Executive Summary
USDC, USDT, and USDe all reversed their weekly flow direction in a single day. The Bank Run Gauge reads CAUTIOUS. Six days of BEDROCK, and the plumbing just flinched.
PSI ticked up to 91.9, extending its BEDROCK streak to 6 days, but the day's real story is hiding in the velocity data. USDC, USDT, and USDe all reversed their weekly trajectories yesterday: USDC shed $8.73M after adding $1.90B over the week, USDT lost $3.99M against a $79.99M weekly gain, and USDe flipped positive at $1.55M against a negative $29.49M week. Three simultaneous reversals in the top tier is not noise.
The Bank Run Gauge sits at negative 20.1, rated CAUTIOUS, lending an edge to the tension. KAU, the gold-backed token with a $376.53M cap, jolted from CALM to ALERT after two separate depeg episodes exceeding 800 bps in the past day, both resolving within hours. LUSD also escalated to ALERT at 165 bps off-peg with a score of 38, cross-source divergence driving both signals.
USDC now sits $20M below its all-time high of $79.22B set two days ago. A coin that close to its ceiling suddenly pumping the brakes mid-stride deserves a second look.