The new Bybit and Santiment report analyzes recent events in the cryptocurrency market, including the sharp decline of the OM token and rising interest in XRP ETFs.
The OM Token Crash
The OM token by the MANTRA project experienced a catastrophic 90% price drop on April 13, 2025, erasing over $5.4 billion in market capitalization. The project blamed forced liquidations by exchanges, while on-chain analytics revealed suspicious trading activity prior to the crash. This led to investor dissatisfaction, especially after the disappearance of the Telegram group, increasing speculation about potential fraud.
Optimism for XRP ETF
Among positive news, the successful launch of the first XRP ETF by Teucrium, which raised over $5 million on its first day, stands out. XRP has become the leader with ten active ETF applications, positively impacting market confidence and dynamics. A decision from the SEC regarding Grayscale’s XRP ETF application, expected on May 22, could provide a new boost to the market.
Macroeconomic Factors and Their Influence
The report also highlights macroeconomic factors influencing investor sentiment, including ongoing trade tensions between the U.S. and China. Global economies are under threat, and investors are prepared for any developments in this area. Meanwhile, Bitcoin has settled in a range between $83,000 and $86,000, awaiting the upcoming Federal Reserve meeting where a rate cut may further impact market dynamics.
Together, these events highlight the current polarization in the cryptocurrency market, where some projects face collapse while others generate optimism among investors. The future of the OM token remains uncertain, while XRP and its ETF initiatives may significantly impact further development in this sector.
