I think if it had happened two years ago, this would have been the result, because at that time Tether was mostly in Chinese bonds (rumor has it), and Tether su

I think if it had happened two years ago, this would have been the result, because at that time Tether was mostly in Chinese bonds (rumor has it), and Tether supported a large part of total bitcoin trade volume. However, it is possible that they have spent the last two years rotating out of Chinese bonds into T-bills. In fact, it's pretty likely that they have tried to do that; the question is how well they've been able to.