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

Explainers

Altcoins

Libra is a Solana-based meme coin that was promoted as a funding tool for Argentina's small businesses and innovative projects. Learn more here.

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, the rise and fall of the LIBRA token in February 2025 stands as one of the most dramatic episodes in recent memory. In a matter of hours, the Solana-based LIBRA token collapsed from a $4.5 billion market cap to nearly zero.

This article explores the Libragate fiasco, its connection to Argentina's government, the ripple effects across crypto markets and the critical lessons for investors navigating the unpredictable world of meme coins.

 that was promoted as a funding tool for Argentina's small businesses and innovative projects. It gained international notoriety in February 2025 after being endorsed by Argentine President Javier Milei, shortly before its catastrophic price collapse.

, LIBRA’s creators attempted to distinguish it from typical 

 by claiming a legitimate economic purpose. Unlike most meme coins, which are driven purely by internet phenomena or celebrity influence, LIBRA positioned itself as a financial instrument to support Argentine entrepreneurs.

The token had a maximum supply of 1 billion tokens, with distribution as follows:

Several entities were involved in LIBRA's creation, including 

, headed by CEO Julian Peh; and the Solana-based platform 

 is a form of securities fraud, whereby bad actors artificially inflate an asset's price through false statements, misleading recommendations or coordinated buying (the "pump") before selling their holdings at the inflated price (the "dump"), leaving unsuspecting investors with worthless assets.

In a typical crypto pump-and-dump, perpetrators acquire large amounts of a low-value token before spreading exaggerated claims about its potential, or securing high-profile endorsements. Once enough investors buy in and drive up the price, the original holders rapidly sell their positions, causing the price to collapse.

Key warning signs include promises of extraordinary returns, sudden price spikes, celebrity endorsements without substantive backing and suspicious liquidity patterns — all of which were present in the case of the LIBRA meme coin.

Libragate began months before its explosive collapse in February 2025. In October 2024, Argentine President Javier Milei met with representatives from KIP Protocol, who expressed interest in developing a blockchain project called "Viva La Libertad" to finance private ventures in Argentina.

On Jan 30, 2025, Milei held another meeting at Casa Rosada (the official workplace of the president of the Argentine Republic) with Hayden Davis of Kelsier Ventures, who was introduced as a technology infrastructure partner for the project. This meeting was documented publicly, with Milei posting about their "very interesting chat" regarding blockchain technology applications in Argentina.

The critical moment came on Feb 17, 2025, when Milei promoted the LIBRA coin on his official X account, describing it as a private project dedicated to "encouraging the growth of the Argentine economy by funding small Argentine businesses and startups." The post included the project’s website and contract address.

What happened next raised serious red flags. According to blockchain analytics firm TRM Labs, suspicious activity occurred 20 minutes before Milei's announcement, when an address received 1 million LIBRA tokens and added them to a Meteora liquidity pool. Following the president's endorsement, LIBRA’s price skyrocketed to $0.75 per token, reaching a market capitalization of $4.5 billion.

The euphoria was short-lived. Within hours, wallets linked to the LIBRA team withdrew approximately $87 million in SOL from liquidity pools, causing the token's price to crash nearly 90%. Milei quickly deleted his promotional post and denied prior knowledge of the project as fraud allegations mounted.

 confirmed that team wallets had systematically drained liquidity, while 

 reported that only 14% of LIBRA investors made profits (collectively $180 million), while 86% lost a total of $251 million. Two wallets that purchased and sold LIBRA within a 43-minute window collectively profited $5.4 million.

The fallout was immediate. Argentina's stock market dropped more than 5% on Feb 18, 2025, and political opponents called for Milei's impeachment. Meanwhile, Kelsier’s Davis claimed in an interview that he was "sitting on $100 million" following LIBRA's launch, but insisted the money was "Argentina's."

The Impact of Libragate on the Crypto Market

Libragate sent shockwaves throughout the cryptocurrency ecosystem, particularly affecting market perceptions of meme coins. High-profile crypto venture capitalist Nic Carter 

 that "memecoins [sic] are cooked" following the incident, arguing that Libragate provided "clear proof" that retail investors had been playing a rigged game all along.

While inherently speculative, meme coins have been viewed as holding transparent launches so regular investors could participate on relatively equal terms with early backers. Libragate, along with other celebrity token launches, revealed that this perceived fairness is likely an illusion.

In the month following Libragate, Solana-based token deployer 

 saw new token launches drop by 59%, from a record 71,735 on Jan 23, 2025 to just 35,152 by Feb 19, 2025 according to 

Beyond meme coins, Libragate has raised serious questions about political figures endorsing cryptocurrencies. Coming shortly after U.S. president Donald Trump and his wife, Melania Trump, launched their own tokens, the scandal heightened concerns about conflicts of interest among government officials.

Protecting Yourself From Similar Incidents

As Libragate demonstrates, even tokens endorsed by heads of state can be vehicles for fraud. Here are some critical strategies to help you protect yourself from similar incidents.

 before investing in any cryptocurrency, especially meme coins. Research the team behind the project, verify their backgrounds and look for transparency regarding token distribution and liquidity controls. Look for the project’s white paper, and for documents explaining the project’s features and verifying its token supply. Anonymous teams or those with questionable track records should immediately raise caution flags.

Be extremely wary of tokens that rely heavily on celebrity endorsements or political figures, rather than sound tokenomics and utility. LIBRA's main selling point was its association with President Milei, rather than any technological innovation or practical use cases.

Watch for suspicious on-chain activities before and after launches. In the case of the LIBRA meme coin, wallet activities just 20 minutes before the official announcement indicated coordinated insider moves. Analytics tools, such as Nansen, Bubblemaps and 

Pay close attention to liquidity patterns and token distribution. Concentrated ownership among a few wallets can enable price manipulation. In LIBRA's case, team wallets systematically withdrew liquidity shortly after the LIBRA coin’s price peaked.

Diversify your crypto investments. Never allocate more than you can afford to lose, especially to speculative assets like meme coins. As shown by the case of LIBRA — when 86% of investors lost money — these types of assets can quickly drop to nearly zero in value.

If you’re seeking safer exposure to digital assets, consider time-tested cryptocurrencies with established track records, larger market capitalizations and higher liquidity. 

While no cryptocurrency is entirely risk-free, established projects typically have more robust infrastructure and community oversight.

Always be cautious of projects promising exceptional returns or revolutionary economic impacts without clear technical road maps or transparent governance structures. If claims seem too good to be true, they usually are.

The “Viva La Libertad Project,” which was supposedly designed to help Argentine businesses, ended with investors losing millions of dollars worth of Argentine pesos, Argentina's stock market tumbling and calls for Argentine president Milei's impeachment.

As debates continue about whether Libragate marks the end of the meme coin era, or just a painful evolution, the event serves as a potent reminder that thorough research and caution remain essential, regardless of who “endorses” a project.

This article is for informational purposes only. Cryptocurrency investments carry significant risks. Always 

, and consider consulting with financial professionals before investing in digital or any other types of assets.

Libra (LIBRA): The Meme Coin Fiasco That Shook the Crypto World

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