Recently, I’ve noticed an interesting phenomenon—USDT has dropped to around 6.96, while the offshore RMB is at 7.06, leaving a 0.10 gap in between.

What does this mean? A large amount of stablecoins are being sold off. The driving force behind this might not just be crypto players; many people in foreign trade and other industries are also using USDT for cross-border settlements, and their concentrated selling naturally causes a short-term price difference.

From another perspective, isn’t this an arbitrage window? For those with the right channels, accumulating USDT at a low price now has two benefits: first, when the exchange rate returns above 7, you can directly profit from the price difference; second, cheap capital will flow into the market, giving Bitcoin prices some support. The selling is coming from the industry side, and the buyers might actually be crypto holders.

However, pay attention to a key timing point—once USDT returns to near parity with the offshore RMB, this support logic will stop working. Adding to this, there’s news that Japan might raise interest rates in mid-December (historically, changes in yen policy often trigger global liquidity fluctuations), so there’s a significant probability of a second market pullback.

From a technical perspective, Bitcoin formed a top pattern below the EMA30 yesterday, and the 94,000 mark couldn’t hold. At this level, the risk of chasing highs in the short term is clearly greater than waiting for a pullback opportunity. Both market sentiment and capital flows need to reconfirm their direction, so don’t rush to go all in.