The current bull market is being driven by dollar inflows via Tether

It has been argued that dollar inflows via the stablecoin Tether are driving the recent cryptocurrency bull market.
Jacob King, a cryptocurrency analyst, said through his X (formerly Twitter)
"Strictly speaking, the current bull market is not driven by real demand from ETFs or institutional investors," he said, adding, "80% of the market is driven by dollar inflows through Tether (USDT), and the remaining 20% is driven by
"This is due to investor FOMO (fear of being the only one lagging behind in the market)," he said. "Before Tether was in court with the Department of Justice and stablecoin regulations were enacted,
"This has created a market bubble, and even the most absurd trash coins are experiencing phenomenal growth," he said.
He continued, "Historically, market bubbles have created high prices, followed by brutal crashes and long bear markets lasting several years," and "the actual value of the cryptocurrency market is less than 5% of its current value.
"Any decision to buy now at the all-time high could result in substantial losses," he warned.