Let me share a different perspective with you regarding the recent USDT discount issue, as well as the positive premium on Coinbase—what do these represent behind the scenes?

First, clear your mind, let go, let go, let go, and follow my lead.

Bitcoin is currently priced at around 89,500 (a few days ago, during the selling frenzy, the lowest price dropped to around 88,100; let's use an average price of 89,000). Right now, people in mainland China are frantically selling USDT. Let's assume this USDT comes from selling Bitcoin. What you see is that people are exchanging their Bitcoin for USDT at an average price of 89,000 and then cashing out, but 89,000 is only worth 618,550 RMB. A few days ago, USDT was priced at about 7.13, so 89,000 was worth 633,680 RMB. Now, the price is about 6.95, so the actual value of the USDT you receive has depreciated by 2.4%. In fact, calculated in USD, the actual Bitcoin selling price in mainland China is 89,000 - 89,000*0.024 = 86,864 USD (using 1 USD = 7.12 RMB) = 618,550 RMB, because the USD itself hasn't depreciated—it's just that when you convert Bitcoin to USDT and then to RMB, there's a loss in value. People are frantically selling their Bitcoin at a 2.4% discount.

Meanwhile, on Coinbase in the US, if you buy Bitcoin directly with USDT, it's at a premium, indicating that Americans are buying more while people in mainland China are selling at a discount. When USDT returns to 7.12 RMB, the US side will already have made a 2.4% profit. Of course, if you buy USDT with RMB now, you'll also make a profit.

My insider information is: USDT dealers, especially those dealing in cash, are hoarding large amounts of USDT right now—they are only buying, not selling. This is from a USDT dealer who makes 50 million a year.

It's not what you see on the surface—everyone is fleeing in panic! Who did you sell your USDT to? Think about it! The cheap USDT in your hands is being sold in bulk to big money players, and the market is dictated by them, not by retail investors. Don't get fleeced—you're selling your USDT at a discount. You're selling your Bitcoin at a discount!

If there's no influx of new funds into the market, once USDT returns to the normal 7.12 rate, in terms of RMB cost, Bitcoin only needs to fall to 86,864 USD = 86,864 USDT for you to break even. If the price doesn’t drop, then the Bitcoin you bought at 89,000 with a 6.95 exchange rate—618,550 RMB—is worth 633,680 RMB. Of course, if you sell Bitcoin for USDT at 89,700 now and don't exchange it for RMB, when USDT returns to the normal exchange rate, you effectively sold at 91,852 USD.