressures the seller to release their funds, producing payment proofs for both transfers.

: Always verify that the payer’s name matches the identity verification info on the platform. Be careful with payment proofs produced, as scammers might also try to reuse the same ones for multiple orders. Always double-check before releasing crypto in order to ensure you're dealing with the right person — and not falling for a scam.

In this type of scam, the fraudulent party offers you a better rate through an external communication source like 

 or WhatsApp. They ask you to create an order on a legitimate platform after they've supposedly paid you with the better rate externally. However, the payment never arrives, and is only supported by fake proofs.

: Don’t communicate with potential parties on external channels, and don’t pay them outside of the P2P platform you use. Always use the communication channels offered by an established trading platform. Additionally, never release payments before having received your funds — advice that applies not only to MITM scams, but also to many of the other exploits we've discussed above.

Below are some common key red flags that may help you spot a P2P crypto scam:

To avoid falling victim to P2P crypto scams, you can take a few common sense steps and stick with your approach — regardless of what the counterparty suggests. 

You’re also advised never to trust screenshots of proof of payment. Always check that you've received 

Finally, never send payments to third parties — 

always pay to the counterparty’s account

 registered on the platform. Finally, and most importantly, 

If you've fallen victim to a P2P crypto scam, immediately report the issue to the platform, freeze your account activity to avoid unauthorized payments out of it, contact your bank or payment processor to inform them of the issue, collect documentary evidence — and, if the problem warrants it, report it to your local authorities.

Trading crypto via P2P channels can be a highly profitable and rewarding activity. While some of the above scams sound frightening, doing your 

 and sticking with the common-sense approaches and strategies we’ve outlined above should minimize your risk of falling victim to the sinister pursuits of crypto scammers.

How to Avoid P2P Crypto Scams and Fraud

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards