Observe carefully... USDT.D has yet to create a new ATH this cycle Every time BTC tops, USDT.D tends to push higher and break previous highs. Why does this happen? @tether (USDT) supply keeps expanding, meaning there is simply more stablecoin liquidity in the system each cycle. Every cycle, more capital stays parked in stables during drops, creating a larger risk off pool. With more liquidity available, when BTC sells off, there is a stronger rotation into USDT than in previous cycles So structurally, this increases the probability of USDT.D making a higher high during bear markets. If this dynamic continues, we can expect USDT.D to break its previous ATH before BTC fully bottoms this cycle.(Killa)