Executive Summary
The Bank Run Gauge fell to -43.7 STRESS the day its flow feed went stale; PSI still reads 92.9 BEDROCK and $243M left Ethereum net. One signal screams, the reliable ones shrug.
The Bank Run Gauge lurched from 3.9 to -43.7 overnight, its deepest STRESS print of a jagged week, and it did so on the exact day its flow feed went stale. Ethereum stablecoins show $243M leaving net over 24 hours, which points the same direction, but a run signal that arrives with its Flight-to-Quality readout blacked out invites a squint before a scream.
The reliable gauges do not confirm it. The Pharos Stability Index holds 92.9 BEDROCK, a 44-day streak that last cracked three days ago, with severity at 0.05 and breadth at 6.03. Sixteen depegs stay active, but the loud ones are narrowing: apxUSD tightened to 679 bps on its old STRC drawdown, and USDA to 707 bps on day 31.
pmUSD remains the resident casualty at 5505 bps below peg, $0.449, barely narrower than yesterday. The safety ladder stretched at both ends: EURC climbed to an A while USDm slid to F. Next trigger: if USDT's best APY drops back toward 4%, roughly 1.2x its 3.37% seven-day average, the dollar squeeze behind this gauge is easing; hold near 9.44% and the outflows are real, stale feed or not.