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

Investing

Investing and trading are heavily intertwined techniques. They both aim to increase your investment value, but they chase that goal differently. Learn the differences.

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Amateur investors and traders often look to the legends for inspiration. 

 are well-known for consistently profiting from their investments over the long term. Traders like 

 rely on more frequent buying and selling strategies, which defines trading. These professionals have made a living off the traditional stock markets and set standards that investors in newer markets, like cryptocurrencies, hope to emulate or beat.

Investors and traders are aligned in their goal of wanting to increase their investment value. However, investing and trading employ very different strategies despite some intertwining. Broadly put, investors buy cryptocurrencies with strong fundamentals, and believe the price will appreciate over the long term. Traders, on the other hand, hold onto cryptocurrencies for a short period, and leverage on the market volatility to generate profits.

We’ll look into major differences between investing and trading cryptocurrencies to help you decide which strategy serves you better.

Investing in cryptocurrencies is a strategy to profit by buying and holding cryptocurrencies over a longer time horizon in the hope that the investment will appreciate in value. This is similar to the value investing method used by Warren Buffet, whereby investors look for underpriced cryptocurrencies. 

Cryptocurrency investment is also referred to as HODLing — a misspelling of “holding” that has since caught on with the acronym, “hold on for dear life.” Investors who HODL believe in the fundamentals of the cryptocurrencies they buy, disregarding short-term market fluctuations.

 refers to buying or selling an investment based on predicting the best entry or exit point. It’s akin to believing you have a crystal ball that can tell you which way the market will go. With that kind of confidence, you’d be willing to wait for lower entry levels into an investment, or higher selling levels. Traders use market timing strategies.

Trading cryptocurrencies involves short-term strategies that make the most of price and market fluctuations. Usually, traders aren’t too concerned with the fundamentals of a cryptocurrency, instead speculating on the short-term price movements of a cryptocurrency to make a profit, often within the day. Traders often follow market news and make use of technical indicators to arrive at their trading decisions. Despite the potential to generate overnight profitability, trading cryptocurrencies usually carries risk and requires a lot more effort, as compared to investing. 

Differences Between Cryptocurrency Investing (HODLing) and Trading

As mentioned, investing and trading are intertwined. Sometimes, the two terms are casually and interchangeably used. After all, traders can make investments, and investors can trade, too. The difference between investing and trading can be somewhat nuanced. To help you decide which strategy better suits you, we’ll analyze the differences between investing and trading, referencing a few key factors. 

A critical difference between cryptocurrency investing and trading is in the time frame.

: This is typically a long-term strategy. Investors or HODLers believe in the long-term potential of their cryptocurrencies and their future price appreciation. Investors minimize trading on short-term price movements, and hold on to their cryptocurrencies for periods that can last up to years, requiring a fair bit of patience.

Timing the markets is challenging within any asset class, let alone volatile markets like cryptocurrencies with their quick-moving price swings. The danger of waiting to time the market means you may instead miss a trade entirely. In general, longer-term crypto investors don’t try to time markets or look to profit off of trends. The tide that lifts more boats is more important than catching the specific wave that may propel a single trade higher. 

: This is a short-term strategy. Traders leverage the short-term volatility of cryptocurrencies, and profit by speculating on the price action. There are different time frames for trading, ranging from seconds to hours to weeks. Cryptocurrency trading can be very profitable, given the high volatility of cryptocurrencies.

Analysis refers to the methods and tools that investors use to evaluate investments, and traders use to spot profitable trading opportunities. Given that investors and traders look at different time horizons and evaluate different factors, the type of analysis employed by each group will differ significantly. The two main frameworks are 

: Investors typically perform fundamental analysis on cryptocurrencies. Since investors take a long-term bet on a cryptocurrency’s value, its fundamentals become a core component in evaluating its potential. Given that there are no publicly available financial statements for cryptocurrencies, crypto fundamental analysis is vastly different from that applied to traditional stocks.

Here are some of the metrics that an investor can use to establish the intrinsic value of a cryptocurrency when they perform fundamental analysis:

: Technical analysis is widely used by traders. Their goal is to forecast the future price direction and market positioning, obtained by analyzing historical data with various 

 and charting tools. Since the price movements of cryptocurrencies can be unpredictable and eccentric, traders require deep knowledge of technical analysis in order to time the market and profit from price volatility.

 — and therefore high-risk. To venture into cryptocurrency investing or trading, this risk is essential to understand. The term “risk tolerance” means the degree of risk an investor is willing to take. Bear in mind that higher risk is also potentially related to greater rewards, known as the 

While cryptocurrencies (whether you’re trading or investing) are notoriously risky because of their high volatility, investors and traders can still be differentiated by their risk appetites. 

: Investors generally have less tolerance for risk, and are thus more comfortable with leaving their investments alone. They’re not as concerned with daily price volatility. The central idea of investing is that, over the long term, a cryptocurrency’s volatility will smooth out and the crypto’s price will still follow an upward trend.

: Traders are risk-takers who require a good grasp of market volatility and conditions. They will eventually make trades after studying indicators and signals, and can make money by exploiting the high volatility of short-term crypto prices. Of course, traders can lose just as much if they “back the wrong horse.”

, the practice of borrowing funds from other parties to trade, significantly raises the risk for traders, since they can lose much more than their original funds. Thus, risk management remains crucial, especially in the crypto market.

Another significant difference between cryptocurrency investing and trading is how often trades are executed. Trade frequency is inversely correlated to the period of an investment. The longer an investment period, the lower the trade frequency.

: Investors typically have a low trading frequency, as they tend to hold on to their assets without selling. Their investment goals may stretch over a few years, so they don’t need to be actively involved in the day-to-day market — and are generally not affected by short-term volatility. Investors can build their wealth over time without having to fret over daily market movements.

: Traders, on the other hand, trade frequently. This is because they’re constantly looking at market price movement for opportunities to make gains, no matter how small. This high frequency potentially makes trading more lucrative, but it’s riskier, requires continuous and active monitoring of the market, and involves higher costs because of the greater number and frequency of trades. 

The methods by which investors and traders can profit differ, due to differing strategies.

: The profit an investor receives is very straightforward, mainly in the form of price appreciation. The formula is simple: Profit = Selling Price − Buying Price – Cost of Investment (i.e. trading fees)

: Trading can be very lucrative, since traders profit off the price fluctuations in the market. Traders also have the option of using leverage, which can magnify their profits with little initial capital. 

 that using leverage also increases a trader’s risk.

One important difference between investing and trading is that 

traders can profit in either a bull or bear market

. However, this strategy isn’t possible for cryptocurrency investors, who have to wait out bear markets. 

Nonetheless, there are other forms of profits for cryptocurrency investors, like airdrops and capital gains from staking and yield farming. These usually aren’t available to traders, who don’t hold onto a cryptocurrency long enough to take advantage of these opportunities.

Costs incurred for participating in cryptocurrency markets can be broadly classified into 

 and network fees. Cryptocurrency exchanges charge fees for providing services such as trading, deposits, withdrawals and liquidations, among others. Network fees go to the miners who secure the networks.

Cryptocurrency fees vary across exchanges, but on average, most exchanges charge between 0.1% to 1% per trade. 

Due to the higher frequency of cryptocurrency trading (as compared to investing), traders usually have to pay more transaction fees. In addition, traders are subject to capital gains tax, which has to be paid on each asset that’s sold for short-term profit. Investors are subject to fewer charges, given that they make fewer and less frequent transactions.

Capital requirements for both trading and investing depend on the investment sizes desired. You can begin trading or investing in crypto with virtually any amount, large or small.

Investors can simultaneously use both longer-term investing and shorter-term trading strategies. This approach provides diversification in your investment strategy, as well as additional ways to profit. Similarly, a trader might also have a longer-term investment portfolio, although investors may not have as much time to trade or interest in doing so.

Here are the main cryptocurrency investing 

There are multiple strategies that cryptocurrency traders can employ.

Trading and investing aren’t the only ways to make money with cryptocurrencies. Following are some of the alternatives.

: Cloud mining uses cloud computing power to mine cryptocurrency, so you don’t have to own or install the hardware and run related software. Firms that offer cloud mining services allow you to open an account and remotely mine crypto for a fee. You participate in a mining pool by purchasing a certain amount of 

, and earn a share of the profits proportional to the amount of hash power you’ve paid for).

Trading and investing are different approaches to profiting in the cryptocurrency market. Deciding which one is better for you depends on your risk appetite and time availability.

If you’re comfortable with taking on frequent risks, and have the capacity to monitor markets constantly, trading might just be the right strategy for you. If you prefer a more laid-back approach, then consider investing for the long term. Doing a bit of both is also an option.

The cryptocurrency market is as exciting as it is volatile — so tread with caution. Understand the key differences between cryptocurrency investing and trading crypto before deciding which approach best suits you.

Ultimately, a smart investor recognizes the different parts of market cycles in order to take advantage of market conditions, and HODL in the hope that the asset’s price will appreciate. In contrast, traders tend to profit from short-term price movements in a bull or bear market. Still, both investors and traders need to deploy a proper risk management system and a contingency plan to exit the market when it goes in an unfavorable direction.

Crypto Investing vs. Trading: Which Suits You Better?

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