Why did $OM crash 90% overnight?

$OM, the biggest RWA token, dumped 90% on 13th April, erasing $5.5 billion in market value.

Right before this dump, a major whale transferred 4 million tokens on OKX.

As the whale started to sell, prices dropped 35% due to low liquidity on weekends.

This led to a massive liquidation cascade as people were leveraged long on exchanges.

On top of it, there were some OTC buyers who got OM at a 50% discount.

Once prices went below it, OTC buyers started to panic, which caused a 90% dump.

A few months ago it was $RUNE, and now it's $OM; it seems like 2025 is a very tough year for crypto holders.