Executive Summary
PSI reclaims BEDROCK at 93.6, but DEWS tells a different story: GYD at WARNING (score 58), 13 coins migrated out of CALM overnight, and GHO's TVL jumped 27% in a day.
PSI jumped to 93.6 from yesterday's 91.4, reclaiming BEDROCK after three days in STEADY, yet the trajectory tells a more complicated story. The index spent April 4 through 7 sliding from 90.8 to 88.3 before today's snap higher. That whiplash, combined with 13 net migrations from CALM into WATCH on the DEWS board, makes this BEDROCK feel borrowed rather than earned.
Stress Signal. GYD is the coin to watch. At $26.56M market cap, it now sits at WARNING with a DEWS score of 58, driven by cross-source divergence at 100, pool balance drift at 93, and liquidity erosion at 61. Nearby, USDX ($42.61M) holds ALERT at 36, while crvUSD and EURC both slipped from CALM to WATCH overnight on pool balance drift. The DEWS distribution shifted from 98 CALM coins yesterday to 90 today; that is not a rounding error.
Capital Contrast. Against this stress backdrop, capital keeps arriving. Total market cap hit $327.51B, up $1.64B in seven days, with USDC contributing $721.74M of that gain. GHO's DEX TVL surged from $83.73M to $106.77M, a 27% overnight leap that pushed its liquidity score up 14 points. USDS supply reversed intraday, adding $14.62M after shedding $353.13M over the week. Money is moving, but not uniformly toward safety: the Bank Run Gauge reads a mild 15.5, and Flight-to-Quality remains inactive. The tension is structural, not panicked, which historically is exactly when things get interesting.