導致Mantra的OM令牌崩潰的事件由GlassNode揭示

區塊鏈監視平台玻璃節揭示了發生在鏈上的事件

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

區塊鏈監視平台玻璃節揭示了發生在鏈上的事件，導致Mantra的OM令牌崩潰。

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.

在最近的評論中，區塊鏈分析平台玻璃節玻璃節介紹了有關Mantra的OM令牌的戲劇性崩潰的重要信息，該咒語的OM令牌崩潰了，該信息於2025年4月13日在一個小時內在2025年4月13日占98％。

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.

雖然崩潰已經引發了投資者的巨大損失，但GlassNode的最新報告突出了使用行為指標（例如交換流，持有人集中，實現的資本化和用戶活動）的幕後發生的事情。

Price Collapse and Exchange Behavior

價格崩潰和交換行為

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.

根據GlassNode的數據，OM的價格在幾個小時內急劇降至1美元以下，導致整個市場恐慌。然而，儘管迅速下降，但在撞車事件發生前的10分鐘時間內，沒有大量的令牌流入集中式交流。

"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."

“看一下交換流（分辨率為10分鐘），我們在崩潰之前沒有重大流入。最大的尖峰是在墜機事故後出現的 - 〜38m $ om $ om $ 0.71 $ 0.71，UTC 08:20 UTC-暗示反動移動，可能的零售恐慌或機會性交易。”

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.

有趣的是，該平台在崩潰之前沒有發現集中式交流的主要代幣流入，這表明最初的撞車事故沒有發生在鯨魚或內部人員試圖卸載位置的鯨魚或內部人員之前。

"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."

“這種模式強烈表明，恐慌銷售的反動浪潮可能來自散戶投資者或尋求在波動期間卸載或貿易的機會交易者。”

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.

另一方面，在OM撞到底部後不久，Exchange流出湧入。 GlassNode將這種行為解釋為可能導致的，因為用戶利用廉價購買或通過流動性風險而降低暴露量的交換來撤回令牌。

Shifting Holder Concentration and Realized Cap Movements

轉移持有人的濃度和實現的蓋帽運動

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.

在墜機事故發生之前，最高1％的OM供應百分比從96.4％降至95.6％。 GlassNode強調，雖然這種傾角並沒有破壞創紀錄，但考慮到令牌極為集中的供應結構，這是很重要的。

"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."

“該指標不包括已知的團隊，合同和集中式交換錢包，這意味著大型非團隊持有人會再循環其令牌，或者是被強行分散的持有的清算事件。”

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.

這種略微降低的集中度可能反映出大玩家的不安或內部重新平衡的信號，但這還不足以觸發早期的危險信號，從而使墜機更難預期。

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.

此外，OM的實現資本化是對所有持有人的總成本基礎的衡量標準，在4月13日UTC和4月14日，UTC的4月13日至18:30之間，UTC的總成本基礎為7.4億美元（20％）。這種價值損失，尤其是在短窗口中，顯示出大規模清算或強迫銷售的跡象。

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.

值得注意的是，成本基礎的急劇重置表明，持有人大批退出損失，證實該事件不僅是典型的校正。

Network Activity Spikes and LTH Movements

網絡活動尖峰和LTH運動

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.

同時，GlassNode證實，價格崩潰伴隨著鏈上活動的大量增加。 OM令牌的轉移猛增，在10分鐘內達到了1,400次交易的峰值。在此之前，活動保持相對平坦，峰值之後不久就會逐漸減少。

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.

同樣，墜機期間的活動地址的數量在574處高高。這表明恐慌不僅限於少數幾個地址，而是整個網絡中的大量參與者。如此廣泛的反應指出了系統性衝擊的想法，而不是幾個錢包的協調垃圾場。

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

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