#ETH巨鲸增持 Recently, an interesting phenomenon has emerged in the stablecoin market: the OTC exchange rate of USDT has slipped to around 7.0 RMB. How does that compare to the official USD exchange rate? About 7.12 RMB.

That’s a difference of 0.12 RMB.

Don’t underestimate this gap. In the past, this level of decoupling has already been considered a rare signal. The widening price difference is directly related to recent regulatory trends—last week, relevant authorities reiterated their strict regulatory stance on cryptocurrency-related businesses. The intensity and scope of this statement reminded many people of the major crackdown in 2021.

The market reacted quickly. On the demand side, there was a significant contraction, holders began to take a wait-and-see approach or even reduce their positions, OTC liquidity for USDT tightened as a result, and prices naturally fell. If you still hold related assets, at this stage you may need to pay closer attention to the details of policy implementation. In the short term, this volatility is likely to continue. As for whether it will intensify further? That depends on how tough the next steps in enforcement will be.