OM令牌崩潰：揭露加密貨幣中更深的結構缺陷

在短短幾個小時內，OM的價格下降了90％以上，引發了廣泛的恐慌，並與Terra-Luna崩潰進行了不安的比較。

The sudden OM Token Crash on April 13 sent shockwaves through the crypto community. In just a few hours, the OM Price plummeted by over 90%, triggering widespread panic and drawing uneasy comparisons to the Terra-Luna collapse. But this wasn’t just another market dip, Bitget CEO Gracy Chen believes it exposed deeper structural flaws in crypto, especially around weekend liquidity. When fewer traders are active and order books are thin, even small sell-offs can spiral. Add in opaque governance and heavy token concentration, and you’ve got the makings of a major crash.

4月13日的OM令牌突然墜毀使Shockwaves通過加密社區造成了衝擊。在短短幾個小時內，OM的價格下降了90％以上，引發了廣泛的恐慌，並與Terra-Luna崩潰進行了不安的比較。但這不僅僅是另一個市場下降，Bitget首席執行官Gracy Chen認為它在加密貨幣中佔據了更深的結構缺陷，尤其是在周末流動性附近。當較少的交易者活躍並且訂購書籍稀薄時，即使是小的拋售也可能會螺旋式螺旋螺旋。加上不透明的治理和繁重的令牌集中，您已經發生了重大崩潰的可能性。

Liquidity Gaps and Insider Concerns Stir Market Anxiety

流動性差距和內部問題引起市場焦慮

On-chain data showed over 43 million tokens, worth about $227 million, flooding exchanges just before the OM Token Crash, with some batches linked to Laser Digital. This sparked serious concerns about insider dumping. However, when reached by email, Mantra CEO John Mullin stated that the project itself had nothing to do with the token crash. He attributed it to forced liquidations on a centralized platform, likely OKX, which in turn led to further selling pressure and ultimately triggered the crash. These events took place during fragile weekend hours when market depth was lacking. It’s a clear warning of how vulnerable the OM Price and overall trust can become when transparency is missing in action.

鏈上的數據顯示，在OM令牌崩潰之前，洪水交流價值超過4300萬個令牌，價值約2.27億美元，其中一些批次與Laser Digital有關。這引發了人們對內部傾銷的嚴重關切。但是，當通過電子郵件到達時，Mantra首席執行官John Mullin表示，該項目本身與令牌崩潰無關。他將其歸因於集中式平台上的強迫清算，這可能會導致進一步的銷售壓力並最終觸發了墜機。這些事件發生在缺乏市場深度的脆弱的周末。明確警告OM價格和整體信任在行動中缺失時會變得多麼脆弱。

While Mullin claims the project itself wasn’t selling tokens, the timing of the massive sell-off ahead of the crash does raise eyebrows. According to on-chain data, batches of OM tokens were sold throughout April, with smaller amounts starting in March. The selling activity varied in size, ranging from 3 million to 15 million tokens at a time, sold directly to major cryptocurrency exchanges. Some of the sellers were identified, including Laser Digital selling 14.8 million tokens on April 11 and 12, and a wallet linked to Bittrex selling 3 million tokens on April 9.

儘管穆林聲稱該項目本身並沒有出售代幣，但墜機事故前大規模拋售的時機確實引起了人們的注意。根據鏈上的數據，在整個4月份出售了一批OM令牌，從3月開始較少。銷售活動的規模不等，一次從300萬到1500萬個代幣不等，直接出售給主要的加密貨幣交易所。確定了一些賣家，包括4月11日和12日的Laser Digital銷售1480萬個令牌，以及與Bittrex相關的錢包，在4月9日出售300萬個令牌。

The events unfolded rapidly. On April 13, a large sell order for 4.38 million tokens at a price of $0.5 was filled on OKX, impacting the OM Price significantly. As the market reacted, another sell order for 10 million tokens at a price of $0.3 was detected, indicating a cascading effect as the sell-off unfolded. By noon, the OM had crashed to $0.15, a decline of over 75% from the previous day’s closing price.

事件迅速展開。 4月13日，OKX上以0.5美元的價格以438萬個代幣的賣出訂單，對OM價格產生了重大影響。當市場做出反應時，檢測到的另一項賣出訂單以1000萬美元的價格被檢測到0.3美元，表明隨著拋售的發展，級聯效應。到中午時分，OM墜毀至0.15美元，比前一天的收盤價下降了75％以上。

The rapid crash was attributed to a perfect storm of factors, including leveraged traders being liquidated, leading to a vicious cycle of selling pressure that cascaded through the market. The lack of liquidity during the weekend hours, especially in the lower price ranges, exacerbated the situation, allowing the sell-off to continue unchecked.

快速崩潰歸因於一場完美的因素風暴，包括被清算的槓桿交易者，導致在市場中級聯的銷售壓力的惡性循環。在周末，尤其是在較低的價格範圍內缺乏流動性，加劇了這種情況，從而使拋售能夠繼續不受限制。

Despite Mullin’s assertions that the project itself wasn’t selling tokens and that the events were related to liquidations on OKX, the timing and scale of the sell-off are still raising concerns among investors. As the investigation into the OM Token Crash continues, the events serve as a stark reminder of the complexities and interconnectedness of the crypto market, especially in times of extreme volatility and thin liquidity.

儘管穆林（Mullin）斷言該項目本身並沒有出售代幣，並且這些事件與OKX上的清算有關，但拋售的時機和規模仍在引起投資者的關注。隨著對OM令牌崩潰的調查繼續進行，這些事件迅速提醒了加密市場的複雜性和相互聯繫，尤其是在極端波動和較薄的流動性時期。

Coinbase Predicts Bear Market May Drag On Until Q3 of 2025 as Bitcoin Shows Signs of Stress

Coinbase預測熊市可能會拖延到2025年第三季度，因為比特幣顯示了壓力的跡象

Coinbase has predicted that the bear market may drag on until Q3 of 2025, contrasting with the view that the market downturn is nearing its end.

Coinbase預測，熊市可能會繼續前進到2025年第三季度，與市場衰退接近結束的觀點形成鮮明對比。

In its "Coinbase Beacon" report, the crypto exchange stated that Bitcoin (BTC) has shown signs of stress during weekends due to liquidity gaps, especially in lower price ranges. This observation comes amid a broader narrative of market fatigue and limited catalysts for a sustained bull rally.

加密交易所在其“ Coinbase Beacon”報告中指出，由於流動性差距，比特幣（BTC）在周末表現出壓力的跡象，尤其是在較低的價格範圍內。這一觀察結果是在更廣泛的市場疲勞和有限的催化劑的敘述中，持續的公牛集會。

Coinbase's prediction of the bear market extending until Q3 of 2025 is based on its analysis of historical market cycles and current macroeconomic trends. According to the exchange, bear markets in crypto typically last for 18 to 24 months, starting with a rapid decline in prices and trading volumes. This initial crash is often driven by a single catastrophic event, such as the collapse of a major protocol or a macroeconomic shock.

Coinbase對熊市的預測一直延伸到2025年第三季度，這是基於對歷史市場週期和當前宏觀經濟趨勢的分析。根據交易所的說法，加密貨幣的熊市通常持續18到24個月，從價格和交易量迅速下降開始。這種最初的崩潰通常是由一次災難性事件驅動的，例如主要協議的崩潰或宏觀經濟衝擊。

After the initial crash, bear markets usually transition into a period of ranging market activity, with prices bouncing between support and resistance levels. This ranging period is characterized by lower trading volumes and a lack of clear bullish or bearish momentum. According to Coinbase, this ranging phase can persist for several months as market participants digest the events that led to the bear market and anticipate future trends.

初次崩潰後，熊市通常過渡到市場活動的一段時期，價格在支撐和電阻水平之間彈跳。這個範圍的時期的特點是交易量較低，缺乏明顯的看漲或看跌勢頭。根據Coinbase的說法，隨著市場參與者消化導致熊市並預測未來趨勢的事件，這個範圍階段可以持續數月。

Coinbase's observations of Bitcoin's weekend weakness in lower price ranges highlight the importance of liquidity in crypto markets. During weekends, there are typically fewer traders active and order books are thinner, making it easier for small sell-offs to spiral out of control. This is especially problematic in lower price ranges, where support levels are weaker and traders are more likely to panic-

Coinbase對比特幣在較低價格的周末弱點的觀察範圍強調了流動性在加密市場中的重要性。在周末，通常會有較少的交易者活躍，訂單書更薄，這使小小的拋售變得更容易螺旋失控。這在較低的價格範圍內尤其有問題，在較低的價格範圍內，支持水平較弱，交易者更有可能感到恐慌