For the past 3-4 years, this has happened time and time again whenever tether is in the news in bad light. It's beginning to sound like a broken record at this point "this event is finally going to do tether in!" Nothing will happen like it did before, cryptocurrency doesn't operate the same way international law expects it to abide by. It's all rigged.

If Tether holders were fleeing, they would be going into other stablecoins like USDC, not BTC.

> If Tether holders were fleeing, they would be going into other stablecoins like USDC, not BTC.

That's assuming other stablecoins are:

    a) actually backed up by non-risky assets, Quite a stretch.

    b) can easily be exchanged to USD in large quantities

    c) can be purchased with USDT

Neither of these are particularly guaranteed to actually exist.

If I was holding USDT right now (I am not, thank god), my preferred exit route would most definitely be BTC. And in very short order.

The BTC price increase is because of rumors of a US BTC ETF being approved. The Tether fine is a non-event in crypto social networks.