While the graphs are different, it really comes down to sentiment and trust. Effectively something that was not supposed to happen is starting to happen. Terra

While the graphs are different, it really comes down to sentiment and trust. Effectively something that was not supposed to happen is starting to happen. TerraUSD's de-peg wasn't supposed to happen and combined with Luna, it was dragged it way down fast. Knock on effect being USDT which basically sold as too big and too collateralized to fail has shown weakness in the armor. If there's a run on USDT, you would expect it to go to BTC, ETH. Then if people start saying they want their money out all together then the run on BTC, ETH would decimate the market as a whole. USDT will be a lot harder to take down - conversely if it falls, it'll take so much more with it.