The broad cryptocurrency market is experiencing an insane bloodbath as prices of leading cryptocurrencies suddenly flip negative. Amid this sharp downtrend, Bitcoin has seen an aggressive increase in sell activities on August 14, according to data shared by a CryptoQuant analyst.

Per the data provided, Bitcoin’s taker sell volume across crypto exchanges has surged significantly, hitting a massive $3.13 billion in just one hour.

Bitcoin falls below $118,000

Although the reason behind the sudden flip in market sentiment remains unclear, the dramatic price downturn has shaken market confidence as momentum appears to be broken.

While Bitcoin had started the day on a positive note with its price showing notable daily gains, the sudden shift in market sentiment has seen traders dramatically open streaks of sell orders.

Following the sudden flip in price action, Bitcoin saw its price fall as low as $117,698 after recording a notable intraday high of $124,210 on the same day.

The significant drop in Bitcoin’s price over the last few hours coincides with Bitcoin’s taker volume exploding to multiple billions in minutes. The rapid shift in activity is unusual, as sudden surges in sell activities like this have been rarely recorded in Bitcoin’s trading history.

Although the reason behind the sudden flip in market sentiment remains unclear, the dramatic price downturn has shaken market confidence as momentum appears to be broken.

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Amid the notable Bitcoin sell-side pressure, the leading cryptocurrency by market capitalization has seen its trading volume surge notably by 29.61% over the last 24 hours. This suggests that the market has been dominated by retail and institutional sellers.

Notably, the downtrend in Bitcoin’s price is currently on pause as data from CoinMarketCap shows that it has remained steady around $117,968 for the past few hours until press time. Meanwhile, Bitcoin showed a price decline of 3.06% over the last day.

While the surge in Bitcoin’s sell volume was preceded by a notable price rally that saw the asset record massive intraday gains in the past days, the attempts to sell off Bitcoin holdings experienced today suggest traders are taking decisive actions to lock in profits achieved during the recent market rally.

Nonetheless, market watchers have expressed optimism for a potential rebound in the prices of leading cryptocurrencies like Bitcoin, Ethereum, and other altcoins. However, investors fear that the asset’s price might plunge harder if the ongoing selling pressure continues to outweigh demand for BTC, delaying the possibility of a new all-time high soon.

The most successful asset of the last 15 years is once again annihilating the doubters.

In the last hour, a total of $687.22 million in Bitcoin shorts have been liquidated, according to the crypto data aggregator CoinGlass.

The shorts have provided rocket fuel for a sudden move above $116,000.

BTC began the day at around $111,000, and is up 4.7% in the last 24 hours.

This week’s rally has placed BTC’s total value above tech giant Google, with only Amazon, Apple, Microsoft, Nvidia and Gold remaining in front.

The rally also once again places BTC closer in line with M2 global liquidity, which measures the total money supply, including cash, checking deposits and easily convertible near-money assets.

Although no one knows what’s next Bitcoin, macro analyst Martin Folb is sharing an updated map of BTC’s price against global liquidity.

He tells his 219,000 X followers that BTC has officially moved past a key accumulation zone.

“Wyckoff Accumulation is officially over. Distribution begins as price follows global liquidity to $125k on way to $160k. I will be posting the next Wyckoff Distrubition to reacculuation schematic in confirmation.”

Wyckoff Accumulation is a technical analysis pattern that strategically tracks an asset during an extended consolidation phase, using price and volume behaviors to identify when supply at lower prices is absorbed.

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Featured Image: Shutterstock/solarseven/Natalia Siiatovskaia

Bitcoin Realized Profit Has Spiked Alongside Recovery Rally

In its latest weekly report, Glassnode has talked about the recent trend in the Realized Profit of Bitcoin. The “Realized Profit” here refers to an on-chain indicator that, as its name suggests, measures the total amount of profit that the BTC investors are realizing through their selling.

The indicator works by looking at the transaction history of each coin being transferred or sold on the network to check what price it was previously transferred at. Sales of coins that have a price lower than the latest spot value are assumed to be resulting in profit realization equal to the difference between the two.

The Realized Profit sums up this difference for each token being sold at a profit to gauge the network total. Another indicator called the Realized Loss keeps track of the sales of the opposite type.

Now, here is the chart for the hourly Bitcoin Realized Profit shared by the analytics firm in the report:

As is visible in the above graph, the Bitcoin Realized Profit has witnessed a sharp spike recently. The increase in the indicator has come as BTC has been rallying, so it would appear that the investors have been looking to cash in on the opportunity.

So far, the indicator has achieved a peak of $139 million per hour, which is about 17% higher than the baseline value of $120 million per hour. While this level isn’t too high when compared to the profit-taking sprees from the last bull rally (highlighted in green), it’s still notable, especially when considering how much lower it has been during the last couple of months.

“If the market can absorb this selling pressure without breaking down, it paints a more constructive picture on the road ahead,” notes Glassnode. “Conversely, failure to hold these levels, under heavy profit realization, could mark this move as another dead cat bounce, which would be consistent with prior relief rallies that faded under similar conditions.”

As for which side of the Bitcoin market is involved in this profit-taking event, data points toward the short-term holder cohort. The short-term holders (STHs) refer to the BTC investors who purchased their coins within the past 155 days.

Below is a chart that shows the trend in the Spent Output Profit Ratio (SOPR), a metric that keeps track of the ratio between Realized Profit and Realized Loss, for the STHs.

From the graph, it’s apparent that the Bitcoin STH SOPR has seen a sustained move above the 1.0 mark, which suggests profit-taking is now notably outweighing loss-taking from these investors.

BTC Price

At the time of writing, Bitcoin is floating around $94,600, up almost 12% in the last week.

S&P 500 futures extended losses early Wednesday with a 1.6% intraday drop, falling to 444.32 and erasing nearly two days of gains.

The move came as investors digested rising uncertainty surrounding U.S. trade policy, including potential new tariffs targeting Chinese semiconductors and pharmaceuticals.

As of 8:00 A.M. GMT, futures on the benchmark index were down more than seven points from the previous close of 451.56.

Bitcoin, meanwhile, continued to underperform across a range of global assets over the last 24 hours. Trading around $83,400 at the time of writing, the digital asset moved mostly sideways after retracing steep overnight losses, diverging from the broader flight-to-safety shift seen in traditional markets.

Cross-asset divergence: Bitcoin stalls as bonds, gold catch bids

The multi-asset comparison chart below captures the disconnect in market behavior since yesterday’s U.S. market open.

Gold rose 2.7%, and U.S. 10-year bond prices gained 0.55%, reinforcing a defensive tilt in investor positioning. Even Chinese 10-year bonds, traditionally more insulated, posted a modest rise of 0.19%.

Equities, however, faced broad selling pressure. E-mini S&P futures (ESM2025) dropped 2.06% while oil slid 1.13%, both reflecting renewed macroeconomic caution following the White House’s confirmation that U.S. tariffs on Chinese imports have effectively reached 145%.

The losses come amid a new national security investigation into Chinese semiconductor and pharmaceutical exports, which markets interpreted as a prelude to further tariff escalation.

The U.S. dollar index (DXY) fell 0.44% over the same period, partially due to weak sentiment surrounding further trade decoupling.

Bitcoin fell 2.8% over the same period, underperforming every other major asset class in the chart, including oil and S&P futures, which recorded smaller losses.

Trade uncertainty drives defensive allocation, leaves Bitcoin on sidelines

Market responses appear to reflect the growing weight of U.S.-China tensions on capital allocation decisions.

CNBC reported that China’s Q1 GDP rose 5.4%, exceeding expectations, yet investment banks cut annual forecasts, citing concerns about weakened exports to the U.S. and a sharp drop in capital expenditure.

With the share of Chinese exports to the U.S. now at 14.7%, down from 19.2% in 2018, global supply chains appear to be undergoing a sustained fragmentation.

The reaction across equities and bonds suggests rising demand for hedges and liquid assets, but Bitcoin’s stagnation may imply a reassessment of its current utility in macro hedging portfolios.

In contrast to gold, which set a new record high near $3,261 per ounce, Bitcoin’s price action does not currently reflect similar demand despite inflationary risks associated with rising tariffs.

The underperformance may also reflect uncertain signals around spot ETF flows, even as institutional narratives continue to shift toward Bitcoin’s role as a macro hedge.

However, outside of the past 24 hours, Bitcoin has shown relative strength compared to traditional assets since the start of April, gaining over 5% while S&P 500 futures (ESM2025) declined more than 4%, oil dropped nearly 13%, and the dollar index (DXY) fell 4.5%.

Despite its recent dip, Bitcoin remains one of the better performers over this multi-week window, trailing only gold, which has surged nearly 6%.

Semiconductor tensions mount as Nvidia flags $5.5B export risk

Further compounding market uncertainty, Nvidia disclosed that U.S. government licensing requirements would indefinitely restrict exports of its H20 AI chip to China, citing national security risks.

Per the BBC, the company projected a $5.5 billion hit to earnings from inventory-related charges and unfulfilled orders. The move was widely interpreted as reinforcing a broader U.S. strategy to curtail China’s access to cutting-edge semiconductor technologies.

Semiconductor-linked equities were sharply lower in Europe. Dutch chipmaking equipment firm ASML dropped 6.5% following a miss on net bookings and guidance, citing “export uncertainty,” while peer ASM International fell 4.5%.

As CNBC noted, these losses weighed heavily on the pan-European Stoxx 600, which fell 0.8% at the open. Germany’s DAX and France’s CAC 40 were also down approximately 1%, with investor sentiment further pressured by macro data showing weaker-than-expected UK inflation and declining beer sales at Heineken despite revenue beating expectations.

Outlook

Over the past day, the sharp divergence in asset performance emphasizes the extent to which traditional hedges like gold and sovereign bonds have reasserted themselves amid renewed trade conflict.

Bitcoin’s muted response, particularly in contrast to gold’s upward surge and bond inflows, raises fresh questions about its short-term sensitivity to global macro catalysts and its positioning in institutional portfolios during geopolitical shocks.

With the White House emphasizing that future negotiations are contingent on Chinese concessions, markets appear to be pricing in a prolonged standoff.

For now, Bitcoin’s relative stasis amid surging tariffs and falling equity futures signals cautious positioning by investors still weighing the asset’s evolving correlation to broader risk markets.

Mentioned in this article

• Mantra lost 90% of its value in one hour, wiping out $6 billion in market cap despite no confirmed attack on the network.
• On-chain data suggests large token movements before the crash, with some addresses possibly linked to investors—raising questions about insider activity.
• The team reportedly controlled up to 90% of the token supply, a figure that had previously raised concerns among some investors.

Mantra (OM), once considered a promising crypto project, dropped by 90% within a single day. The team has stated that the project remains stable.

Mantra is positioned as a Real World Assets (RWA) protocol, focused on the tokenization of crypto assets. Before the collapse on Apr. 13, OM ranked among the top five RWA tokens by market capitalization.

On April 13, OM’s price fell sharply from $6.10 to $0.40. The token lost almost all of its value. Market capitalization dropped by $6 billion in just 30 minutes. Less than two months earlier, on Feb. 23, OM had reached its all-time high of $8.99.

The crypto community quickly began comparing the crash to events like Terra (LUNA) or the collapse of FTX. The comparison stems in part from OM’s status as one of the top 30 cryptocurrencies by market cap. Some analysts have since pointed out that there were early warning signs around the project that were previously overlooked.

‘We Want to Assure You That MANTRA Is Fundamentally Strong’

On April 13, the official X account of the project posted that nothing had happened to Mantra and that the collapse was caused by “reckless liquidations.”

The project’s founder, John Patrick Mullin (JP Mullin on X), did not immediately respond, which raised concerns. On April 12, he shared a post suggesting he was on a long-haul flight from France to Seoul.

According to Mullin, the crash was linked to a liquidity issue and the actions of a single whale holding OM on a centralized exchange (CEX).

Social media posts began to circulate from investors reporting major losses following the OM crash. For example, Max Brown, who has over 80,000 followers on X, claimed he lost $1.3 million.

Another user, JB, addressed both the project and Binance, stating that he had invested $3.5 million in OM and was left with about $200,000.

Binance also issued a statement noting that a warning had been placed on the OM trading page since January 2025, citing dramatic changes in the tokenomics and increased token supply:

Since October of last year, Binance has implemented various risk control measures including reducing the leverage levels, with regard to the $OM token. Binance constantly monitors leverage levels and makes adjustments according to market conditions for risk controls to help reduce volatility.

Why Did the Price of Mantra Collapse?

As of now, there is no confirmed reason for what caused the collapse. Mantra maintains that the platform is operating normally and that there was no attack on the network. Meanwhile, parts of the crypto community suspect insider trading and point to the project team as a possible cause.

One of the major red flags cited is token distribution. According to Mantra’s official website, 16.8% of OM tokens are held by the team. Additional allocations are reserved for the Mirror Bucket and upgrade mechanisms, which are also considered internal. In practice, this places a large share of the supply under team control.

Lookonchain reported that 17 addresses moved a total of 43.6 million OM to exchanges just before the crash. Two of these addresses are believed to be linked to Laser Digital, one of Mantra’s known investors.

Laser Digital responded, stating that the wallets in question are not associated with the company and that their investment remains locked.

There is currently no official investigation by the Mantra team or by independent crypto analysts. However, many in the community believe the token may have been sold privately at a discount. Some estimates suggest the team controlled as much as 90% of OM.

There were also reports that the project’s Telegram channel had been deleted. However, it is currently active, and users continue to post messages.

What Are the Consequences?

Regardless of what happened with Mantra, this is a worrying signal for the crypto community. OM was one of the largest tokens by market cap, yet its price dropped by 90% in just one hour.

The crash has already drawn comparisons to major collapses like Terra (LUNA) and the FTX exchange. It’s also a reminder that red flags should not be ignored. Despite repeated warnings about the risks of a team controlling around 90% of the total supply, many investors continued to believe in the project and put money into it.

The post Mantra Price Drops 90% in One Hour — Another Crypto Collapse? appeared first on Cryptonews.

New Show Release – “Bitcoin Policy Hour”

April 9, 2025 – Nashville, Tennessee – Bitcoin Magazinein collaboration with the Bitcoin Policy Institute (BPI), Bitcoin Policy Houra timely, keen series focusing on political and economics, macroeconomic policy, and the evolving global financial order.

Each week’s show features the BPI Executive Director Matthew PinesPolicy Director Zach Shapiroand growth associates Zach Cohen. Decades of experience in national security, regulatory issues and economic research brings the trio a fresh and rigorous perspective to Bitcoin’s role in shaping the future of finance.

“Bitcoin Policy Hour” It aims to provide viewers with a rich, positive discussion that is both noise-breaking and has a rich context. Each episode dives deep into the major developments of geopolitics, economic policy, trade, inflation and sovereignty debt. These forces explain how these forces reshape the financial landscape and what it means for Bitcoin.

The premiere episode of the title “Wargaming for Mar-a-Lago Accord: Customs, Bitcoin, Stubcoin”explores the strategic implications of US-China trade tensions, new risks (and tailwinds) to the dollar system, and the potential restructuring of global capital flows. Viewers are filmed within the framework of a scenario planning that considers how tariffs, national debt, and financial experiments promote interest in non-Sorber’s financial alternatives.

This new collaboration highlights the shared mission of Bitcoin Magazine and BPI, raising public understanding of monetary policy and fostering informed discussions about the future of money.

Episode of Bitcoin Policy Hour Broadcast weekly on Bitcoin Magazine’s media platforms such as YouTube, X, Rumble, and Bitcoinmagazine.com, it offers essential briefings for investors, policymakers and those who track the changing tides of the global economy.

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