#创作者成长激励计划#  This Week in Crypto: Pi Network–Chainlink Allegations, Mantra Crisis, Grayscale’s Q2 Elections, DXY Crash, and More.

This week saw a number of major events across the crypto landscape that will continue to shape the industry.
From major partnerships to investment decisions to fraud allegations, here’s a comprehensive roundup of this week’s crypto news.
Mantra Crash: From Billion-Dollar Hype to Fragile Liquidity
This week in the crypto landscape, Mantra’s powerhouse token lost 90% of its value amid allegations of insider trading and fragile liquidity. Once seen as a rising star in the RWA (real-world assets) narrative, OM’s collapse wiped out more than $5.5 billion in value.
The reports revealed a disturbing pattern of intense wallet activity and low liquidity pools, making OM extremely vulnerable to sudden surges.
On-chain detectives identified a trader whose aggressive sales triggered a wave of liquidations, highlighting the risks of low-supply, high-anticipation tokens in an illiquid market environment.
Pi Network: From Chainlink Excitement to Transparency Fears
Pi Network has seen strong optimism this week as its native Pi Coin surged by double digits. It attributed the increase to the announcement of a major integration with Chainlink.
They presented this strategic partnership as a gateway to real-world use. Specifically, it would bring Pi closer to the broader DeFi and smart contract ecosystem. However, the excitement was short-lived.
Market sentiment quickly soured, and analysts began comparing Pi Network to the recently crashed OM token.
The allegations suggest that, like the OM token, Pi coin lacks full clarity on circulating supply, wallet distribution, and central control. To some, these are potential red flags in an industry increasingly susceptible to regulation.
‘The OM incident is a wake-up call for the entire crypto industry, proof that stricter regulation is urgently needed. It is also a great lesson for the Pi Core Team as they transition from Open Network to Open Mainnet,’ Dr Altcoin wrote.
The Pi coin reversed its gains in a matter of days, falling 18% from its weekly peak. At the time of writing, PI is trading at $0.6112, showing a modest increase of 0.7% in the last 24 hours,
Grayscale’s Altcoin Exchange: 40 Tokens Under Review
This week in the crypto world has seen a renewed interest in altcoins from institutional investors, with Grayscale leading the way.
The digital asset manager has announced an updated list of assets under review for the second quarter (Q2) of 2025. The list includes zero altcoins in sectors such as DePIN, AI, modular blockchains, and restaking. Notable tokens include SUI, STRK, TIA, JUP, and MANTA.
This update reflects Grayscale’s growing thesis on emerging crypto trends, especially as the firm looks to expand beyond its Bitcoin and Ethereum offerings.
This announcement comes three weeks ago after Grayscale revamped its top 20 list of altcoins by market exposure. Several old names were removed at the time, while new narratives like Solana-based DePIN and Ethereum restraking were highlighted.
The expansion to 40 coins shows that Grayscale recognizes the renewed individual and institutional appetite for diversified assets. However, being included on the list does not guarantee a fund launch. It simply demonstrates Grayscale’s active research.
XRP and SWIFT Partnership: Details of the Claims
This week, there was speculation about a possible partnership between Ripple’s XRP and banking giant SWIFT.
The story was based on a misinterpreted document. A series of mysterious social media posts fueled speculation of a collaboration between the global payment network and the XRP ledger.
However, in-depth reporting has debunked these rumors. While Ripple has long targeted banking institutions and SWIFT has shown an openness to blockchain innovation, there has been no confirmed partnership between the two.
SWIFT’s public projects related to tokenization and digital asset settlement do not include XRP.
Despite the rumors being debunked, this has sparked significant debate about XRP’s long-term positioning. The token is still a top 10 asset and is popular with retail investors who are betting on its usage-driven price growth.
As Ripple’s legal battles with the SEC near resolution and international CBDC partnerships loom, the project remains relevant.
US Dollar in Depression: What Does the DXY Crash Mean for Bitcoin?
This week, the US Dollar Index (DXY) reached a three-year low, sending volatility across crypto markets. Historically, a falling DXY has been a positive for Bitcoin, and this week was no different, with BTC breaking above the $84,000 range.
The greenback’s weakness reflects fears of financial disruption in the US, as interest rate cuts loom and Treasury debt rises.
But that’s just the surface. Global M2 money supply is quietly rising again, especially in Europe and Asia. This is reviving the liquidity conditions that fueled previous bull runs.
Japan’s 10-year bond yields have reached multi-year highs, forcing the Bank of Japan (BOJ) to intervene more dangerously. As Japanese liquidity spills over, crypto and risky assets are inadvertently benefiting.
This macro environment is ideal for Bitcoin. Weakening fiat, rising global liquidity, and collapsing bond market confidence are creating a perfect storm.