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    I can’t prove this sort of buying pattern is directly related to Tether issuances. I have no idea who is making these buys. But I can say this absolutely reeks of price manipulation

    I would expect tether issueances during a crash because, as you point out, it’s a good thing to hold when you don’t want to be exposed to cryptocurrency price fluctuations but can’t exchange for actual fiat.

    I’m as skeptical as you about them holding full reserves, though.