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

Trading

Risk management involves cautious planning to identify, analyze and limit the potential losses by formulating contingency plans to cushion the unfavorable moments. Learn more.

Ask any seasoned trader and they’ll confirm that successful trading hinges on managing risk as well as picking winning trades. Think about it: Crypto trading is extremely volatile and potentially lucrative, but it also comes with considerable risks that can wipe out your capital in seconds. Having a proper risk management system can mitigate these risks.

Here’s the good news: This blog post will teach you how to use crypto risk management to minimize risk — and increase your likelihood of cryptocurrency trading success.

Crypto risk management is the process of identifying, analyzing and controlling the potential losses that may arise from crypto trading.

It involves a comprehensive approach, encompassing goal setting, risk appetite definition, capital allocation, portfolio diversification and appropriate trading strategies and tools. This strategy helps avoid emotional trading decisions and encourages rational, disciplined decision-making. 

Crypto risk management aims to safeguard your capital from unfavorable market fluctuations and help you secure sustainable returns.

How to Assess and Formulate a Crypto Trading Plan

To achieve success in trading, you need to have a clear understanding of your goals and strategies. A crypto trading plan is a comprehensive document that outlines your risk profile, trading style, tools, indicators, entry and exit rules, and performance evaluation methods. It helps you stay focused, avoid impulsive actions, adapt to market changes and learn from mistakes. In order to create a robust trading plan, you must be well-versed in risk management and measurement techniques.

Familiarizing Yourself With the Risk Management Process

To effectively manage risk in trading, here are four key steps to follow:

When it comes to managing risk, measuring it is essential. Various metrics can help you quantify the risk involved in your trading activities.

The crypto market holds various risks that can affect your trading performance. Some of the main market risks are as follows.

Legal risks in crypto arise from unclear or inconsistent regulations, enforcement or compliance. For instance, you may face legal issues if your jurisdiction bans or restricts crypto assets; if your exchange or wallet is hacked, shut down or seized by authorities; or if you fail to report or pay taxes on your crypto transactions or holdings. 

Technology and security risks are a legitimate concern with crypto assets. Technical failures, glitches, bugs, hacks or attacks may compromise your crypto assets or platforms' functionality, integrity or availability. Congestion, delays, forks or upgrades in the network or protocol that supports your crypto assets are all possible technology and security issues. 

Other risks include downtime, errors, breaches or thefts in the exchange or wallet you use to trade or store your crypto assets; and damage, loss, theft, infection or corruption in the device or software that you use to access your crypto assets.

Exchange risk means encountering unfavorable price movements because of differences in supply and demand across various exchanges. This situation can occur when the exchange on which you trade your crypto assets has lower or higher prices, liquidity or fees than another exchange that’s involved when you’re transferring, withdrawing or depositing your assets. 

Liquidity risk arises when trading crypto assets becomes difficult due to a lack of buyers or sellers in the market, resulting in unfavorable prices. Thin, volatile or illiquid markets, low volume or depth on exchanges, and off-peak trading times are examples of conditions that can lead to liquidity risk. 

Leverage risk, which occurs when using borrowed funds or 

, can lead to amplified losses. For instance, this risk can arise when the value of your crypto assets moves against your position and causes a margin call or 

, or when unexpected increases in interest rates or borrowing fees occur. In addition, if the exchange you’ve borrowed funds from changes its margin requirements or terms without warning, you may face leverage risk. 

The term "risk of ruin" describes the possibility of losing all your trading capital due to consecutive losses. These losses can occur if you overtrade, trade with positions that are too large relative to your capital, use high leverage or a low stop-loss level, or experience a 

Top Crypto Trading Techniques for Risk Management

Top crypto trading techniques help you improve crypto trading performance and reduce risks. Following are some well-known crypto trading strategies.

To effectively analyze a crypto asset’s price movements, evaluate different time frames, such as daily, hourly or minute charts. This approach can help identify trends and patterns in long-, medium- and short-term markets. It can also confirm the validity and strength of signals and indicators, and help pinpoint ideal entry and exit points. For optimal results, choose a primary time frame that aligns with your trading style and objectives, a secondary time frame that provides a bigger market picture and a tertiary time frame to fine-tune your trades.

Position sizing entails determining the optimal amount of money to risk, based on your risk tolerance and available capital. This technique can help you achieve consistent and sustainable returns by avoiding the pitfalls of risking too much or too little on each trade. 

To use this method, start by defining your maximum risk per trade as a percentage of your total capital (e.g., 1%, 2%, etc.), and then calculate your position size by dividing your maximum risk by your stop-loss distance (e.g., if your maximum risk is $100 and your stop-loss level is 10%, your position size is $1,000). Finally, adjust your position size based on the volatility and liquidity of the crypto asset you're trading.

Before entering a trade, compare your potential reward and risk using a profitability and feasibility evaluation technique. This approach can help you avoid trades with low chances of success or high potential loss, while maximizing profits and minimizing losses. 

In order to use this technique effectively, define your target and stop-loss prices for each trade. Calculate your reward/risk ratio by dividing potential reward by potential risk. For instance, you can achieve a ratio of 2 if your target price is $1,200 and your stop-loss price is $1,000. Choose trades with a reward/risk ratio greater than 1, ideally higher than 2.

To safeguard your capital and avoid emotional stress, set a predetermined price level at which to automatically exit a losing trade. This technique also enhances your discipline and confidence. To make it work, place your stop loss at a strategic price level based on 

, such as support or resistance levels, trend lines or moving averages. Be careful not to set your stop loss too close or far from your entry price. A general rule of thumb is to avoid placing it less than 1%, or over 10%. As the market moves in your favor, consider moving your stop loss to break-even or a profitable position using a trailing stop loss.

One powerful technique is to capitalize on a sudden and significant surge in the price of a cryptocurrency asset caused by the forced liquidation of short sellers. This approach offers several advantages, including the ability to profit from sharp and swift price movements, exploit the vulnerability and panic of short sellers, and anticipate and confirm a downtrend reversal. 

To utilize this method, begin by identifying a crypto asset with high short-interest and low liquidity. Wait for a positive catalyst or strong bullish signal that can trigger a short squeeze before buying the asset and setting a tight stop-loss and high target price. Exit the trade once the short squeeze ends, or when the market displays signs of exhaustion or reversal.

How to Use Crypto Portfolio Management Tools to Limit Risks

Besides using trading techniques, you can also implement various tools to help you manage your crypto portfolio and limit your risks. Some of the main types of tools are as follows.

These tools help you analyze price movements and trends in the crypto market using mathematical formulas, algorithms or patterns. They can help you to:

Some examples of technical analysis tools are as follows:

These are tools that help you manage your crypto portfolio and optimize your performance using various features and functions. They can help you to:

Some examples of portfolio management tools are as follows.

Crypto trading is a rewarding but risky activity that requires proper risk management. By following the tips and techniques discussed above, you can reduce your risk and increase your chances of success in the crypto market.

Remember that risk management isn’t a one-time event, but rather an ongoing process that requires constant monitoring and adjustment. Therefore, keep learning and improving, and adapting to the changing market conditions.

Now that you are familiar with risk management, you can take this chance to 

 and take weekly quizzes to win a share of the 3,000 USDT prize pool! The event runs from Oct 9, 2023, 1PM UTC to Dec 17, 2023, 1PM UTC. Make sure not to miss this exciting opportunity to win great prizes!

Crypto Trading Risk Management: How to Mitigate Risk Exposure

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards