OM令牌崩溃：揭露加密货币中更深的结构缺陷

在短短几个小时内，OM的价格下降了90％以上，引发了广泛的恐慌，并与Terra-Luna崩溃进行了不安的比较。

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令牌突然坠毁使Shockwaves通过加密社区造成了冲击。在短短几个小时内，OM的价格下降了90％以上，引发了广泛的恐慌，并与Terra-Luna崩溃进行了不安的比较。但这不仅仅是另一个市场下降，Bitget首席执行官Gracy Chen认为它在加密货币中占据了更深的结构缺陷，尤其是在周末流动性附近。当较少的交易者活跃并且订购书籍稀薄时，即使是小的抛售也可能会螺旋式螺旋螺旋。加上不透明的治理和繁重的令牌集中，您已经发生了重大崩溃的可能性。

Liquidity Gaps and Insider Concerns Stir Market Anxiety

流动性差距和内部问题引起市场焦虑

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.

链上的数据显示，在OM令牌崩溃之前，洪水交流价值超过4300万个令牌，价值约2.27亿美元，其中一些批次与Laser Digital有关。这引发了人们对内部倾销的严重关切。但是，当通过电子邮件到达时，Mantra首席执行官John Mullin表示，该项目本身与令牌崩溃无关。他将其归因于集中式平台上的强迫清算，这可能会导致进一步的销售压力并最终触发了坠机。这些事件发生在缺乏市场深度的脆弱的周末。明确警告OM价格和整体信任在行动中缺失时会变得多么脆弱。

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.

尽管穆林声称该项目本身并没有出售代币，但坠机事故前大规模抛售的时机确实引起了人们的注意。根据链上的数据，在整个4月份出售了一批OM令牌，从3月开始较少。销售活动的规模不等，一次从300万到1500万个代币不等，直接出售给主要的加密货币交易所。确定了一些卖家，包括4月11日和12日的Laser Digital销售1480万个令牌，以及与Bittrex相关的钱包，在4月9日出售300万个令牌。

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.

事件迅速展开。 4月13日，OKX上以0.5美元的价格以438万个代币的卖出订单，对OM价格产生了重大影响。当市场做出反应时，检测到的另一项卖出订单以1000万美元的价格被检测到0.3美元，表明随着抛售的发展，级联效应。到中午时分，OM坠毁至0.15美元，比前一天的收盘价下降了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.

快速崩溃归因于一场完美的因素风暴，包括被清算的杠杆交易者，导致在市场中级联的销售压力的恶性循环。在周末，尤其是在较低的价格范围内缺乏流动性，加剧了这种情况，从而使抛售能够继续不受限制。

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.

尽管穆林（Mullin）断言该项目本身并没有出售代币，并且这些事件与OKX上的清算有关，但抛售的时机和规模仍在引起投资者的关注。随着对OM令牌崩溃的调查继续进行，这些事件迅速提醒了加密市场的复杂性和相互联系，尤其是在极端波动和较薄的流动性时期。

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

Coinbase预测熊市可能会拖延到2025年第三季度，因为比特币显示了压力的迹象

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预测，熊市可能会继续前进到2025年第三季度，与市场衰退接近结束的观点形成鲜明对比。

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”报告中指出，由于流动性差距，比特币（BTC）在周末表现出压力的迹象，尤其是在较低的价格范围内。这一观察结果是在更广泛的市场疲劳和有限的催化剂的叙述中，持续的公牛集会。

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对熊市的预测一直延伸到2025年第三季度，这是基于对历史市场周期和当前宏观经济趋势的分析。根据交易所的说法，加密货币的熊市通常持续18到24个月，从价格和交易量迅速下降开始。这种最初的崩溃通常是由一次灾难性事件驱动的，例如主要协议的崩溃或宏观经济冲击。

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.

初次崩溃后，熊市通常过渡到市场活动的一段时期，价格在支撑和电阻水平之间弹跳。这个范围的时期的特点是交易量较低，缺乏明显的看涨或看跌势头。根据Coinbase的说法，随着市场参与者消化导致熊市并预测未来趋势的事件，这个范围阶段可以持续数月。

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对比特币在较低价格的周末弱点的观察范围强调了流动性在加密市场中的重要性。在周末，通常会有较少的交易者活跃，订单书更薄，这使小小的抛售变得更容易螺旋失控。这在较低的价格范围内尤其有问题，在较低的价格范围内，支持水平较弱，交易者更有可能感到恐慌