I mean, who says people aren't doing that? I know one fund that is short tether. The downside is that you have to trust USDC at the same time and if tether br

I mean, who says people aren't doing that? I know one fund that is short tether. The downside is that you have to trust USDC at the same time and if tether breaks, there is n o guarentee taht USDC holds its peg so you can lose the following ways 1) be wrong and tether is fully backed 2) be right but way too early 3) be right but the peg only breaks by a couple of pennies so you really make peanuts for the risk you put on 4) be right but USDC also breaks and you end up losing 5) be right but6 tether falling sinks crypto so there is not real crypto position you can hold in this case that makes you money. 6) Counterpary/exchange risk, you have to close out your tether position or remove it from the exchange, in the case that new broker that Tether is worthless, every exchange would suddenly lock out withdrawals and go down like they do each time there is a crash, which means you may end up losing even if you were right. I mean there are so many ways to be right and lose on this trade:) Its not something too many hedge funds would dare put on. The upside to being right just isn't anywhere near enough to be in this trade in a fully leveraged way and this is crypto and everyone accepts its manipulated in some way so its hard to rationalize leveraging this trade up to make any meaningful return