Glassnode Report Reveals What Really Crashed Mantra
Mantra (OM) saw a sudden and dramatic price crash recently, drawing widespread attention across the crypto community.
While speculation initially pointed to early investors cashing out, blockchain analytics firm Glassnode attributes the plunge to broader market pressures and panic selling.
According to Glassnode, large holders—commonly referred to as whales—began offloading OM tokens just before the drop, sparking a chain reaction among smaller investors. This led to forced liquidations and accelerated the decline.
Data shows the concentration of OM supply held by the top 1% of wallets fell from 96.4% to 95.6%, confirming that even major holders were selling. However, Glassnode emphasizes these sellers were not early backers of the project.
Increased on-chain activity also suggests panic-driven exits, with a noticeable rise in OM token transfers during the sell-off. The Mantra CEO has hinted at possible market manipulation on a specific exchange, though no names were mentioned.
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
