Institutions (105)

Cycles and narratives have always been central topics in the global crypto market. In the past, the industry often looked to the Bitcoin halving to track cycles, and explored major narrative directions. However, following the approval of Bitcoin and Ethereum spot ETFs, the crypto market has become highly coupled with the global financial market, and the variables affecting the crypto market's movements are increasing.

Cycles and narratives have always been core topics in the global crypto market. Historically, the industry often referenced Bitcoin halving cycles to gauge trends and uncover major narratives. However, with the approval of Bitcoin and Ethereum spot ETFs, the crypto market has become highly coupled with global financial markets, and the variables affecting crypto market trends are increasing.

Cycles and narratives have always been central to the global crypto market. In the past, the industry often referenced Bitcoin halving events to perceive market cycles while exploring major narrative trends. However, with the approval of Bitcoin and Ethereum spot ETFs, the crypto market has become more closely coupled with global financial markets, leading to an increase in the variables that influence market trends.

Authored by Kiwi Yao, researcher @OKX Ventures and repurposed by Kelvin Lam, CFA TON ecosystem and industry analysis report Introduction In 2018, Telegram introduced TON (The Open Network), emerging as one of the prominent Layer-1 solutions in the cryptocurrency space. With its native token $TON currently holding a significant position in market capitalization, driven by user engagement and a thriving ecosystem, TON has garnered substantial attention. OKX Ventures has conducted extensive research on the TON network, delving into its intricacies and identifying key areas for future growth within the ecosystem.

Amid high volatility, it’s crucial to gain clearer insights into market cycles and identify emerging narrative trends for the future. As innovation storytellers, investment institutions are typically at the forefront with their keen sense of perception. With this in mind, OKX has launched Crypto Evolution, a series inviting leading global crypto investment institutions to discuss topics such as market cycles, the direction of new narratives, and trending niche sectors, offering their insights to spark further discussion.

Summary Cycles and narratives have always been central topics in the global crypto market. Historically, the industry has often used Bitcoin halving events as reference points to perceive cycles and explore major narrative trends. However, with the approval of Bitcoin and Ethereum spot ETFs, the crypto market is becoming increasingly intertwined with the global financial market, introducing more variables that affect its trajectory.

At OKX, our focus is to offer our institutional clients more transparency and more control over their funds, while balancing capital efficiency, cost, and security. Together with clients and industry stakeholders, we're expanding our custody solutions to better serve the needs of institutions.

Welcome to our monthly OKX Institutions recap, going over our latest product launches and metrics. You'll see, on both fronts, the year has started on a roll for us. Let's dive in. In summary --------

## 1. How futures spreads are traded in crypto Spread trading involves taking two futures positions in opposite directions: one long, one short. The idea is to make money off the price difference betw