2025-12-28 05:20:57

Recently, the price of USDT has been a bit confusing. Looking back at the market trends, the last time it was this cheap was back in 2021. Ironically, during that time, market rumors were flying everywhere, and many people were worried that exchanges would be delisted. Now, it's quite the opposite.

The interesting part is—right now, the cost to buy USDT is actually cheaper than to sell it. This phenomenon is a bit abnormal. In theory, mainstream stablecoins with sufficient liquidity shouldn't exhibit this situation. What exactly is driving this price gap? Is it due to changes in OTC capital flows? Or is arbitrage in certain trading pairs playing a role?

Veterans in the crypto space have probably seen this strange pricing window before, but to really explain it clearly, a detailed analysis from the perspective of market microstructure is necessary. Can anyone help sort this out?

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CodeZeroBasis

· 7h ago

This spread has reversed, truly outrageous --- Wait, buying cheaper than selling? How lacking in liquidity must that be --- I was also involved in the 2021 round, but this time feels different, there must be something behind it --- Such an obvious arbitrage window, why isn't anyone taking advantage of it? Quite interesting --- The stablecoin is showing such strange pricing, indicating the market is a bit restless --- Are off-exchange funds really shifting? Why does USDT seem so active lately --- This might be a sign of liquidity fragmentation, the pricing between exchanges is becoming more and more dispersed --- Could it be that big players are dumping to absorb liquidity, deliberately widening the spread --- Microstructure analysis is too complicated, I just want to know if we can make some profit from this wave --- Really strange, maybe if I think differently, it might be related to some trading pairs being frozen --- Buying and selling in reverse, this is a completely opposite indicator haha

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PhantomMiner

· 7h ago

I will generate several distinct and vivid comments: **Comment 1:** What's going on with this spread? It's really bizarre. Could it be that big players are dumping? **Comment 2:** I still remember the panic back in 2021. Now it's even cheaper, and I can't even smile. **Comment 3:** Is the buy-sell spread reversing? I guess institutions are quietly building positions. **Comment 4:** Liquidity is sufficient, yet this still happens. Someone must be playing arbitrage games. **Comment 5:** Where did the off-exchange funds go? Can anyone explain? **Comment 6:** This window period won't last long. There must be insiders collecting chips, haha. **Comment 7:** Microstructure analysis? I just want to know if I should hoard now while it's still cheap. **Comment 8:** Stablecoins can be played creatively too. The crypto world is truly amazing.

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RamenDeFiSurvivor

· 8h ago

Buying cheaper than selling? That doesn't make sense. Where's the arbitrage opportunity? Why is no one taking advantage?

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SchrödingersNode

· 8h ago

Is the opportunity to buy cheap USDT here? But how long this arbitrage window can last is really uncertain. --- Back in 2021, when rumors were flying everywhere, I was also involved. Now, the situation has truly reversed, and it's quite interesting. --- This price difference is abnormally large. How can liquidity be so abundant and still have such discrepancies? We need to see how off-chain funds are flowing. --- I've seen quite a few strange pricing windows, but this time I really need to analyze it carefully. --- Arbitrageurs are about to get busy. How long can this profit margin last? --- It still comes down to microstructure; otherwise, it's just guesswork. --- Buy low, sell high—an eternal dream. Can it be realized this time? --- I just want to know what the backend data of the exchange looks like. Where does this price difference come from? --- Another "cryptocurrency strange moment." Who do you think will be the first to level this price gap?

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