Executive Summary
apxUSD, NUSD, OUSG all hit 100 pressure scores as $960M rotated into safe havens. PSI held 96, so the rotation is pre-emptive, not reactive. USDA's 15% APY is the trigger to watch.
Flight-to-Quality flipped ACTIVE: $960.42M rotated into safe havens while $133.62M exited risky coins over 24h. apxUSD absorbed $22.72M net, NUSD $10.03M, OUSG $4.95M, all three pinned at 100 on the pressure-shift score. Ethereum captured +$844.10M of the net flow; Arbitrum bled $16.68M. A one-day rotation of this shape, on a calm tape, is the tell.
GHO's DEX depth told a parallel story: liquidity score 61 to 69, TVL $55.91M to $76.29M on a $583.77M float, exit capacity now 13% of market cap. USDA moved the opposite direction, printing 15.17% APY against a 30-day average of 1.85%, yield-divergence on a D-grade coin already 197bps under peg. One rotation looks structural; the other looks like an incentive plug before a crack widens.
PSI held 96 for an eleventh straight BEDROCK day, so this reshuffle is pre-emptive, not reactive. Watch whether apxUSD's inflow sustains past 48 hours: a flight that keeps feeding tokenized-treasury wrappers for a week reshapes the composition of the index, while a one-day spike gets absorbed and forgotten. If USDA's 15% APY does not cool by tomorrow's snapshot, its 197bps discount becomes the lead rather than the footnote.