两次备受瞩目的事件 - Mantra Om的崩溃和XRP的ETF旅程之后，加密货币市场正在见证情绪的分歧。

尽管在关税政策周围发生了数周的动荡之后，整个市场已经稳定在波动的趋势较小，但交易者敏锐地观察了Mantra的OM令牌崩溃的影响以及XRP的ETF Saga中的积极新闻。

The cryptocurrency market has seen a split in sentiment after two high-profile events – Mantra OM’s collapse and XRP’s ETF journey.

经过两次引人注目的事件 - Mantra Om的崩溃和XRP的ETF旅程，加密货币市场的情绪分歧。

The entire market has stabilized into a less volatile trend after weeks of turmoil surrounding tariff policies. Traders are keenly observing the impact of Mantra’s OM token collapse along with positive news in the XRP’S ETF saga.

经过数周的围绕关税政策的动荡，整个市场已经稳定在波动的趋势较小。贸易商敏锐地观察了《咒语》的OM令牌崩溃的影响以及XRP的ETF传奇中的积极新闻。

Mantra OM’s 90% crash creates controversy

Mantra Om的90％崩溃引起了争议

On April 13, 2025, the crypto market suffered a dramatic decline, taking down Mantra’s OM token from $6.35 to a low of $0.37 within a few short hours.

2025年4月13日，加密货币市场急剧下降，在短短几个小时内将Mantra的OM代币从6.35美元下降到了0.37美元。

This brought back thoughts of numerous disasters for other investors, such as the fall of Terra LUNA and the FTX collapse, as stated in the Santiment report.

如《 santiment报告》中所述，这为其他投资者带来了许多灾难的想法，例如Terra Luna和FTX崩溃。

John Patrick Mullin, Mantra’s CEO, said that the crash was due to “reckless forced liquidations” executed by centralized exchanges during low-liquidity hours. Mullin maintained that neither Mantra staff nor large investors were at fault.

咒语首席执行官约翰·帕特里克·穆林（John Patrick Mullin）表示，坠机是由于低流动性时间在集中式交流执行的“鲁ck迫使清算”所致。穆林坚持认为，口头禅员工和大型投资者都没有过错。

Despite this clarification, conspiracy theories, including allegations of insider trading, went viral.

尽管有这样的澄清，但阴谋理论（包括内幕交易的指控）传播开来。

On-chain data from Lookonchain revealed 99.99% of 43.6 million OM tokens worth $227 million were transferred to larger exchanges by 17 wallets before the crash. Reportedly, two of these wallets belonged to Laser Digital, a Mantra investor. The organization categorically denied it. Shorooq Partners had been another backer, and they also denied that they had sold tokens.

Lookonchain的链上数据显示，在坠机事故发生前，有17个钱包将价值2.27亿美元的4,360万个OM令牌中的99.99％转移到了较大的交易所。据报道，其中两个钱包属于咒语投资者Laser Digital。组织明确否认了这一点。 Shorooq Partners是另一个支持者，他们还否认他们已经出售了令牌。

Social media reaction was swift and largely negative. The disappearance of Mantra’s Telegram channel within hours of the crash fueled rumors of an orchestrated exit, though Mullin said the disappearance was an accident.

社交媒体反应迅速，很大程度上是负面的。坠机事故发生几个小时之内，《咒语电报》频道的失踪引起了人们对策划出口的谣言，尽管穆林说失踪是偶然的。

As of April 15, OM had rebounded to $0.73, still below over 85% of pre-crash levels. Mullin said the team was in the process of developing a recovery plan. This includes potential token purchases and burns.

截至4月15日，OM已反弹至0.73美元，仍低于爆炸前的85％以上。穆林说，该团队正在制定恢复计划。这包括潜在的令牌购买和燃烧。

XRP gains traction in ETF race

XRP在ETF种族中获得牵引力

Amid market uncertainty, XRP has positioned itself as a top contender for the next spot crypto ETF approval in the United States, according to Santiment data. The report highlights that XRP now holds the highest average 1% market depth among major altcoins on vetted exchanges.

在市场不确定性的情况下，XRP已将自己定位为美国下一个位置Crypto ETF批准的最大竞争者。该报告强调，XRP现在在审查的交易所中占主要山寨币的平均1％市场深度。

On April 8, Teucrium launched the first US-based XRP exchange-traded fund under the ticker XXRP. While not a true spot ETF, this 2x leveraged fund aims to deliver twice the daily return of XRP using swaps and European exchange-traded products as references. Santiment notes that the ETF recorded over $5 million in volume on its launch day.

4月8日，Teucrium在第XXRP股票下推出了首个美国XRP交易所交易基金。虽然不是真正的ETF，但这个2倍杠杆基金的目的是使用掉期和欧洲交易所交易产品作为参考文献每天提供XRP的每日返回两倍。 Santiment指出，ETF在发布日的数量超过500万美元。

Santiment also reported that “XRP now leads the ETF filing race with 10 active applications, compared to five for Solana and three each for Litecoin and Dogecoin.” Major firms, including Grayscale, Bitwise, and VanEck, have all submitted applications. May 22 marks a critical deadline when the SEC is expected to respond to Grayscale’s XRP spot ETF application.

Santiment还报道说：“ XRP现在通过10种有效应用领导ETF备案竞赛，而索拉纳（Solana）则有5种，而Litecoin和dogecoin则有3种。”包括灰度，位和Vaneck在内的主要公司都提交了申请。 5月22日标志着当SEC对Grayscale的XRP Spot ETF应用程序做出响应时，这是一个关键的截止日期。

The Santiment report also compares XRP and Solana, noting that while Solana’s US market share has fallen to 16% from 30% in 2022, XRP’s share has been steadily climbing. However, the analysis indicates that “interest levels between the #3 and #5 market caps haven’t shown any major impact as yet, as XRP isn’t yet outpacing its near market cap competitor in either trading volume or social volume.”

Santiment报告还比较了XRP和Solana，并指出，尽管Solana的美国市场份额已从2022年的30％下降到16％，但XRP的份额一直在稳步上升。但是，分析表明：“＃3和5市值之间的利息水平尚未显示出任何重大影响，因为XRP尚未在交易量或社交量中超过其接近市值的竞争对手。”

Market sentiment remains polarized amid contrasting signals

市场情绪在对比的信号中保持两极分化

Santiment describes the current market as highly polarized. The OM collapse also created new waves of doubt, just as confidence was starting to return to the wider market.

Santiment将当前市场描述为高度两极化。 OM崩溃也引起了新的怀疑浪潮，就像自信开始重返更广阔的市场一样。

Mantra has stoked the existing crisis of confidence in the legitimacy of projects in the crypto ecosystem and potential market manipulation. Santiment’s preliminary evaluator analysis shows many traders who were just hoping to cool off recently are now assessing their risk exposures once again. XRP, with its ETF story, has provided a counterargument in sentiment.

曼特拉（Mantra）激发了对加密生态系统和潜在市场操纵项目合法性的信心危机。 Santiment的初步评估者分析表明，许多刚刚希望最近冷却的交易者现在再次评估其风险暴露。 XRP凭借其ETF的故事提供了一种情绪中的反驳。

The transition towards XRP as the third main cryptocurrency with spot ETF coverage has galvanizing speculation that other large cap cryptocurrencies could follow suit. The context for the overall market is still tough and Santiment noted that most assets are still holding values at current losses compared to their recent highs.

向XRP作为第三个主要加密货币的过渡，具有斑点ETF覆盖范围，这表明其他大型加密货币可能会效仿。整个市场的背景仍然很艰难，并注意到，与最近的高点相比，大多数资产仍在目前的损失中保持价值。

MVRV (Market Value to Realized Value) ratio of returns show that “most coins are in negative circle,” although this could still indicate recovery if only the overall macro paths suddenly improved. Market participants are now looking forward to the Federal Reserve’s next moves. The next FOMC meeting is May 7, which again will be significant.

MVRV（市场价值与已实现的价值）的收益比表明“大多数硬币都处于负面圆圈”，尽管如果仅总体宏路径突然改善，这仍然可以表明恢复。市场参与者现在期待美联储的下一步行动。下一次FOMC会议是5月7日，这将再次很重要。

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