Why do you assume the price is determined by the open market? Who are the large scale crypto entities that would bet against Tether? This happens every time th

Why do you assume the price is determined by the open market? Who are the large scale crypto entities that would bet against Tether? This happens every time the price dips, but the current best explanation/theory is that Tether prints more USDT with BTC backing from exchanges, who then use that USDT to buy BTC from the market. The issue is that the exchange is part of that loop.