Here’s something a bit painful: Offshore RMB has surged to 7.05, yet USDT is flirting with the edge of breaking below 7.

What’s the state of the entire crypto space right now? Calling it “quiet” would be an understatement. It feels like every day I hear about three times as many people quitting as getting hired—the market is as lifeless as if it’s in hibernation.

It’s even worse for those holding onto piles of stablecoins—they’re still deep in the red on paper. But looking at it from another angle, people buying USDT now are getting a bargain. After all, there were plenty who bought in at the 7.3 peak not long ago, so compared to that, today’s price is a real steal. That’s how the market works: when some are forced to sell at a loss, others are there to scoop up the deals.