Executive Summary
60 DEWS coins shifted to WATCH in 24h, up from 36, while PSI sits at 91.2 BEDROCK. The stress the index won't show is spreading across the middle shelf.
PSI clawed back to 91.2 BEDROCK after touching 90.8 yesterday, but the DEWS board tells a different story: 60 coins now sit in WATCH band, up from 36 just 24 hours ago, while ALERT count jumped from 4 to 9. That is the sharpest single-day redistribution in weeks, and it happened while the headline index barely moved.
The tension lives in the middle shelf. USDA, at $270.84M, is the largest coin sitting in ALERT, scoring 38. MIM and GYD both escalated to ALERT at 43, driven by liquidity erosion. Meanwhile, USDC and USDT both reversed yesterday, shedding a combined $68M against weekly gains of $2.44B, as if the market inhaled deeply and held its breath.
USLC added $2.04B on the week to reach $77.27B, now 2% below its December ATH of $78.57B. Whether that proximity acts as a magnet or a ceiling depends on how many of those 60 WATCH coins stay where they are.