Executive Summary
Bank Run Gauge fell from +4.3 to -49.7 overnight as Ethereum lost $522.72M net; PSI held BEDROCK for the 70th day. One of those two readings is wrong about tomorrow.
The Bank Run Gauge slumped from +4.3 to -49.7 overnight, parking firmly in STRESS while PSI held its 70th consecutive day at BEDROCK. Ethereum bled $522.72M net across the 24-hour mint and burn window, with reUSD, USDe, and USDTB all printing -100 against their 30-day baselines. The contradiction is the story: a perfect-score regime sitting above a gauge that just inverted by 54 points.
The supply tape compounds it. USDT shed $1.39B over seven sessions and now sits 1% below its $189.76B April ATH, the kind of coordinated unwind that the largest balance sheet in the asset class does not perform by accident. Total mcap has slid for seven straight days, $352.32B down to $349.41B, while ten depegs stay active and 14 DEWS bands flash ALERT or worse. A slow exhale, not a gasp.
If the Bank Run Gauge stays below -25 into tomorrow's window and PSI cracks 93, the BEDROCK streak stops being a regime statement and starts being a lagging indicator. The deterministic triggers are explicit: USDA widening to 175 bps, or PSI to 93. Either confirms the gauge was reading something the index has not yet priced.