𝗨𝗦𝗗𝗧 𝗗𝗲𝗽𝗲𝗴 𝗼𝗿 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝗿𝗲𝘀𝘀 𝗦𝗶𝗴𝗻𝗮𝗹? $USDT just traded at one of its weakest Coinbase levels since the FTX panic era. But this does not automatically mean Tether is collapsing. A small exchange-specific depeg can happen when liquidity thins , traders rush into fiat or $USDC , and market makers widen spreads. The real question is not the Coinbase print. The real question is whether the discount spreads across major venues. If $USDT stays weak everywhere , that is a serious risk-off signal. If it only happens on one venue , it may be a liquidity imbalance. Historically , USDT stress often appears near market fear extremes. That can sometimes mark panic conditions. But it is not a clean bottom signal by itself. My read: Watch $BTC , stablecoin flows and whether $USDT quickly reclaims peg. If peg normalizes fast , this may be fear exhaustion. If it expands , crypto risk gets heavier. #USDT #BTC #Crypto #OKXOrbitTopics