- XRP tops altcoins in 1% depth, boosting its ETF appeal with 10 active filings from major asset managers.
- Mantra’s OM token crashed 90%, wiping $5.4B amid forced liquidations and suspicious wallet activity.
- Teucrium’s 2x leveraged XRP ETF sees strong debut with $5M volume, indicating rising investor demand.
The first half of April has seen sharp turns across the digital asset market, shaped by both crisis and anticipation. Although the past few days have offered temporary tariffs relief, economic tensions remain. According to Santiment, early April activity was influenced by persistent uncertainty and one of the biggest token collapses this year, Mantra’s OM.
The sudden plunge in OM’s value led to fresh market concerns. Meanwhile, XRP has emerged as a central topic in ETF discussions. Analysts and platforms like Kaiko note XRP’s deepening market stability, just as ETF applications gather momentum.
$5.4 Billion Wiped Out as OM Crashes
On April 13, the OM token had a steep decline, dropping over 90% in just a few hours. The token fell from $6.35 to $0.37, wiping out around $5.4 billion in value. Market cap dropped from $6.11 billion to just $683 million.
This drew comparisons to past events such as the Terra and FTX collapses. John Patrick Mullin, CEO of Mantra, attributed the crash to centralized exchanges triggering aggressive forced liquidations.
These actions reportedly occurred during low-liquidity trading hours, intensifying the crash’s effect. Mullin emphasized that Mantra’s internal team had no role in the sell-off, calling it external and liquidity driven.
However, questions emerged. According to Lookonchain, 17 wallets deposited 43.6 million OM tokens worth $227 million before the drop. Some wallets were labeled “Laser Digital?” in Lookonchain’s report, suggesting possible links to that firm, though no confirmations have been made.
XRP Takes Lead in ETF Race
While Mantra’s downfall was a negative, on the positive side, XRP has had increased ETF activity and improved trading metrics. Kaiko reports that XRP leads in average 1% market depth among major altcoins. This indicates better liquidity and lower slippage during large trades, key for ETF operations.
Multiple asset managers have responded by filing for XRP based ETFs. According to Santiment and Kaiko, XRP now leads with 10 active filings. Firms like Grayscale, Bitwise, and VanEck are among those seeking approval.
Teucrium Launches 2x Leveraged XRP Fund
On April 8, Teucrium launched a 2x leveraged XRP ETF under the ticker XXRP. The product tracks XRP’s daily returns using derivatives and European ETPs. While not a spot ETF, it gained over $5 million in launch-day volume.
Teucrium called it one of their most successful debuts, indicating strong investor interest. The next SEC decision is expected on May 22, tied to Grayscale’s XRP Spot ETF application.
