Why is USDT increasing? Are deposit interest rates rising? Don't overthink it; it's simply a matter of USD demand, deposits are increasing while supply is low! The general rule is that way, but to understand why, we need to look into the details.

1/ Now people, instead of saving, are clearly afraid of depreciation; real estate is illiquid, and there are many places difficult to rent. As a result, they buy USD and still line up to buy gold even though they might be buying at a peak!

2/ The demand for "holding losses" in many positions, margin calls in real estate, stocks,.... but it hasn't collapsed yet; they are still holding on... until they can no longer stand it. Why hasn't it completely broken down? Because we don't have all the data!

In general, supply is low, and demand is high!