This Week in Crypto: Pi Network–Chainlink Buzz, Mantra Meltdown, Grayscale’s Q2 Picks, DXY Collapse, and More

This week in crypto recorded several key events across various ecosystems that will continue shaping the industry.

From major partnerships to investment decisions and scam allegations, the following is a comprehensive roundup of crypto news this week.

Mantra Crash: From Billion-Dollar Hype to Fragile Liquidity

This week in crypto Mantra’s powering token lost $90% of its value amid allegations of insider dealing and liquidity fragility. Once hailed as a rising star in the RWA (real-world asset) narrative, OM’s collapse wiped out over $5.5 billion in value.

Reports revealed a disturbing pattern of concentrated wallet activity and low liquidity pools, which made OM highly vulnerable to sudden exits.

On-chain sleuths identified one trader whose aggressive selling triggered a cascade of liquidations. This highlights the risks of low-float, high-hype tokens in an illiquid market environment.

“This was due to an entity(s) on the Binance perpetuals market. That’s what triggered the entire cascade. The initial drop below $5 was triggered by a ~1 million USD short position being market-sold. This caused over 5% of slippage in literal microseconds. That was the trigger. This seems intentional to me. They knew what they were doing,” the analyst stated.

Pi Network: From Chainlink Buzz to Transparency Fears

Pi Network recorded strong optimism this week as its native Pi Coin surged by double digits. BeInCrypto attributed the surge to the announcement of a key integration with Chainlink.

They pitched this strategic collaboration as a gateway to real-world utility. Specifically, it positioned Pi closer to the broader DeFi and smart contract ecosystem. However, the euphoria proved short-lived.

Market sentiment quickly soured as analysts began comparing Pi Network and the recently collapsed OM token.

Allegations suggest that, like the OM token, Pi coin lacks full clarity around circulating supply, wallet distribution, and centralized control. To some, these are potential red flags in an increasingly regulation-sensitive industry.

“The OM incident is a wake-up call for the entire crypto industry, proof that stricter regulations are urgently needed. It also serves as a huge lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet,” wrote Dr Altcoin.

Pi coin reversed gains within days, falling 18% from its weekly high. At the time of writing, PI was trading at $0.6112, up by a modest 0.7% in the past 24 hours, per CoinGecko.

Pi Network (PI Coin Price). Source: CoinGecko

Grayscale’s Altcoin Shake-Up: 40 Tokens Under Review

This week in crypto also showed that institutional investor interest in altcoins is heating up again, with Grayscale leading the charge.

The digital asset manager unveiled its updated list of assets under consideration for the second quarter (Q2) 2025. BeInCrypto reported that the list featured zero altcoins across sectors such as DePIN, AI, modular blockchains, and restaking. Among the notable tokens being eyed are SUI, STRK, TIA, JUP, and MANTA.

The update reflects Grayscale’s growing thesis around emerging crypto trends, particularly as the firm seeks to expand beyond its core Bitcoin and Ethereum products.

This announcement follows a broader strategic overhaul from three weeks ago when Grayscale reshuffled its top 20 list of altcoins by market exposure. Several older names were dropped at the time, while newer narratives like Solana-based DePIN and Ethereum restaking plays were pushed to the forefront.

The expansion into 40 coins signals Grayscale’s recognition of renewed retail and institutional appetite for differentiated assets. However, inclusion in the list does not guarantee a fund launch. It only indicates Grayscale’s active research.

XRP and SWIFT Partnership: Breaking Down the Rumors

There was speculation this week about a possible partnership between Ripple’s XRP and banking giant SWIFT in crypto.

This narrative was based on a misinterpreted document. A series of cryptic social posts exacerbated the speculation, which some took as confirmation of collaboration between the global payments network and the XRP ledger.

However, BeInCrypto’s in-depth reporting sank the rumors. While Ripple has long pursued banking institutions and SWIFT has shown openness to blockchain innovations, there is no verified partnership between the two.

SWIFT’s public-facing projects around tokenization and digital asset settlement do not include XRP.

Despite the debunking, the rumors sparked an important conversation about XRP’s long-term positioning. The token remains a top-10 asset and a favorite among retail investors banking on utility-driven price appreciation.

Ripple (XRP) Price Performance. Source: BeInCrypto

With Ripple’s legal battles with the SEC nearing resolution and international CBDC partnerships in the works, the project is far from irrelevant.

US Dollar Dives: What the DXY Crash Means for Bitcoin

The US Dollar Index (DXY) hit a three-year low this week, sending ripples through the crypto markets. Historically, a falling DXY has been bullish for Bitcoin, and this week was no different, with BTC reclaiming above the $84,000 range.

The greenback’s weakness reflects growing fears of fiscal deterioration in the US, as rate cuts loom and Treasury debt soars.

However, that is just the surface. The global M2money supply has been quietly increasing again, especially across Europe and Asia. This reignites the liquidity conditions that fueled previous bull runs.

Japan’s 10-year bond yields hit multi-decade highs, forcing the Bank of Japan (BoJ) into increasingly precarious interventions. As Japanese liquidity spills outward, crypto and risk assets have become inadvertent beneficiaries.

This macroenvironment is ideal for Bitcoin. Weakening fiat, rising global liquidity, and crumbling bond market confidence create a perfect storm.