The collapse of OM is a typical case of a liquidity crisis:

The liquidation of leveraged positions can trigger such intense price fluctuations due to insufficient market depth, where the imbalance of buy and sell orders means that any slight movement can escalate into a disaster.

On a deeper level, the uncertainty in global capital markets exacerbates this issue.

Since Trump took office, his policies have been erratic—ranging from tariff threats to ambiguous cryptocurrency regulations—forcing all participants to live in a game structure of "waiting for the next change," leading to a continuous erosion of investors' confidence in risk assets.

It is already difficult to find a "safe holding" certainty asset in the U.S. stock market, and the situation in the cryptocurrency space is even more severe. #om $BTC $BNB