An interesting phenomenon worth pondering—OG's decline in the USDT trading pair is actually smaller than its decline in the BTC trading pair. What does this really indicate?

At first glance, it seems counterintuitive, but a closer analysis reveals that this actually reflects a subtle misalignment in the price correlation among OG, USDT, and BTC.

**First, look at the differences in the valuation tools themselves**
USDT, as a stablecoin, is essentially pegged 1:1 to the US dollar. Therefore, the decline in the OG/USDT pair directly represents a drop in OG's value relative to fiat currency. But BTC is different—it’s inherently more volatile. If BTC has performed better than OG during this period (for example, BTC has risen or only slightly declined), then measuring OG in BTC terms makes OG appear more devalued. Conversely, if BTC has surged strongly, it can artificially suppress OG's price in BTC terms.

**Market capital flows are making choices within the crypto space**
There's also a matter of capital flow. In a bear market, the treatment of altcoins versus mainstream coins varies greatly. When investors face risk, they tend to cling to the big ships like Bitcoin, avoiding smaller and mid-cap coins like OG. As a result, BTC is continuously supported or driven higher by capital inflows, while OG bears the brunt of selling pressure alone. In comparison, the decline of OG against stablecoins simply reflects its own sell-off severity.

**Don’t overlook liquidity issues in the trading pairs themselves**
The liquidity depth of OG/BTC and OG/USDT pairs can differ significantly. If a trading pair has particularly thin liquidity, a single wave of sell orders can cause a large price drop. These micro-level differences often amplify the volatility disparities between trading pairs.

So, what appears to be a contradiction is actually the result of the combined effects of market sentiment, capital flows, and liquidity dynamics.