This Week in Crypto: RWA Giant MANTRA (OM) Collapses 92%, Tether Doubles Down on Decentralizing Bitcoin Mining

This week was packed with high-stakes action across the crypto world. RWA giant MANTRA (OM) surprised investors with a 92% decline

The world of crypto continues to spin at a rapid pace, and this week was no exception. We saw surprising lows hit as RWA giant MANTRA (OM) crashed 92% in a six-hour span, wiping out billions in market cap. On the other hand, Tether announced its partnership with OCEAN to decentralize Bitcoin mining, putting a spotlight on the industry’s shifting dynamics.

If you're looking for a quick catch-up on the stories everyone's talking about, here's a summary of the week's hottest topics:

1. OM Token Collapses 92% in 6 Hours, Sparking Panic and Outrage

The OM token, linked to the renowned RWA project MANTRA, has collapsed over 92% in a six-hour period, dropping from $6.40 to $0.57 and wiping out $6 billion in market cap. Mantra co-founder John Mullin attributed the crash to reckless exchange-triggered liquidations, while on-chain data revealed that 43M+ tokens were moved to exchanges ahead of the crash. Panic selling followed, leading to massive liquidations and sparking accusations of rug pulls.

Furthermore, Mantra's social media accounts have vanished, leaving investors in the dark and fueling rumors of an exit scam. The situation unfolded rapidly, with a single day seeing a 78% price decrease and the token falling below a critical support level. As panic set in, investors began frantically selling, ultimately causing the token to plummet to $0.57.

2. Tether Backs OCEAN Pool to Decentralize Bitcoin Mining

Tether is teaming up with OCEAN, a mining pool developed by Bitcoin Core developer Luke Dashjr, to counter the threat of centralization in Bitcoin mining. By deploying its hashrate through OCEAN's DATUM protocol, Tether will enable miners to have greater control over their actions and contribute to a more decentralized ecosystem.

This initiative builds upon Tether's previous announcement to invest $1 billion in renewable-powered bitcoin mining in Latin America and its commitment to financial inclusion in Africa. As one of Bitcoin's largest holders, Tether's support could shift a significant portion of mining power away from dominant centralized pools like Antpool and poolin.

3. Pi Network Risks 55% Crash as Token Unlocks Pressure Mount

Pi Network is facing 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. The price has broken critical support at $0.1, setting the stage for a decline to $0.05, a 55% decrease from the current level.

4. Bitwise Expands Access to Crypto ETPs in London with Four New Listings

Bitwise has listed four Germany-issued crypto ETPs on the London Stock Exchange, 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.

The new listings are:

• BTC1 (DE000A284438): A physically backed Bitcoin ETP offering low total expense ratio (TER) and same-day settlement in British sterling.

• BTCE (DE000A284446): Providing efficient and seamless access to the Bitcoin market with high trading volumes and sterling settlement.

• ZETH (DE000A284404): A multi-asset crypto ETP designed to offer broad exposure to the rapidly expanding digital asset universe.

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.

5. 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.

"It feels like there's a broader risk-off sentiment in the market," said Garrett Lee, managing partner at Triple Point Capital. "We'