The altcoin, Mantra (OM), experienced a sharp price decline on Binance after Glassnode released their report. While the cause of the drop remains under speculation, the company attributed it to a broader market downturn rather than early investor sales as initially proposed. “, According to Glassnode’s analysis, the OM price crash was primarily caused by a sell-off driven by larger investors known as whales who dumped some of their tokens. The report also highlighted that retail panic selling and forced liquidations played a significant role in accelerating the decline. On-chain data showed a decrease in the percentage of wallets holding the largest 1% of the OM supply, indicating a mass exit from positions by larger holders. However, Glassnode stated that these sellers were not early investors involved from the project’s inception. Furthermore, an increase in the number of OM token transfers was observed as panic selling intensified among many users trying to liquidate their holdings.