Trading activity around MANTRA OM (OM) derivatives has cooled off significantly, with total volume plunging by over 69% to $1.2 billion.
Open interest (OI) followed suit, falling more than 13% to approximately $139 million, signaling a broad pullback from leveraged positions.
Despite the decline, long positions continue to outweigh shorts across major platforms. Binance’s OM/USDT pair showed a long/short account ratio of 2.23, while OKX followed with a ratio of 1.79. The trend held firm even among top traders, with Binance accounts showing a 1.78 ratio in favor of longs and a 1.08 ratio based on position sizes.
Liquidation data suggests volatility remains a risk. In the past 24 hours alone, over $3.8 million in positions were liquidated—$2.97 million from longs and $904,000 from shorts. The 12-hour window saw similarly heavy liquidations, with over $800,000 wiped out, mostly from bullish bets.
Trending activity centered around Binance, Bybit, and Bitfinex, indicating where most OM derivatives action is taking place.
While bulls still dominate positioning, the steep drop in volume and OI reflects growing hesitation, possibly due to broader market conditions or recent price action. Whether OM can regain momentum remains to be seen.
Price Crash Shakes the Market
On April 13, 2025, MANTRA OM experienced a dramatic price collapse, plunging over 90% from approximately $6.30 to below $0.50 within an hour. This sudden drop erased more than $5 billion in market capitalization and triggered over $71.8 million in liquidations. The crash has been attributed to a combination of factors, including forced liquidations on centralized exchanges during low-liquidity hours and large token movements by significant holders.
Notably, blockchain analysis revealed that 17 wallets deposited a total of 43.6 million OM tokens—worth about $227 million at the time—into exchanges shortly before the crash. These events have raised concerns about insider activity and the concentration of token supply, as the MANTRA team reportedly controlled up to 90% of the total OM tokens.
Price Analysis
At the time of writing, Mantra is rading at $0.6951 after a 11.71% drop in the past 24 hours. During the same period Mantra’s volume reached $441.7 million. As of now Mantra is ranked #79 in CoinMarketCap and has a market cap of $669.1 million.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/mantra-om-open-interest-sinks-as-traders-pull-back/