On-chain culprit: OM's plunge is not accidental

Author: BTC_Chopsticks Source: X, @BTC_Chopsticks

M plummeted 90% in just one hour, from $6.2 to $0.6, comparable to the typical "dog" runaway scene.

All this is not accidental. This is not an emotional collapse or a technical failure, but a systematic release that can be foreseen from the on-chain data.

All signs have already appeared

Suspicion 1: The price was abnormally stable before the plunge

When the entire market was correcting, OM was stable in the $6~7 range, seemingly strong, but in fact, there were obvious signs of artificial control.

Suspicion 2: A huge amount of money was transferred to OKX three days ago

On-chain data shows that more than 11 million $OM (worth about $71 million) were transferred to OKX within three days.

This wave of deposits is 5 times the previous daily average, and there is no corresponding withdrawal action, which is obviously abnormal behavior.

Who is transferring in? Where does the money come from?

These wallets were almost created at the same time and recharged through Binance, and it is highly suspected that they are controlled by the same entity.

One ​​of the key wallets 0xB37D... was marked on the chain as @LaserDigital_ ——One of Mantra’s core investors and market makers.

Note:

LaserDigital invested in May 2024, when the price was exactly $0.7. After this plunge, the price "just returned" to their cost position. This is more like a precise harvest closed loop.

The OTC chain began to break

Immediately afterwards, another large amount of funds came from @falconxnetwork, which was sold through OKX and Binance.

FalconX is a well-known OTC broker in the industry. These funds are likely to come from private placements or OTC buyers who buy OM at a discount.

Most OTC buyers only buy at 50% of the market price. When the price falls below their cost line, panic selling triggers a stampede.

The chain reaction exploded

• More than $70 million of OM was liquidated on the chain

• Millions of funds slippage severely impacted the liquidity pool

• Most retail investors have no exit opportunities

Although Bitcoin's daily liquidation is higher, don't forget that BTC has thousands of times more liquid OM, which is essentially an asset with extremely low liquidity and high control.

Structural risks hidden behind

Extremely low liquidity

Currently, the liquidity of Uniswa OM is only about $1.4 million, while the market value is still over $700 million, a ratio of 500~700 times, which is extremely fragile.

Centralized control is serious

The team holds nearly 90% of the circulation, but retail demand is extremely low, creating the illusion of false scarcity + market value inflation.

Investors and the team are selling in the same direction

The market creates FOMO, the team sells outside the market, investors sell inside the market, and ultimately all the orders are paid by retail investors.

Conclusion:

This is a foreseeable "slow $OM crash" is not a "black swan", but the inevitable result of the long-term accumulation of structural problems:

OTC discount sales + market maker withdrawal + centralized control + extremely low on-chain liquidity = a collapse model that is easily detonated.

This incident once again reminds us:

• The so-called "high market value" does not mean safety

• OTC distribution + concentrated currency holding structure is a hidden time bomb

• The rise without on-chain liquidity support is just paper wealth