JAN3 CEO Samson Mow believes that the adoption process of bitcoin by nation- states is imminent, declaring that it might even start this year. At a recent podcast, Mow stated that the notion that bitcoin adoption could take 20 or 30 years was outdated. &#8220;If you look at everything that&#8217;s happening in the world today, the […]

JAN3 CEO Samson Mow: Adoption Is Accelerating, US Purchases to Ramp up This Year

The total-value-locked (TVL) on Mantra&#8217;s RWA blockchain protocol reached a 
yearly high despite OM&#8217;s 90% price crash.
## Mantra TVL surges 500% following OM&#8217;s crash
As of April 15, Mantra&#8217;s TVL (in OM terms) jumped to 4.21 million OM (~$3.24 
million), an increase of over 500% from two days prior, according to data 
resource DefiLlama.
_Mantra &#8216;s cumulative TVL chart. Source: DefiLlama._
Interestingly, the TVL rise accompanied a dramatic collapse in OM prices, 
which plunged over 90% during the weekend. The Mantra team attributed the 
sell-off to &#8220;reckless forced liquidations&#8221; initiated by centralized exchanges.
A rising TVL typically indicates that users are locking more tokens into a 
protocol&#8217;s smart contracts via staking, liquidity pools, lending, or farming 
for yield or network participation.
Analyst DOM spotted &#8220;aggressive buying&#8221; on crypto exchanges during the 90% OM 
price crash on April 13, amounting to $35 million worth of OM purchases when 
&#8220;the [Mantra] collapse was happening.&#8221;
_Mantra total aggregated spot CVD vs. Binance spot price. Source: DOM_
Despite the 90% price crash, the simultaneous TVL spike and &#8220;aggressive 
buying&#8221; suggest that certain participants saw the collapse as a buying 
opportunity.
The fact that millions of dollars were deployed while the crash unfolded 
points to tactical accumulation, possibly by whales, insiders, or 
opportunistic speculators betting on a rebound or farming incentives.
As of April 15, OM&#8217;s price was trading for as high as $0.99, up around 170% 
from the weekend lows.
_OM/USDT daily price chart. Source: TradingView_
## 97% of Mantra TVL is one DApp
Increases in Mantra&#8217;s TVL accompany red flags.
For instance, around 97% of Mantra&#8217;s TVL growth came from Mantra Swap, the 
protocol&#8217;s native decentralized exchange. Its automated market-making pools 
accounted for 4.11 million OM in TVL, making it the primary driver behind the 
sharp uptick.
_Mantra Swap TVL performance chart. Source: DefiLlama_
A more decentralized ecosystem would have a greater capital distribution with 
multiple liquidity sources across lending markets, staking platforms, 
derivatives, etc.
_**Related:**__**Mantra says one particular exchange may have caused OM 
collapse**_
Additionally, Mantra&#8217;s fully diluted valuation (FDV) of $1.88 billion as of 
April 15 dwarfs the total value locked (TVL) of $3.24 million, a glaring 
disconnect that could signal potential overvaluation.
_Mantra TVL vs. FDV (in dollar terms). Source: DefiLlama_
With only 0.17% of its theoretical value actively deployed in its ecosystem, 
the protocol shows low capital efficiency and limited real-world usage.
This imbalance suggests the market cap is likely driven more by speculation 
than adoption, and with a large portion of tokens likely still locked, there&#8217;s 
a high risk of future dilution as vested tokens are unlocked.
Analyst JamesBitunix posed Mantra&#8217;s FDV as a huge risk to OM dip buyers, 
saying:
&gt; &#8220;A lot of traders jumped in at this &#8216;bottom&#8217; &#8212; both on spot and with 
&gt; leverage. Personally, I&#8217;d trigger another correction &#8212; preferably a sweep 
&gt; of the lows followed by a quick bounce.&#8221;
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Red flag? Mantra's TVL jumped 500% as OM price collapsed

After consecutive drawdowns of 17.39% and 2.3% in February and March, 
Bitcoin&#8217;s (BTC) Q2 is shaping up nicely, with a return of 3.77% in April. 
While fresh yearly lows were formed at $74,500, BTC is currently closer to 
$90,000 than its new range bottom.
_Bitcoin 1-day chart. Source: Cointelegraph/TradingView_
Bitcoin&#8217;s higher time frame (HTF) market structure has achieved its first 
breakout of 2025, fueling optimism among bulls for significant upward 
momentum. However, the following factors could limit BTC&#8217;s gains over the next 
two weeks, likely capping its price at around $90,000.
_**Related: Can 3-month Bitcoin RSI highs counter bearish BTC price 
&#8216;seasonality?&#8217;**_
## Bitcoin needs spot volume, not just leverage-driven
Cointelegraph identified a cooldown period in the futures market as the BTC- 
USDT futures leverage ratio dropped by 50%. De-leveraging in the futures 
market is a positive development over the long term, but derivatives traders 
have taken control of the market at the time as well.
_Bitcoin cumulative net take volume. Source: X.com_
Bitcoin researcher Axel Adler Jr. pointed out that Bitcoin&#8217;s cumulative net 
taker volume spiked to $800 million on April 11, hinting at a surge in 
aggressive buying. BTC price also jumped from $78,000 to $85,000 within three 
days, confirming previous historical patterns where high net take volume 
triggers price rallies.
Likewise, Maartunn, a community analyst at CryptoQuant, confirmed that the 
current rally is a &#8220;leverage-driven pump.&#8221; The discrepancy arises because 
retail or spot traders are still not as relevant.
_Bitcoin 30-day apparent demand. Source: CryptoQuant_
As illustrated in the chart, Bitcoin apparent demand is on a recovery path, 
but it is not net positive yet. Historically, 30-day apparent demand can move 
sideways for a prolonged period after BTC reaches a local bottom, leading to a 
sideways chop for the crypto.
Thus, it is less likely that Bitcoin could breach $90,000 in the first attempt 
after dropping close to 20% until there is collective buying pressure from 
both spot and futures markets.
## Large liquidation clusters between $80-$90K may bait traders
With futures traders positioning in either direction, data from CoinGlass 
highlighted significant cumulative long and short liquidation leverage between 
$80,000 and $90,000. Taking $85,100 at the base price, total cumulative short 
positions at risk of liquidation are at $6.5 billion if BTC price hits 
$90,035.
_Bitcoin exchange liquidation map. Source: CoinGlass_
On the other hand, $4.86 billion in long orders will be wiped out if BTC drops 
to $80,071. While liquidation clusters do not determine directional bias, they 
can create long or short squeezes, baiting traders on either side of 
respective trades.
With such high capital at risk under $90,000, it is possible that Bitcoin may 
target each cluster before moving toward the dominant side.
_**Related: Bitcoin traders target $90K as apparent tariff exemptions ease US 
Treasury yields**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Bitcoin price recovery could be capped at $90K — Here’s why

Bitcoin remains under the spotlight as Anthony Pompliano, founder and CEO of 
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cryptocurrency in a recent CNBC interview. With Bitcoin (BTC) hovering around 
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Bitdeer Technologies Group plans to take advantage of a 90-day suspension of 
U.S. tariffs to ship mining rigs from Southeast Asia to the United States. 
According to Bloomberg, Bitdeer, a Bitcoin (BTC) mining company listed on 
Nasdaq and founded by…

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Mantra, a popular real-world asset tokenization coin that collapsed by over 
90% in 24 hours, bounced back after a statement by the founder and as 
investors bought the dip. Mantra (OM) price soared by over 50% on Tuesday, 
making it…