The annualized return of the USDT market has surged again.

The highest point in the last 30 days was on August 14, when Bitcoin $BTC set a new historical high.

In the past two days, the annualized return of the USDT market has climbed again, with $ETH setting a new historical high.

The peak of the annualized return of the USDT market within a year was last December, when the annualized return rate of USDT once soared to over 20%.

What does the surge in USDT yield mean? It is analogous to a 'cash crunch' in banks, where surging or plummeting markets lead to many accounts requiring additional margin, and investors are willing to pay extremely high interest to borrow USDT to ensure their positions are not forcibly liquidated.

At the same time, a large number of investors are leveraging borrowed money, hoping for overnight wealth.

This is not necessarily a signal of a market peak, but it is a crisis warning. It indicates that the market leverage ratio has reached a relatively high level, and the risk of significant correction has become very large.

Personal opinion, not investment advice. Contracts carry risks, and investments should be made with caution.