Looking at the recent USDT proportion data, this trend really looks familiar—it's almost a replica of the 2021 wave. Once the key resistance level is broken, large amounts of funds flood into stablecoins for risk aversion, making the crypto market prone to panic spirals.

The lessons from history are profound. Whenever the stablecoin share soars, it is often accompanied by liquidity exhaustion, and at this point, the market is vulnerable to being harvested by big funds. Investors who were bloodied in that wave probably still have psychological shadows.

The current signals are actually quite dangerous. Funds clustering into stablecoins indicate that market sentiment has indeed shifted to caution. Instead of stubbornly resisting, it's better to observe the situation first—hold tight with USDT and wait for clear signals, at least to avoid the embarrassment of being swept clean of liquidity.

The performance of main cryptocurrencies like BTC, ETH, and SOL ultimately depends on how this stablecoin offensive and defensive battle unfolds. Recognizing risk signals early is always better than being a latecomer.