All of the above if most of the demand from people fleeing from USDT goes into Bitcoin, which is likely. More people chasing the same thing -> price goes up.

All of the above if most of the demand from people fleeing from USDT goes into Bitcoin, which is likely. More people chasing the same thing -> price goes up. But obviously the BTC/USDT price would go up a lot more because USDT would be going down at the same time.