Significant developments occurred in the crypto world this week, including a 92% drop in OM token, Tether’s dedication to decentralised mining, and challenges facing Pi Network. Bitcoin’s dominance increased while Ethereum struggled against it. Bitwise launched new crypto ETPs in London, and Arbitrum hit major trading milestones. Regulatory clarity is building, particularly for XRP investments with new products arriving in Asia.
This week, significant changes occurred in the crypto landscape, with notable shifts in token performance and new developments. The RWA giant MANTRA (OM) saw its value plummet by 92%, raising concerns among investors, while Tether focused on decentralising Bitcoin mining through a partnership with OCEAN. Multiple cryptocurrencies including Ethereum, Cardano, and Dogecoin experienced double-digit losses, contrasting with Bitcoin’s stable performance near $84,000. Meanwhile, Arbitrum reached a significant DeFi milestone, and Bitwise enhanced access to Exchange-Traded Products (ETPs) in the London market.
The OM token suffered a drastic decline of over 92% in mere hours, plummeting from $6.40 to $0.57, which erased approximately $6 billion from the market cap. John Mullin, co-founder of Mantra, attributed this crash to irresponsible exchange-triggered liquidations. On-chain data revealed that over 43 million OM tokens were transferred to exchanges prior to the crash, leading to widespread panic selling, mass liquidations, and allegations of potential rug pulls. This event raised serious questions about the platform’s transparency and future trustworthiness after the disappearance of its social media accounts.
Tether is actively supporting decentralisation within Bitcoin mining by partnering with the OCEAN mining pool, led by Bitcoin Core developer Luke Dashjr. By employing its hashrate via OCEAN’s DATUM protocol, Tether encourages greater miner control and enhances both decentralisation and censorship resistance. This initiative aligns with Tether’s commitment to renewable energy sources in mining, particularly in Latin America, while also including efforts to promote financial inclusion in Africa. Given Tether’s significant holdings in Bitcoin, their actions could potentially alter the current mining power dynamics.
Pi Network faces a precarious situation as it dropped below a crucial support level, prompting predictions of a possible 55% decrease in value. Analysts cite the imminent release of over 1.5 billion Pi tokens this year as a primary concern, especially as demand remains subdued due to the network not being listed on prominent exchanges like Binance or Coinbase. Without modifications to its tokenomics or the introduction of a token burn strategy, the selling pressure may escalate, exacerbating the potential price decline.
Bitwise has successfully listed four crypto ETPs on the London Stock Exchange, including Bitcoin and Ethereum staking products, enhancing institutional access to European digital assets. This launch follows Bitwise’s acquisition of ETC Group in 2024 and features noteworthy offerings such as BTC1, which is the most cost-effective Bitcoin ETP in Europe, alongside BTCE, the most liquid Bitcoin ETP in the region. Though ZETH and ET32 have experienced substantial drops in 2025, they continue to serve as important vehicles for professional investors seeking diversified exposure to crypto assets under regulatory oversight and institutional-grade custody.
Bitcoin’s market dominance has surged to 63%, marking the highest level since early 2021, as investors turn to Bitcoin amidst underperforming altcoins. Ethereum, Cardano, and Dogecoin have all seen notable double-digit declines, while Bitcoin remains stable around $84,000. Analysts suggest this trend reflects a risk-averse atmosphere, where investors gravitate towards Bitcoin, crypto’s established asset. While some smaller tokens still demonstrate growth, overall market sentiment remains cautious, prioritising Bitcoin.
The ETH/BTC ratio has plummeted to 0.0186, its lowest since January 2020, indicating a significant downturn in Ethereum’s performance relative to Bitcoin. With a stark 80% drop since its peak in 2020, bearish trends are evident, including a death cross and weakening RSI momentum. Investor confidence in Ethereum is waning, particularly as competition intensifies from Layer 1 and Layer 2 technologies like Base and Arbitrum, potentially leading to further price declines.
HashKey Capital has introduced Asia’s inaugural XRP Tracker Fund, backed by Ripple, aimed at professional investors seeking to exposure to XRP without managing private keys or wallets. This fund allows monthly investment via cash or in-kind assets. Ripple’s support signals increased confidence in XRP, especially in light of growing discussions around possible future ETFs, and this initiative may set the stage for an XRP ETF within two years, bolstered by rising institutional interest in Asia.
In response to feedback, BNB Chain has restructured its $100 million incentive programme to directly invest in BNB Chain-native projects. This revised model sidesteps the former reliance on liquidity provision post-exchange listings, with the BNB Chain Foundation committing to purchasing a minimum of $100,000 worth of tokens from compliant projects. The shift, prompted by pilot feedback indicating limited impact from the previous model, aims to bolster growth in the Web3 ecosystem while maintaining transparency with weekly updates on token purchases.
Arbitrum has achieved a key milestone, exceeding $300 billion in trading volume on Uniswap, leading all layer 2 solutions. Renowned for lowering Ethereum gas costs and enhancing transaction speeds, Arbitrum hosts significant DeFi players such as Aave and GMX. Its user activity has recently surged by over 40% due to upgrades like Operation Slowmo and zkVerify, indicating robust developer engagement and ongoing innovation, thus solidifying its competitive advantage in scaling Ethereum.
