MANTRA: The Anatomy Of A Collapse 📉

From $6.5b to <$500m

OVERVIEW

MANTRA: The Anatomy Of A Collapse 📉

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS IN THREE SENTENCES
Crypto News 📰

🤔 Vitalik Says Ethereum Needs Better Philosophy

Vitalik Buterin argued Ethereum’s upper app layer desperately needs "good social philosophy" to guide developers and avoid disasters like FTX or pump.fun. Critics countered they'd settle for a cheaper transaction fee and a blockchain faster than dial-up. ZyCrypto.

Do Kwon’s Trial Delayed

Do Kwon’s highly anticipated Terra fraud trial was pushed to February 2026. The government stated clearly that the DOJ memo changes nothing, leaving Kwon’s potential 130-year sentence very much on the table. So much for pro-crypto memos helping crypto bros stay out of federal prison. TheStreet.

🎩 Kraken Launches US Stock Trading

Kraken announced a phased rollout for U.S. stocks and ETFs, letting users trade equities alongside crypto on one platform. Kraken described the move as a "natural step," casually dropping hints about tokenizing Wall Street assets in the future. TheBlock.

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