This could mean a few things.
1. USDT may be falling apart.
We have a clear accumulation pattern, but in this case it's actually dumping of USDT.
It's possible that this will accelerate downwards and USDT may become worthless.
2. USDT may start another bubble in cryptocurrencies.
The reduced price of tether is causing USDT to trade higher against all crypto pairs.
This could cause fomo and begin another bubble in crypto, which would eventually collapse.
3. USDT is being drained in favor of other cryptocurrencies.
While this is possible, the relatively low market cap of Tether suggests this isn't the case.
Some quick stats:
-USDT has had $1 Billion USD removed from it's market cap since Oct.
-The on the bottom of the chart is from a monthly chart. This tops in June, and has continued to hold into November.
I will update to show this after i have posted.
Whatever the reason this is happening, it's clear that USDT is not a "stable" coin as they claim.
In my opinion a stable coin should never have a 15% dip.
If it keeps following the Elliot wave principle we could see much deeper dumping on USDT, as we would be starting a 3rd wave.
What's more interesting is the effect it's having on the prices at Bitfinex.
We could see some major price spikes at Bitfinex very soon.