Executive Summary
The Bank Run Gauge cratered to -45.7 STRESS on $1.75B of USDT redemptions and a $1.62B Ethereum outflow, while PSI never blinked from 93.7 and its 48-day BEDROCK run.
The Bank Run Gauge sank to -45.7 STRESS from -4.6 a day earlier, after a net $1.75B in USDT redemptions drained Ethereum by $1.62B in twenty-four hours. The gauge has flipped sign four times in seven sessions, swinging from +39.1 last week to today's deepest negative reading. The pressure was concentrated: USDT alone pinned the 30-day flow shift at its -100 floor.
The Pharos Stability Index registers none of it, holding 93.7 on a 48-day BEDROCK streak with severity at a rounding-error 0.03. The index measures depeg damage; the gauge measures money walking out the door, and today the two disagree completely. Total supply still rose $1.54B on the week to $316.6B, holding 0.65% under its high set 18 days ago.
Corroboration is in the breadth. DEWS pushed seventeen names into WATCH, 90 to 107, and PYUSD shed $36M of DEX depth, score sliding 68 to 59. pmUSD stays the standing casualty at 4272 bps under peg, narrowed from 5061. Next trigger: a second gauge print below -40 turns today's whipsaw into a trend, while USD1's yield spiked to 11.76% against a 1.33% weekly average, the anomaly likeliest to move first.