Transfer: It's tough! U price has collapsed, 1u is less than 6.82, which is 3% lower than the normal exchange rate of 7. But half a year ago, the USDT price was still 7.4, and everyone's assets silently depreciated by 10%.

USDT is linked to two indicators: one is the US dollar exchange rate, and the other is the premium or discount in the crypto market.

Since the US is in a rate-cutting cycle, the US dollar is likely to weaken against the RMB. The benefit is that everyone's RMB purchasing power increases, allowing them to buy more U, which also means more Bitcoin.

So the effects are mutual. When you use RMB to buy cryptocurrencies, you can buy 10% more coins than a year ago. However, besides the sharp drop in the US dollar exchange rate, U itself is also depreciating against RMB, falling below the official rate of 1:7 RMB.

Therefore, the crypto bear market is quite obvious now. RMB users are selling U in large quantities to convert to RMB and exit, causing serious negative USDT premiums. Meanwhile, the volume of information reading in the crypto space has dropped significantly, and KOLs who rely on advertising are no longer getting sponsorships and are starting to go back to work. This is not a bull market signal; the inertia of the bear market will continue. This also gives us the opportunity to enter at low prices by the end of next year.

Next year, you might see Bitcoin at 60,000 or even 40,000. The bear market doesn't show its bottom; only when the bottom structure is formed can we know where the bottom is. At that time, just buy the dip aggressively. The recent short-term rebound won't affect the overall downward trend. I hope Bitcoin can rebound briefly, giving us a chance to add to our high-position shorts again.