Recently, the USDT over-the-counter price has been experiencing a significant inversion, with several underlying currents at play.

First, let's talk about regulation. The US is extending its long-arm jurisdiction further, and new domestic regulations are specifically targeting stablecoin-related money laundering. With pressure from both sides, a lot of capital is starting to panic.

Next, let's look at capital flows. Marked by the collapse of a certain "Crown Prince" group (everyone should remember the Huiwang case), a wave of hot money from the gray industry chain is frantically looking for an exit. This money has always been shady, and now it's even more desperate to convert into clean assets and leave.

The most painful aspect is market sentiment. The current state of the industry has been seen through by risk capital—rather than play this game of musical chairs with everyone else, it's better to follow policy trends. Especially after certain policy shifts, many funds have simply chosen to withdraw, not wanting to take any more risks.

With these three forces combined, it's no wonder the USDT premium can't be sustained.