Yesterday Mantra $OM crashed from $6.32 to $0.57
$41M of $OM was transferred just two days before
A rug in real time - on major centralized exchanges
Let’s break down what really happened👇🧵
Dear @MANTRA_Chain@_RichardTeng@cz_binance
I invested $3,500,000 into your RWA token, $OM. That investment is now worth barely $200,000, a drop of over 90%.
My intention was to support the future of RWAs. I conducted thorough due diligence, and the supposed partnership with a leading UAE property company was a key factor in my investment decision — a claim that gave the illusion of credibility and legitimacy.
In a niche that’s meant to bring trust and transparency through real world application, it’s disappointing that the biggest players can’t even be trusted.
It’s now clear that those funds were funneled into the pockets of the Binance and $OM teams in what looks like a well orchestrated liquidity exit.
Had I known that my investment would be used to subsidize insiders instead of advancing the RWA ecosystem, I never would’ve engaged with this project.
If this situation is not acknowledged and addressed appropriately, I will have no choice but to escalate this through formal legal channels. My crypto legal representatives @BurwickLaw will be in touch.
This isn’t just about a failed investment, it’s about accountability in a space that claims to be the future of finance.
-JB
BREAKING: President Trump says he was watching the bond market and "the bond market right now is beautiful."
The 10Y note yield is up +50 bps over the last ~3 days.
#Bitcoin bull cycle is over — here’s why.
There’s a concept in on-chain data called Realized Cap. It works like this: when BTC enters a blockchain wallet, it's considered a "buy," and when it leaves, it's treated as a "sell." Using this idea, we can estimate an average cost basis for each wallet. Multiply that by the amount of BTC held, and you get the total Realized Cap. It’s often seen as the total capital that has entered the Bitcoin market through actual on-chain activity.
Market Cap is based on the last traded price on exchanges. Many people misunderstand this concept. When someone buys just $10 worth of BTC, the market cap doesn’t increase by only $10. Instead, prices are determined by the balance between buy and sell pressure in the order book.
When sell pressure is low, even a small buy can push the price—and therefore the market cap—significantly higher. $MSTR took advantage of this. By issuing convertible bonds and using the proceeds to buy BTC, the paper value of their holdings grew far more than the actual capital they deployed.
But when sell pressure is high, even large purchases fail to move the price. There are simply too many sellers. For example, when Bitcoin was trading near $100K, the market saw massive volumes, but the price barely moved.
So how can we tell if market cap is likely to rise relative to the capital being invested? Realized Cap shows how much actual money is entering the market, while Market Cap reflects how the price is reacting. If Realized Cap is growing but Market Cap is stagnant or falling, it means capital is flowing in, but prices aren’t rising—a classic bearish signal. On the flip side, if Realized Cap is flat while Market Cap is surging, it suggests that even a small amount of new capital is driving prices higher—a bullish sign.
Right now, we’re seeing the former—capital is entering the market, but prices aren't responding. That’s typical of a bear market.
Some people argue that on-chain data has limitations in capturing all capital flows, but in reality, most major flows are reflected on-chain—whether it's exchange deposits and withdrawals, custodial wallet activity, or ETF-related transactions.
In short: when small capital drives prices up, it's a bull market. When even large capital can't push prices upward, it's a bear. Current data clearly points to the latter. Sell pressure could ease anytime, but historically, real reversals take at least six months—so a short-term rally seems unlikely.
No clear evidence supports Trump's claim that private investment in his first two months exceeds Biden's four years. Economic data shows steady investment growth under Biden, while Trump's short timeframe lacks data on massive commitments. The claim seems exaggerated and rhetorical.
The REAL reason markets are crashing:
Over the last 2 months, the S&P 500 and crypto have erased a combined -$5.5 TRILLION of market cap.
We have just witnessed one of the most SUDDEN shifts in sentiment since 2020.
What's happening? Let us explain.
(a thread)
Intellektueller Tiefflug: AfD-Chefin Alice Weidel fabuliert bei Markus Lanz über Neuwahlen in der Ukraine, den „weisen Mann“ J.D. Vance – und einen „finanzpolitischen Staatsstreich“. https://t.co/Gr55azS59i
Jetzt rächt sich, dass den Deutschen die Vaterlandsliebe und der Wille zur Verteidigung von Volk und Heimat unter Einsatz des Lebens gründlich ausgetrieben wurde.
Die Linken empfanden Deutschland schon immer als „mieses Stück Scheiße“, die Rechten haben keine Lust, für einen übergriffigen, „bunten“ Tralala-Staat zu sterben und alles dazwischen wird man ohne Home-Office, Obstkorb und ständiges wertschätzendes Feedback sowieso nicht in den Schützengraben kriegen.
Wir brauchen mal wieder eine geistig-moralische Wende.
Wir als @DPolGBPOLG fordern den sofortigen Stopp des Bundesaufnahmeprogamms.
@HeikoTeggatz hat dem Bundeskanzler ein Brandbrief geschrieben.
Diese verantwortungslose Politik muss ein Ende haben.
I would like to reiterate Ukraine’s commitment to peace.
None of us wants an endless war. Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer. Nobody wants peace more than Ukrainians. My team and I stand ready to work under President Trump’s strong leadership to get a peace that lasts.
We are ready to work fast to end the war, and the first stages could be the release of prisoners and truce in the sky — ban on missiles, long-ranged drones, bombs on energy and other civilian infrastructure — and truce in the sea immediately, if Russia will do the same. Then we want to move very fast through all next stages and to work with the US to agree a strong final deal.
We do really value how much America has done to help Ukraine maintain its sovereignty and independence. And we remember the moment when things changed when President Trump provided Ukraine with Javelins. We are grateful for this.
Our meeting in Washington, at the White House on Friday, did not go the way it was supposed to be. It is regrettable that it happened this way. It is time to make things right. We would like future cooperation and communication to be constructive.
Regarding the agreement on minerals and security, Ukraine is ready to sign it in any time and in any convenient format. We see this agreement as a step toward greater security and solid security guarantees, and I truly hope it will work effectively.