导致Mantra的OM令牌崩溃的事件由GlassNode揭示

区块链监视平台玻璃节揭示了发生在链上的事件

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

区块链监视平台玻璃节揭示了发生在链上的事件，导致Mantra的OM令牌崩溃。

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.

在最近的评论中，区块链分析平台玻璃节玻璃节介绍了有关Mantra的OM令牌的戏剧性崩溃的重要信息，该咒语的OM令牌崩溃了，该信息于2025年4月13日在一个小时内在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.

虽然崩溃已经引发了投资者的巨大损失，但GlassNode的最新报告突出了使用行为指标（例如交换流，持有人集中，实现的资本化和用户活动）的幕后发生的事情。

Price Collapse and Exchange Behavior

价格崩溃和交换行为

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.

根据GlassNode的数据，OM的价格在几个小时内急剧降至1美元以下，导致整个市场恐慌。然而，尽管迅速下降，但在撞车事件发生前的10分钟时间内，没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."

“看一下交换流（分辨率为10分钟），我们在崩溃之前没有重大流入。最大的尖峰是在坠机事故后出现的 - 〜38m $ om $ om $ 0.71 $ 0.71，UTC 08:20 UTC-暗示反动移动，可能的零售恐慌或机会性交易。”

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，该平台在崩溃之前没有发现集中式交流的主要代币流入，这表明最初的撞车事故没有发生在鲸鱼或内部人员试图卸载位置的鲸鱼或内部人员之前。

"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."

“这种模式强烈表明，恐慌销售的反动浪潮可能来自散户投资者或寻求在波动期间卸载或贸易的机会交易者。”

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撞到底部后不久，Exchange流出涌动。 GlassNode将这种行为解释为可能导致的，因为用户利用廉价购买或通过流动性风险而降低暴露量的交换来撤回令牌。

Shifting Holder Concentration and Realized Cap Movements

转移持有人的浓度和实现的盖帽运动

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.

在坠机事故发生之前，最高1％的OM供应百分比从96.4％降至95.6％。 GlassNode强调，虽然这种倾角并没有破坏创纪录，但考虑到令牌极为集中的供应结构，这是很重要的。

"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."

“该指标不包括已知的团队，合同和集中式交换钱包，这意味着大型非团队持有人会再循环其令牌，或者是被强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.

这种略微降低的集中度可能反映出大玩家的不安或内部重新平衡的信号，但这还不足以触发早期的危险信号，从而使坠机更难预期。

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的实现资本化是对所有持有人的总成本基础的衡量标准，在4月13日UTC和4月14日，UTC的4月13日至18:30之间，UTC的总成本基础为7.4亿美元（20％）。这种价值损失，尤其是在短窗口中，显示出大规模清算或强迫销售的迹象。

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，成本基础的急剧重置表明，持有人大批退出损失，证实该事件不仅是典型的校正。

Network Activity Spikes and LTH Movements

网络活动尖峰和LTH运动

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.

同时，GlassNode证实，价格崩溃伴随着链上活动的大量增加。 OM令牌的转移猛增，在10分钟内达到了1,400次交易的峰值。在此之前，活动保持相对平坦，峰值之后不久就会逐渐减少。

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.

同样，坠机期间的活动地址的数量在574处高高。这表明恐慌不仅限于少数几个地址，而是整个网络中的大量参与者。如此广泛的反应指出了系统性冲击的想法，而不是几个钱包的协调垃圾场。

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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