This week in crypto witnessed a series of significant developments across multiple ecosystems, further influencing the trajectory of the industry. From major partnerships to investment strategies and allegations of scams, the following is a comprehensive overview of the latest crypto news.

Mantra's powering token faced a dramatic decline this week, losing 90% of its value amidst accusations of insider trading and liquidity vulnerabilities. Previously regarded as a promising player in the real-world asset (RWA) narrative, the collapse of OM eliminated over $5.5 billion in market value. Investigations revealed a concerning concentration of wallet activities and shallow liquidity pools, making OM highly susceptible to abrupt exits. On-chain investigations identified a specific trader whose aggressive selling precipitated a chain reaction of liquidations, underscoring the inherent risks associated with low-float, high-hype tokens in illiquid market conditions.

Meanwhile, Pi Network experienced a surge in positive sentiment this week as its native Pi Coin saw double-digit growth. According to BeInCrypto, this increase was largely attributed to the announcement of a pivotal integration with Chainlink. This strategic collaboration was presented as a pathway towards practical utility, positioning Pi more closely within the broader decentralized finance (DeFi) and smart contract ecosystem. However, the excitement surrounding this development was short-lived. Market sentiment rapidly deteriorated as analysts began drawing comparisons between Pi Network and the recently collapsed OM token. Allegations arose suggesting that, similar to the OM token, Pi Coin lacked clear transparency regarding its circulating supply, wallet distribution, and centralized control. For some, these factors represent potential warning signs in an industry increasingly attuned to regulatory scrutiny. Consequently, Pi Coin reversed its gains within days, declining by 18% from its peak. At the time of writing, PI was trading at $0.6112, showing a modest 0.7% increase over the past 24 hours, according to CoinGecko.

This week also highlighted a resurgence of institutional investor interest in altcoins, with Grayscale taking the lead. The digital asset manager released an updated list of assets under consideration for the second quarter of 2025. BeInCrypto noted that the list did not include any altcoins from sectors such as DePIN, AI, modular blockchains, and restaking. Prominent tokens being considered include SUI, STRK, TIA, JUP, and MANTA. This update reflects Grayscale's evolving focus on emerging crypto trends, particularly as the company seeks to diversify beyond its core Bitcoin and Ethereum offerings. This announcement followed a broader restructuring three weeks prior, during which Grayscale reorganized its top 20 list of altcoins by market exposure. Older names were removed, while newer concepts like Solana-based DePIN and Ethereum restaking initiatives gained prominence. The expansion to 40 coins signifies Grayscale's acknowledgment of renewed demand from both retail and institutional investors for diverse assets. Nevertheless, inclusion in the list does not ensure the launch of a corresponding fund; it merely indicates active research efforts.

Speculation circulated this week regarding a potential partnership between Ripple's XRP and the banking giant SWIFT in the realm of cryptocurrency. This narrative originated from a misinterpreted document, with cryptic social media posts intensifying the rumors. Some interpreted these posts as evidence of collaboration between the global payment network and the XRP ledger. However, BeInCrypto's detailed reporting debunked these claims. Although Ripple has consistently sought partnerships with banking institutions and SWIFT has demonstrated openness to blockchain innovations, no verified collaboration exists between the two entities. SWIFT's publicly announced projects involving tokenization and digital asset settlement do not incorporate XRP. Despite the discrediting of these rumors, the speculation ignited an essential discussion regarding XRP's long-term positioning. The token remains a top-10 asset and a popular choice among retail investors expecting utility-driven price appreciation. With Ripple's ongoing legal disputes with the SEC nearing resolution and international central bank digital currency (CBDC) partnerships underway, the project retains substantial relevance.

The US Dollar Index (DXY) reached a three-year low this week, creating waves in the crypto markets. Historically, a declining DXY has been favorable for Bitcoin, and this week was no exception, as BTC reclaimed the $84,000 threshold. The weakening dollar reflects mounting concerns over fiscal instability in the US, with expectations of rate cuts and surging Treasury debt. However, this is merely a surface-level observation. Globally, the M2 money supply has quietly increased again, particularly across Europe and Asia. This revival of liquidity conditions mirrors those that fueled earlier bull cycles. Japan's 10-year bond yields hit multi-decade highs, compelling the Bank of Japan (BoJ) to engage in increasingly risky interventions. As Japanese liquidity flows outward, cryptocurrencies and other risk assets have inadvertently benefited. This macroeconomic environment is particularly conducive for Bitcoin. A weakening fiat currency, rising global liquidity, and eroding confidence in the bond market form an ideal combination for the cryptocurrency sector.

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