Glassnode가 공개 한 Mantra의 OM 토큰의 충돌로 이어지는 이벤트

블록 체인 감시 플랫폼 Glassnode는 체인에 발생한 사건을 공개했습니다.

Blockchain surveillance platform Glassnode has revealed events that occurred on-chain, leading to the crash of Mantra’s OM token.

블록 체인 감시 플랫폼 Glassnode는 체인에 발생한 사건을 공개하여 Mantra의 OM 토큰의 충돌로 이어졌습니다.

In a recent commentary, blockchain analytics platform Glassnode presented important information around the dramatic collapse of Mantra’s OM token, which nosedived 98% on April 13, 2025, in under an hour.

최근의 논평에서 블록 체인 분석 플랫폼 Glassnode는 2025 년 4 월 13 일에 98%가 1 시간 안에 98%를 모았던 Mantra의 OM 토큰의 극적인 붕괴와 관련하여 중요한 정보를 제시했습니다.

While the crash has already triggered massive losses for investors, Glassnode’s latest report highlights what happened behind the scenes using behavioral metrics such as exchange flows, holder concentration, realized capitalization, and user activity.

충돌로 인해 이미 투자자에게 큰 손실이 발생했지만 Glassnode의 최신 보고서는 Exchange Flows, Holder 농도, 실현 자본화 및 사용자 활동과 같은 행동 지표를 사용하여 무대 뒤에서 발생한 일을 강조합니다.

Price Collapse and Exchange Behavior

가격 붕괴 및 교환 행동

According to Glassnode’s data, OM’s price dropped sharply below the $1 mark within a few hours, leading to panic across the market. However, despite this rapid decline, there were no major token inflows to centralized exchanges in the 10-minute time frame ahead of the crash.

Glassnode의 데이터에 따르면 OM의 가격은 몇 시간 내에 1 달러 아래로 급격히 하락하여 시장 전체의 공황이 발생했습니다. 그러나 이러한 급격한 감소에도 불구하고 충돌하기 전에 10 분 동안 중앙 집중식 거래소에 대한 주요 토큰 유입은 없었습니다.

"Looking at exchange flows (10-minute resolution), we see no major inflows before the collapse. The largest spike comes after the crash – ~38M $OM at $0.71 on April 14, 08:20 UTC – suggesting reactionary moves, likely retail panic or opportunistic trading."

"교환 흐름 (10 분 분해능)을 살펴보면 붕괴 전에 큰 유입이 보이지 않습니다. 가장 큰 스파이크는 충돌 후-4 월 14 일 08:20 UTC에서 $ 0.71로 ~ 38m $ OM-반동 동작, 아마도 소매 공황 또는 기회 거래를 제안합니다."

Interestingly, the platform found no major token inflows to centralized exchanges before the collapse, suggesting that the initial crash was not preceded by whales or insiders trying to offload positions en masse.

흥미롭게도, 플랫폼은 붕괴 전에 중앙 집중식 거래소에 주요 토큰 유입이 없음을 발견했으며, 이는 초기 충돌이 고래 나 내부자가 대량 위치를 오프로드하려는 고래 또는 내부자가 앞에 올랐음을 시사합니다.

"This pattern strongly indicates a reactionary wave of panic selling, likely from retail investors or opportunistic traders seeking to unload or trade during the volatility."

"이 패턴은 변동성 중에 언로드 또는 거래를 원하는 소매 투자자 나 기회주의 상인의 반동적 인 공황 판매의 물결을 강력하게 나타냅니다."

On the other hand, exchange outflows surged shortly after OM hit its bottom. Glassnode interprets this behavior as potentially resulting from users withdrawing tokens post-liquidation, taking advantage of cheap buys, or exchanges minimizing exposure due to liquidity risk.

반면에 OM이 바닥에 닿은 직후 교환 유출이 급증했습니다. Glassnode는이 동작을 액체화 후 토큰을 철회하거나 저렴한 구매를 활용하거나 유동성 위험으로 인해 노출을 최소화하는 교환으로 인해이 행동을 잠재적으로 해석합니다.

Shifting Holder Concentration and Realized Cap Movements

홀더 농도 변화 및 실현 된 캡 움직임

Before the crash, the percentage of OM supply held by the top 1% dropped modestly, from around 96.4% to 95.6%. Glassnode stressed that while this dip isn’t record-breaking, it is significant, given the token’s extremely concentrated supply structure.

충돌 전에 상위 1%가 보유한 OM 공급 비율은 약 96.4%에서 95.6%로 완만하게 하락했습니다. Glassnode는이 딥이 기록적인 것은 아니지만 토큰의 매우 집중된 공급 구조를 고려할 때 중요하다고 강조했습니다.

"This metric excludes known team, contract, and centralized exchange wallets, implying that either large non-team holders recirculated their tokens or that liquidation events forcibly dispersed holdings."

"이 메트릭은 알려진 팀, 계약 및 중앙 집중식 교환 지갑을 제외하고, 대형 비 팀 보유자가 토큰이나 청산 이벤트를 강제로 분산 시켰음을 암시합니다."

This slight reduction in concentration might reflect growing unease among big players or signals of internal rebalancing, but it wasn’t enough to trigger early red flags, making the crash more difficult to anticipate.

이러한 농도의 약간의 감소는 큰 플레이어들 사이에서 불안이 증가하거나 내부 재조정 신호를 반영 할 수 있지만, 초기 붉은 깃발을 유발하기에는 충분하지 않아 충돌이 더 어려워지기가 충분하지 않았습니다.

Further, OM’s realized capitalization, a measure of the aggregate cost basis of all holders, plummeled by $740 million (20%) between April 13, 18:30 UTC and April 14, 03:10 UTC. This kind of value loss, especially within a short window, shows signs of large-scale liquidations or forced selling.

또한, OM은 4 월 13 일, 18:30 UTC와 4 월 14 일 UTC 사이에 7 억 7 천만 달러 (20%)에 달한 모든 소지자의 총 비용 기준의 척도 인 자본화를 실현했습니다. 이러한 종류의 가치 손실, 특히 짧은 창 내에서 대규모 청산 또는 강제 판매의 징후를 보여줍니다.

Notably, the sharp reset of the cost basis suggests that holders were exiting at losses en masse, confirming that the event was not just a typical correction.

특히, 비용 기준의 급격한 재설정은 소지자가 대량 손실로 빠져 나와 이벤트가 전형적인 수정이 아니라는 것을 확인했음을 시사합니다.

Network Activity Spikes and LTH Movements

네트워크 활동 스파이크 및 LTH 움직임

Meanwhile, Glassnode confirmed that a massive increase in on-chain activity accompanied the price collapse. Transfers of OM tokens skyrocketed, hitting a peak of 1,400 transactions within 10 minutes. Before this, activity had remained relatively flat, and it tapered off shortly after the peak.

한편, Glassnode는 온쇄 활동의 대규모 증가가 가격 붕괴와 동행했음을 확인했습니다. OM 토큰의 전송이 급증하여 10 분 안에 1,400 개의 거래를 기록했습니다. 그 전에는 활동이 비교적 평평하게 유지되었으며 피크 직후에 테이퍼링되었습니다.

Similarly, the number of active addresses surged during the crash, topping out at 574. This indicates that the panic was not limited to a handful of addresses but rather a broad set of participants across the network. Such a widespread reaction points to the idea of a systemic shock rather than a coordinated dump by a few wallets.

마찬가지로, 충돌 기간 동안 활성 주소의 수는 574 년에 급증합니다. 이는 공황이 소수의 주소가 아니라 네트워크 전반에 걸쳐 광범위한 참가자 세트로 제한되어 있음을 나타냅니다. 이러한 광범위한 반응은 몇 지갑에 의한 조정 된 덤프보다는 전신 충격에 대한 아이디어를 가리 킵니다.

This rise in transfer count was mirrored in $OM's active address count, indicating a broader participation, peaking at 574 active addresses. These figures suggest that the #MantraOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOmOm

이 전달 수의 증가는 $ OM의 활성 주소 수에 반영되었으며, 574 개의 활성 주소로 정점에 달하는 Brooder 참여를 나타냅니다. Thigures는 #mantraomomomomomomomomomomomomomomomomom을 제안합니다 Manyomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomom 모은 모모 메모 omomomomomomom 양은 omomomomomomomomomomomomomoraomomomomomomomomomomomomomomomomomomomomoraomomomomomomomomomomomomomomomomomomomomomoraomomomomomomomomomomomomomomomomomomomomomom Backomomomomomomomomomomomomomomomomomomomomomomom Manyomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomommomomomomomomommomomomomomomomomomomomomomomomomomomomommomomomomomomomomomomomomomomomomomom 모은 마모마보다 우선합니다 OmomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomoMomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomom 모모인지 recumomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomom momomomomomomom molyomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomomom 모모 메모 모모 메모 맨