Mantra (OM) Open Interest Sinks as Traders Pull Back

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) for major cryptocurrency derivatives has declined, signaling a potential shift in traders' appetite for leveraged positions.

According to Glassnode, OI for MANTRA OM (OM) derivatives has decreased by 13% to reach approximately $139 million. This follows a steeper decline in total volume, which fell by 69% to $1.2 billion.

The decrease in OI comes as the cryptocurrency has seen some volatility in recent days. Data from Binance shows that long positions continue to outnumber shorts across major platforms.

The OM/USDT pair on Binance had a long/short account ratio of 2.23, while OKX had a ratio of 1.79. Among top traders on Binance, the ratio was 1.78 based on position sizes and 1.08 based on the number of accounts.

In the past 24 hours, over $3.8 billion in positions were liquidated, with $2.97 billion belonging to longs and $904 million to shorts. Liquidations in the 12-hour window were similarly heavy, with over $800 million in positions liquidated, mostly from bulls.

Most of the derivatives activity was seen on Binance, Bybit, and Bitfinex, which aligns with the platforms where most OM spot trading occurred.

While bulls still dominate positioning, the steep drop in volume and OI reflects growing hesitation, which could be attributed to broader market conditions or recent price action. It remains to be seen if OM can regain momentum.

Earlier this week, MANTRA OM experienced a significant price crash, plunging over 90% from approximately $6.30 to below $0.50. This rapid decline, which unfolded within an hour, wiped out more than $5 billion in market capitalization and triggered over $71.8 million in liquidations.

The crash has been linked to several factors, including forced liquidations on centralized exchanges during low-liquidity hours and large token movements by significant holders.

Specifically, blockchain analysis revealed that 17 wallets deposited a total of 43.6 million OM tokens, valued at about $227 million, into exchanges shortly before the crash. These events have sparked speculation about insider activity and the concentration of token supply, considering the MANTRA team reportedly holds up to 90% of the total OM tokens.

As of 08:58 ET on Thursday, 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.