Executive Summary
sUSDS dropped 11 liquidity points to 51 while USDS and sUSDS together burned $1.1B in 24h; if scores break 45 next session, rotation reads as exit.
sUSDS lost 11 points of liquidity score in a day, dropping from 62 to 51, while $549M of sUSDS and $565M of USDS supply burned out over the same 24 hours. Both flows are accelerating against their 7-day pace. The Sky ecosystem shed $1.1B in tandem, and the DEX depth left with it.
USDS yield prints at 3.43%, below its 30-day average of 4.1%, flagged as reward-heavy. When the incentive trajectory bends down and supply bends out, the order is rarely coincidence. PSI sits at 97.3, three days off its highest BEDROCK reading in 63 days of tracking, while the Bank Run Gauge swung from -24 to 0.8 inside 48 hours.
DEWS moved four coins from CALM to WATCH, including AUDM on liquidity erosion and BRLA on price confidence. USDai holds ALERT at score 47 on cross-source divergence and supply velocity. If sUSDS liquidity score breaks 45 next session, or USDS supply prints another -$500M day, the Sky drawdown stops looking like rotation and starts looking like exit.