Interesting, from watching the feed it seems most BUY orders are in the range of 100-1000 USD (i.e. small investors) whereas there are some really large SELL or

Interesting, from watching the feed it seems most BUY orders are in the range of 100-1000 USD (i.e. small investors) whereas there are some really large SELL orders in the range of 100.000-1.000.000 USD. My naive take would be that crypto enthusiasts still believe in Tether whereas larger investors leave the ship. I mean it makes sense, if you have many millions invested in Tether you're probably better off selling now at a 2 % loss than hoping it will go back to 1 USD. Downside risk is much larger than upside potential as Tether will never go above 1 USD, so rationally it makes sense to withdraw all your fund from the coin as soon as even a small instability occurs. On the other hand it's mostly exchanges that hold Tether if I understand correctly, and those have a strong incentive to keep the system afloat so they shouldn't sell, though not selling will increase their risk as more and more of their customers offload their Tethers. Hard to say who will win in the end, but I guess we might find out how many USD reserves Tether actually holds.