Executive Summary
PSI dips to 94.1 as USDT sheds $1.75B in a day, U loses 88% of its DEX liquidity, and the ALERT count jumps from 6 to 9. The BEDROCK band holds, but the cracks are spreading laterally.
PSI slipped to 94.1, its lowest reading since March 15 and a 0.4-point drop from yesterday's 94.5, trimming what had been a clean rally from 90.8 earlier in the week. The 9-day BEDROCK streak holds, but the trajectory has bent: after peaking at 95.2 two days ago, the index is now retreating even as total market cap hit $326.46B, up $2.12B on the week. Stability scores and capital are moving in opposite directions, which is the kind of divergence that deserves a second look.
Liquidity Drain. The day's sharpest signal is U, whose DEX liquidity score collapsed from 60 to 48 as TVL cratered from $44.20M to $5.17M, a loss of 88% against a $1.00B market cap. That ratio of on-chain liquidity to outstanding supply is the kind of structural fragility that turns a mild sell into a disorderly one. Meanwhile USDT shed $1.75B in a single day against a positive weekly flow of $218.82M, a reversal loud enough to push the Bank Run Gauge to negative 22, its most cautious reading all week.
DEWS Drift. The ALERT roster swelled from 6 to 9 coins overnight, with USDA the most consequential new arrival at $266.55M market cap and a cross-source divergence score of 84. USDA also contributes 40.2 impact points to PSI severity, sitting 151 bps below peg. Three coins promoted to ALERT in 24 hours while zero graduated to WARNING suggests the stress is broadening without deepening, for now. FDUSD's yield collapsed from its 30-day average of 8.08% to 3.24%, a 60% drop on a $382.73M coin that nobody seems to be discussing.