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

17 Mar 2025 Weekly Newsletter.png

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

block-scholes-x-bybit-report.jpeg

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

binaryx crypto.png

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.

bybit pay.png

How to use Bybit Pay for effortless payments

Bitcoin NFTs are non-fungible tokens on the Bitcoin blockchain. They are created through an inscription process using the Ordinals protocol. Find out more here.

Screenshot_2023-03-28_at_5.02.53_PM.png

, are digital assets that can be bought, sold and collected in the same way as cryptocurrencies. These digital assets are tokenized on a blockchain, and may be drawings, digital creations, music, in-game assets or many other items. Each NFT is unique, giving it rarity and value. While many blockchains support NFT creation, the 

 blockchain wasn’t specifically designed with this purpose in mind. Instead, it was created as a secure ledger for peer-to-peer transactions. However, Bitcoin’s developers have been working tirelessly to enhance the blockchain’s functionality with NFTs, and they’ve made great progress.

Bitcoin NFTs have been made possible through several upgrades to the blockchain over the last few years, including 

 and various Layer 2 payment channels. These upgrades have standardized the appearance of complex transactions and scrambled signatures so that they’re more difficult to identify, thus expanding the blockchain’s capabilities and condensing the size of transactions. 

Bitcoin NFTs were enabled by the launch of the Ordinals protocol in January 2023. A month later, Yuga Labs announced the launch of its Bitcoin NFTs collection, 

. Notably, Bitcoin NFTs are also referred to as Bitcoin Ordinals and Ordinal NFTs.

Each Bitcoin NFT has an inscribed satoshi featuring a unique serial number. Therefore, each satoshi has an individual identity which allows it to be exchanged and tracked.

In order to create a Bitcoin Ordinal, you must access 

 and sync to a Bitcoin node. Then, you create an 

 and fund it with satoshis. The “ord” client must be installed on the Bitcoin node in order to inscribe the satoshis and make the Ordinal NFTs. An alternative method is to create a Bitcoin NFT by using 

, both of which support this activity without using code. 

Ordinals are comparable to NFTs as digital assets. However, they stand apart with inscriptions on a satoshi, Bitcoin’s smallest denomination. Inscriptions on satoshis became possible because of Bitcoin’s 2021 launch of the Taproot upgrade. 

While NFTs can be purchased on a variety of platforms, Ordinals are currently only available on Discord, Telegram and other select marketplaces. Bitcoin Ordinals have dramatically increased in popularity in a relatively short period of time. In fact, roughly 

 were inscribed by Feb 28, 2023. This number has since increased to 

When a Bitcoin NFT is inscribed, its content data is written into an authenticating signature within the specific Bitcoin transaction. This authentication signature (or “witness”) was made possible through the SegWit upgrade in 2017. Inscriptions are on-chain and utilize the Ordinals protocol, as opposed to most other NFTs, which are “off-chain.” The Ordinals protocol assigns a unique serial number to each NFT. 

Why Are Bitcoin NFTs Rising in Popularity?

Within weeks after their launch, there were several hundred thousand Bitcoin NFTs on the blockchain, a number that grows by the day. This attests to the strong appeal of Bitcoin NFTs and the pent-up demand for them. Ordinals use Partially Signed Bitcoin Transaction technology (

 are completed without an intermediary for a 2.7% market fee. Soon, the creators of Bitcoin NFTs will benefit from a 4.2% royalty fee,  which will likely result in their continued rise in popularity.

The crypto community has been abuzz since the launch of Bitcoin NFTs, but not all of the attention has been positive. Since its founding in 2009, the Bitcoin blockchain has been used primarily for Bitcoin transactions. Some reasons for this are its unique network structure and limited block size. 

While there is considerable excitement in the crypto community about Bitcoin NFTs, some critics worry about their impact on block space and Bitcoin transactions. Because some NFTs are games, audio clips and images, the file sizes may be considerably larger than those of files for financial data. With greater demand for block space, critics are concerned that confirmation time for a Bitcoin transaction will increase.

Opponents of Bitcoin NFTs argue that all satoshis must be valued equally. As the smallest unit of Bitcoin’s currency, their equality supports a fundamental trait of money. Bitcoin NFTs, however, use this smallest unit for inscriptions, which give each NFT its uniqueness and rarity. The value of each Bitcoin NFT is unique, rather than equal, which places the fungibility of Bitcoin in question.

Until the recent launch of Bitcoin NFTs, the average block size on Bitcoin’s blockchain was 1.5 MB, a figure that was shattered with a block size of 4 MB after the launch. Some members of the Bitcoin community are concerned that the costs and requirements of running a blockchain node may skyrocket because of such large transactions. However, supporters of Bitcoin NFTs say that the blocks need to be full in order to maintain the security of the Bitcoin network. While the fees may increase, these supporters say that a more secure network is worth the cost.

The new Bitcoin NFTs stand apart from Ethereum NFTs and others in several key ways. For example, Bitcoin NFTs are on-chain digital artifacts that are authentic and unique. Through the Ordinals protocol, the inscriptions on Bitcoin NFTs are immutable. In addition, the full data file of Bitcoin NFTs is on the blockchain, as compared to Ethereum NFTs, which are off-chain and may be altered or deleted because the metadata for an Ethereum NFT usually includes a link to the file, rather than the file itself. In order for NFTs on the Ethereum blockchain to be immutable, they must be audited.

Moreover, Bitcoin NFT fees are based on the size of the file, and the content can never be lost. However, because Ethereum NFTs are off-chain and stored on the 

, their content may be lost. Another important distinction is that PSBT enables Bitcoin NFTs to be exchanged without a third party. Ethereum NFTs, on the other hand, are exchanged using intermediary platforms with unlimited permission.

Bitcoin NFTs can only be purchased and sold with wallets that are compatible with Taproot. These include 

 and the Ordinals Wallet. It’s important to remember that NFT markets are peer-to-peer unregulated markets, and their users are subject to scams. Because of this, all Bitcoin NFTs trades should be carefully monitored.

While you do need to pay close attention while trading Bitcoin NFTs, the process is relatively simple. You can choose to do it over dedicated Bitcoin Ordinals Discord servers, which may be slightly riskier, or on Bitcoin NFT marketplaces such as the Magic Eden Bitcoin NFT marketplace, 

 is one of the latest NFT marketplaces to join the bandwagon in offering the sale of Bitcoin Ordinals. 

 on Mar 22, 2023, following the surge in popularity of Bitcoin NFTs. To trade Bitcoin Ordinals on Magic Eden, simply connect a compatible wallet and browse through the Bitcoin NFT collections available.

Magic Eden is looking to expand its support beyond just secondary sales of Bitcoin Ordinals. With future tools in development, creators will soon be able to easily mint or inscribe Bitcoin NFTs. 

Bitcoin Ordinals aren’t the first attempt at NFTs on the Bitcoin blockchain, but they stand out because of their inscriptions on satoshis. The file for a Bitcoin NFT lives on the blockchain, and this makes them a novel item in the NFT world. Many people see Bitcoin NFTs as the future because they’re on-chain. However, because of the novelty of Bitcoin NFTs, there isn’t a dedicated NFT market for them yet. In addition, the royalty structure is still being developed, and other developments are in the works. This gives other existing blockchains a leg up. 

Nonetheless, some people believe that many Ethereum NFT projects will bridge to the Bitcoin network in the future. In addition to the use of inscriptions on Bitcoin NFTs, these non-fungible tokens may be viewed as more legitimate because of the unrivaled reputation and dominance of Bitcoin. While there is controversy surrounding Bitcoin NFTs today, such concerns may reasonably be addressed by developers going forward. With this in mind, Bitcoin NFTs may be a solid investment.

Ethereum and other popular blockchains have supported NFTs for years, establishing infrastructure and NFT marketplaces. However, Bitcoin has until recently remained a ledger-based blockchain. The new Bitcoin NFTs stand apart from the other NFTs in exciting ways. Their use of the Ordinals protocol and their other standout features are positioning Bitcoin NFTs for the future with their novel, on-chain non-fungible tokens.

Bitcoin NFTs: What Are Ordinal NFTs & How Do They Work?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards