#ETH走势分析 There was another fluctuation in stablecoin exchange rates this morning. USDT dropped to 6.99 against the RMB, and USDC fell even lower, hitting 6.96. This trend actually had early warning signs.

Let’s look at the timeline. The joint multi-department action on November 28 targeted illegal foreign exchange activities using stablecoins, with USDT and USDC as key monitoring targets. After the policy intervention, short-term arbitrage funds inevitably came under pressure, so the price drop was expected.

On-chain data makes things even clearer. Recently, large-scale stablecoin transfers on Ethereum have contracted significantly, and both USDT’s liquidity indicators and the number of active addresses are shrinking. In simple terms, gray-market funds are withdrawing, and market liquidity is tightening temporarily.

But this doesn’t mean panic. The policy is cracking down on illegal operations, not the technology itself. Take a look at the total supply of stablecoins—it’s still at healthy levels. The compliance process will actually make capital flows more rational, and quality assets like BTC and $ETH will become more favored.

When the market is volatile, altcoins may suffer as well. But looking back at the post-regulation markets in 2017 and 2021, washouts often turned out to be buying opportunities. The strategy is simple: DCA into mainstream coins on dips and stay away from stablecoin transactions in gray areas.

Those who can see the direction clearly amidst the chaos are usually the ones who laugh last.