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

Crypto

Ledger and Trezor are the two most well-known cold wallet brands out there, but how do they compare? In this article, we take a look at how they do.

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In the rapidly evolving world of cryptocurrencies, the concept of a 

 plays a crucial role in securely managing digital assets. As its name suggests, a crypto wallet functions similarly to a physical wallet, but instead of holding cash and cards, it stores private keys, public keys and other essential information necessary for accessing and managing various cryptocurrencies.

To store your cryptocurrencies, you essentially have two options. You could use software wallets, also known as hot wallets, where your crypto is stored online — for example, through an exchange. You could also use hardware wallets. 

Hardware (physical) wallets are also known as cold wallets or cold storage. Two of the most prominent cold wallets are Trezor and Ledger.

In this article, we’ll explore everything you need to know about the similarities and differences between these two hardware wallets as well as their pros and cons so that you know which one suits you better.

A crypto wallet serves as a digital storage and management system for cryptocurrencies, enabling users to store, send and receive digital assets in a secure and user-friendly manner.

Crypto wallets provide a gateway to the decentralized realm of cryptocurrencies, empowering individuals to take control of their financial transactions and participate in a peer-to-peer (

Crypto wallets come in various forms, catering to the diverse needs and preferences of users. They can be broadly categorized into two main types: 

. Hot wallets, including desktop, mobile, and web-based options, are applications or platforms that are installed on computers or mobile devices. On the other hand, cold wallets are physical devices designed specifically to secure cryptocurrencies offline, offering enhanced protection against online threats.

Regardless of the type, crypto wallets share a common purpose: to facilitate the storage and management of cryptocurrencies and interaction with them. However, it's important to note that crypto wallets do not physically store the digital currencies themselves, as cryptocurrencies exist on a blockchain network. Instead, they store the 

 required to access and manage the funds associated with specific blockchain addresses.

So why exactly use hardware wallets instead of software wallets?

As suggested, hardware wallets offer you a way of storing private keys without the risk of your data being stolen or manipulated.

You may wonder: Why not just use a software wallet and simply secure my device? You can do that, but computer malware can be disguised as a legitimate software program and trick you into authorizing access to your computer. It may even get past your antivirus. 

Additionally, no one can access a hardware wallet without your permission. A hardware wallet operates offline, offering greater security for your private keys. Thus, using a hardware wallet is safer because it prevents hackers from accessing your private keys and stealing your cryptocurrency.

Cold wallets are physical hardware (like USB flash drives). They usually have a hard plastic case surrounding a small screen that distributes the information. In order to access your private keys, you’re required to set up a PIN. When you set up for the first time, the PIN is a list of around (generally) 12 to 24 words. This set of words is known as the 

Write down the seed phrase and keep it somewhere safe, because if you lose your cold wallet or it becomes corrupted, you’ll need this seed phrase to re-access your crypto. You can then complete transactions with ease and simply confirm them through your hardware.

 was launched in 2014 by a French company of the same name. The company was founded to find an optimal solution for securing private keys when performing transactions on a blockchain. 

Over the years, Ledger has launched a few products along with Ledger Live. One of its most successful products is the Ledger Nano S, released in 2016. Back then, Ledger Nano S was known as the “original hardware wallet.” It was priced economically at $59, and could be used to purchase, secure and manage cryptocurrencies. 

 was released in 2019 at the price of $149. The Nano X is an advanced model of the Nano S, with improved features such as more battery power, bluetooth communication (end-to-end encrypted), mobile usage and a bigger screen.

 to replace the Ledger Nano S. The Ledger Nano S Plus is by far Ledger’s best model, thanks to its affordable price tag of $79 and its myriad features such as bluetooth connectivity, large capacity, wide range of coin support, advanced security and easy setup. The Ledger Nano S Plus also differs from its predecessor as it’s DeFi- and NFT-friendly. With the introduction of the Ledger Nano S Plus, Ledger eventually 

Ledger will soon be releasing another product known as the 

 in the spring of 2023. Pre-orders have already closed for the $279 Ledger hardware device, but interested customers can opt to sign up for email notifications and be informed when the Ledger Stax becomes available for purchase. 

Both existing models of the Ledger are widely used, and the one that will suit you will depend on your needs. If you’re more likely to hold your cryptocurrencies over the long term, Ledger Nano S Plus might be suitable for you. However, if you actively (daily) trade cryptocurrencies, then you might find Ledger Nano X to be the better choice. 

, centered around user identification. This feature enables users to safeguard a backup of their recovery seed phrase, offering a way to regain access to their private keys if they ever lose their recovery phrase. However, Ledger has faced substantial criticism from users who perceive this development as a direct contradiction to the fundamental principles of noncustodial wallets. Additionally, the recovery service necessitates the submission of government-issued identification, resulting in KYC registration for each user. 

Ledger has attempted to assure users that their private keys and crypto funds are safe, and that the feature is an optional one that isn’t automatically enabled. However, users are still concerned about the security of their assets, as they believe the existence of such a feature can create vulnerability to potential attacks.

With the resulting backlash over the past week, Ledger has announced on its 

 that the company has taken the crypto community’s feedback into consideration and will be 

 of the Ledger Recover feature. Charles Guillemet, the chief technology officer of Ledger 

 stating that a white paper on the Recover Protocol will be released “in the coming days” to “bring more verifiability to everything” the company does. 

 is based in the Czech Republic. As with Ledger, the purpose of this hardware wallet is to keep private keys offline and secure from potential hackers on the internet.

As the first hardware wallet ever released, Trezor has paved the way for the formation of other cold wallets. However, Trezor has established itself as one of the most eminent and safe cold wallets. The two models for purchase are the 

Trezor One was released in July 2014 at the affordable price of $69. It has a 128×64 pixel, bright OLED screen that can display all the details required for a user to verify a transaction, and it comes with two buttons for navigation. In terms of connectivity, it uses a micro USB connector and is equipped with a 120-MHz embedded ARM processor (Cortex-M3). It supports over 1,000 cryptocurrencies.

The Trezor Model T is the updated model of Trezor Model One and costs $219. While Trezor Model One remains the more popular purchase among the two, Trezor Model T has more features that increase the efficiency of this cold wallet. The most significant new feature on the Trezor Model T is its 1.54” color LCD touchscreen.

Both the Ledger and the Trezor have made it much easier to securely store private keys. However, while the two are similar, they also have their differences. We’ll briefly compare and contrast these two hardware wallets so you’ll know which one suits you.

Trezor supports more than 1,000 cryptocurrencies, while Ledger supports over 5,500 digital assets.

When it comes to the basic models — Trezor Model One vs. Ledger Nano S Plus — the latter is superior in that it supports more altcoins. In addition, Trezor One doesn’t support some major and popular cryptocurrencies, such as 

 (XTZ). Only the Trezor Model T supports them, but it’s also more expensive.

There hasn’t been any reported case where Trezor or Ledger has failed to protect people’s data. Both wallets require a pin code and seed phrase to let you access your crypto wallet. Ledger also has a Secure Element chip to 

. The only way you’ll be vulnerable is if you write your seed phrase on a computer or other smart device that gets hacked (or otherwise share the seed phrase). So both the Ledger and Trezor wallets are safe to use. 

Of course, as mentioned above, there are doubts about Ledger’s security, due to its recent launch of Ledger Recover. However, since the company has decided to delay the launch of the feature and to instead accelerate its open-sourcing road map, users may feel more at ease when deciding whether or not to purchase Ledger. 

On the other hand, Trezor is open-source, which allows people to see the source codes and redistribute or modify them. This means bugs can be identified more easily, but there’s also a slightly enhanced security risk.

Both Ledger and Trezor are very simple to use. The basic models, Trezor Model One and Ledger Nano S Plus, have a two-button system. Once you learn how to operate it, it’s very easy to access your crypto wallet.

In addition to Ledger Nano S Plus, Ledger Nano X also has a two-button system. 

Trezor Model T, on the other hand, is free of buttons and has a touchscreen. It’s much easier to use as compared to the two-button version.

So the Trezor Model T has the upper hand when it comes to ease of use.

Price plays a key role when you want to decide which brand to buy.

The Ledger Nano S Plus costs around $79, while Trezor Model One costs around $69. The difference between the two is minor.

The upgraded models are certainly more expensive. While the Ledger Nano X costs around $149, the Trezor Model T costs approximately $219. The difference in price between the pair is greater than with the basic models. However, the Trezor Model T doesn’t have any major advantages over the Ledger Nano X to justify this difference. 

Moreover, the Ledger Nano X offers Bluetooth connectivity, and the Trezor Model T doesn’t. So the $70 difference in price isn’t reasonable.

In terms of price, Ledger has the obvious edge over Trezor.

When it comes to the size of a hardware wallet, it depends on personal choice. Both the Ledger and Trezor are relatively small and easy to carry around. 

However, if you prefer a smaller, flash drive–style hardware, then Ledger is the choice for you.

If you want something that’s about the same size as car keys, then Trezor is the solution for you.

The Ledger Nano X has a stainless steel cover, which makes it very durable.

Both Trezor wallets have a plastic cover, which makes them less durable than Ledger. Of course, you can purchase silicone cases to protect your Trezor hardware, but that still doesn’t make Trezor as durable as Ledger. 

So Ledger takes the crown as the more durable hardware wallet.

A good display is important when it comes to reading crypto addresses, since every detail of a transaction should be carefully checked. 

When it comes to screen display, Trezor has a larger screen than Ledger. Many users consider this a huge benefit, because the information is more organized and easily comprehensible.

Moreover, the Trezor Model T comes with a colorful touchscreen that makes the display superior and much easier to use as opposed to the upcoming Ledger Stax’s E Ink touchscreen.

So when it comes to their displays, Trezor has the edge.

To conclude, both Trezor and Ledger are useful and safe options if you want to store cryptocurrencies. Whether one is better than the other depends on your personal preferences.

If you want a greater number of supported cryptocurrencies, cheaper hardware, smaller size and more durability, then Ledger might be the better choice for you.

If you want a better display, slightly more security, bigger size and easier-to-use hardware, then Trezor may be the better choice for you.

Interested in buying Ledger or Trezor? Ensure that you only do so through their official websites. If you don’t buy from secure websites, you run the risk of purchasing fake and malicious hardware wallets. 

Looking to purchase cryptocurrencies and store them in your newly-bought hardware wallets? 

 and kick-start your trading journey here! 

Ledger vs. Trezor: Which Is Better?

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