This week was packed with high-stakes action across the crypto world. RWA giant MANTRA (OM) surprised investors with a 92% decline, while Tether doubled down on decentralizing mining. Over the past month, Ethereum, Cardano, and Dogecoin have all posted double-digit losses, while Bitcoin has held steady near $84,000. Meanwhile, Arbitrum hit a major DeFi milestone, and Bitwise expanded access to crypto Exchange-Traded Products (ETPs) in London. If you missed anything, here’s a quick catch-up on the stories everyone’s talking about.
OM Token Implodes 92% in 6 Hours, Sparking Panic and Outrage
The OM token collapsed over 92% in hours, dropping from $6.40 to $0.57 and wiping out $6 billion in market cap. Mantra co-founder John Mullin blamed reckless exchange-triggered liquidations, while on-chain data showed 43M+ tokens moved to exchanges before the crash. Panic selling followed, fueling mass liquidations and sparking accusations of rug pulls. Investors were further alarmed when Mantra’s social media accounts vanished, raising serious concerns about transparency, token control, and trust in the project’s future.
Tether Backs OCEAN Pool to Decentralize Bitcoin Mining
Tether is teaming up with OCEAN, a mining pool led by Bitcoin Core developer Luke Dashjr, to fight centralization in Bitcoin mining. By deploying its hashrate through OCEAN’s DATUM protocol, Tether gives miners more control over their block creation, boosting censorship resistance and decentralization. The move aligns with Tether’s push into renewable-powered mining in Latin America and financial inclusion efforts in Africa. As one of Bitcoin’s largest holders, Tether’s support could shift mining power away from dominant centralized pools.
Pi Network Risks 55% Crash Amid Token Unlock Pressure
Pi Network is under severe pressure after slipping below a key support level, with analysts warning that the price could drop another 55%. The main concern is massive token unlocks. Over 1.5 billion Pi tokens are set to hit the market this year, yet demand remains weak, partly because Pi isn’t listed on major exchanges like Binance or Coinbase. The selling pressure could intensify unless the team changes its tokenomics or adds a burn mechanism. Technical patterns also point to a deeper fall ahead.
Bitwise Lists Four Crypto ETPs on the London Stock Exchange
Bitwise has listed four Germany-issued crypto ETPs on the London Stock Exchange, including products for Bitcoin and Ethereum staking, expanding institutional access to European digital assets. The launch follows Bitwise’s 2024 acquisition of ETC Group and includes standout products such as BTC1, Europe’s most cost-efficient Bitcoin ETP, and BTCE, the region’s most liquid Bitcoin ETP. While ZETH and ET32 have seen sharp declines in 2025, they remain key tools for pros seeking diversified crypto exposure with regulatory backing and institutional-grade custody.
Bitcoin Dominance Hits 3-Year High as Altcoins Struggle
Bitcoin’s market dominance has climbed to 63% — its highest since early 2021 — as investors retreat from struggling altcoins and seek safety in BTC. Over the past month, Ethereum, Cardano, and Dogecoin have all posted double-digit losses, while Bitcoin has held steady near $84,000. Analysts say the shift signals a risk-off mood, with cautious sentiment driving money back to crypto’s most established asset. While some smaller tokens are still spiking, the broader market remains wary and focused on Bitcoin.
ETH/BTC: Ethereum Slumps vs Bitcoin, Could Hit All-Time Low
Ethereum is struggling against Bitcoin, with the ETH/BTC ratio dropping to 0.0186 — its lowest level since January 2020 and down 80% from its 2020 peak. The charts paint a grim picture, showing a death cross, bearish RSI momentum, and an inverse cup and handle pattern. Investors are losing faith in ETH as BTC becomes a stronger store of value. Increasing competition from Layer 1 and Layer 2 chains, such as Base and Arbitrum, is also diverting capital away from Ethereum. Further downside is likely.
HashKey Launches Asia’s First XRP Tracker Fund Backed by Ripple
HashKey Capital has launched Asia’s first XRP Tracker Fund, backed directly by Ripple and aimed at professional investors who want exposure to XRP without managing wallets or private keys. Investors can buy in monthly using cash or in-kind assets. Ripple’s anchor investment signals growing confidence in XRP, especially with talk of future ETFs heating up. The fund could pave the way for an XRP ETF within two years as institutional interest and regulatory clarity continue to grow across Asia.
BNB Chain Revamps $100M Incentive Program with Direct Token Investments
BNB Chain has revamped its $100 million incentive program to better support native projects. Instead of offering liquidity after centralized exchange (CEX) listings, the BNB Chain Foundation will now directly purchase at least $100,000 worth of tokens from selected BNB Chain-native projects that pass strict on-chain checks. The change follows a three-week pilot and community feedback, which showed that the old model had little impact. With weekly purchase updates and a focus on transparency, BNB aims to drive meaningful growth across its Web3 ecosystem.
Arbitrum Tops $300B in Uniswap Volume, Leads the Layer 2 Race
Arbitrum just hit a major milestone, surpassing $300 billion in Uniswap trading volume — the highest among all layer 2 networks. Known for cutting Ethereum gas fees and speeding up transactions, Arbitrum is now home to major DeFi players, including Aave, GMX, and SushiSwap. Its user activity surged over 40% this month, boosted by upgrades like Operation Slowmo and zkVerify. With strong developer traction and steady innovation, Arbitrum is solidifying its lead in the race to scale Ethereum.
