On December 30th, the US dollar index weakened again, with both onshore and offshore RMB breaking through 7. The market generally expects the US dollar to enter a relatively weak cycle by 2026, which directly diminishes the attractiveness of dollar assets and also opens up external space for RMB appreciation. For crypto investors, this should be a positive sign—but the reality is a bit painful. The prices of cryptocurrencies have remained stagnant, while stablecoin prices have been steadily declining. Currently, the USDT quote at a major exchange has fallen to 6.82. It seems that macroeconomic conditions are changing, but retail investors' holdings are still shrinking. The dollar is weakening, the RMB is strengthening, so why isn't this reflected in crypto prices? This is probably a question the entire market is pondering.