Tether acts much like the central bank of the crypto market. When USDT printing expands, liquidity flows directly into assets to drive prices higher. When printing pauses or reverses, market liquidity dries up, and trends weaken. Over the past month, Tether's USDT market cap has dropped by more than $3 billion. This contraction confirms that liquid capital is actively leaving the crypto ecosystem. Without fresh stablecoin supply expanding the market, prices struggle to sustain upward momentum, frequently leading to deeper flushes. A return to steady printing will be the first major signal that macro liquidity is returning to support a recovery.(Ali Charts)