"Proper" stable coins are still important (at least for me who still would like to see crypto as a viable alternative for payments), and at this point I am honestly hoping for USDT and BTC collapsing.
ETH's price is still unfortunately too correlated with BTC, so it will also fall down a lot when BTC comes under, but as long as the price of ETH is high enough to secure the network, it is not a problem.
Without that upward pressure, there will be nothing preventing btc/eth from freefalling. Heck without that, what is the point of the above coins either.