Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released a comprehensive social sentiment analysis report in collaboration with crypto market intelligence platform Santiment, uncovering critical insights into two contrasting narratives currently shaping the crypto landscape: the unprecedented collapse of MANTRA’s OM token and growing optimism surrounding potential XRP ETF approvals. The mixed picture against the backdrop of paradigm shifts in macroeconomics has led to market polarization, the report said.
Key Findings:
MANTRA’s OM token experienced a catastrophic 90% price drop on Apr. 13, 2025, erasing over $5.4 billion in market cap. The project blamed it on forced liquidations by exchanges, while on-chain analytics revealed suspicious trading activity prior to the collapse.
Meanwhile, Teucrium’s launch of the first US-based XRP ETF (ticker: XXRP) generated over $5 million in volume on its first trading day, reflecting rising institutional interest.
Social media sentiment analysis shows dramatically divided investor confidence following these developments
The OM Crash – The Controversies
The report details how MANTRA’s OM token took a dive of 90% from $6.35 to $0.37 within hours, slashing its market cap from $6.11 billion to $683 million. While CEO Mullin called out exchanges for “reckless forced liquidations” during low-liquidity periods, on-chain data revealed suspicious pre-crash activity with 43.6 million OM tokens ($227M) deposited into exchanges by 17 wallets shortly before the price drop.
Trust eroded further when MANTRA’s Telegram group disappeared post-crash, fueling rug pull speculation. OKX launched an investigation into suspicious activities dating back to Mar. Despite a modest recovery to $0.73 by Apr. 15, investor confidence remains shattered. MANTRA’s recovery plan including token buybacks and community engagement through its $109 million Ecosystem Fund faces widespread skepticism.
XRP Spot ETF – The Needed Confidence Boost
XRP has emerged as the frontrunner for the next US spot ETF approval, with Teucrium’s first US-based XRP exchange-traded fund (XXRP) celebrating a successful launch day. According to Kaiko Indices, XRP leads with ten active ETF applications, boasting the highest average 1% market depth among major altcoins—a crucial factor for ETF functionality. Market optimism centers on the May 22 SEC decision on Grayscale’s XRP Spot ETF application, with analysts watching key resistance levels at $2.24 and $2.38. XRP has attracted over $31.8 million in net exchange inflows this week (its third highest of 2025). Ripple’s bold projections expect the tokenized asset markets to grow to 18.9 trillion by 2033, from $0.6T today.
The report also highlights broader macroeconomic factors influencing market sentiment, particularly the ongoing US-China trade tensions, as the world gets caught in tariff threats. While markets experienced a brief respite in recent days, the underlying threat to global economies remains present as investors and policymakers brace for the next development in this trade saga.
With BTC settling into a relatively stable range between $83,000 and $86,000, market participants are watching closely for the upcoming Federal Reserve meeting on May 7, where a 54% probability of a rate cut could further impact market dynamics.
