---
title: "Flow Gauge Deepens To -27.6"
canonical: "https://pharos.watch/digest/2026-09-28/"
datePublished: "2026-09-28T08:06:09.000Z"
description: "The Bank Run Gauge has traveled 36 points in two sessions while PSI moved 0.2. Ethereum carried -$109.47M of net 24h flow; stUSDS posted the sharpest pressure s"
---

# Flow Gauge Deepens To -27.6

## Executive Summary

The Bank Run Gauge has traveled 36 points in two sessions while PSI moved 0.2. Ethereum carried -$109.47M of net 24h flow; stUSDS posted the sharpest pressure shift against its 30-day baseline at -100 on net -$8.92M.

## Extended

The Bank Run Gauge fell to -27.6 and stays in CAUTIOUS, a second consecutive decline and a 36-point move from +8.6 two sessions ago. Ethereum accounted for -$109.47M of net 24h flow against +$1.40M on Arbitrum. stUSDS showed the sharpest pressure shift versus its 30-day baseline at -100, on net -$8.92M of measured supply change; U ran the opposite way at +100 on $7.00M. The flight-to-quality flag is inactive.

PSI eased to 94.1 from 94.2, its ninetieth day in BEDROCK, with severity at 0.03 and breadth at 5.52. Across the same two sessions in which the gauge traveled 36 points, the index moved 0.2, which is the distance between a flow measure and a price-weighted one. Nineteen depegs remain active: apxUSD is unchanged at a stored 3,159 bps on $310.81M, dated to the June STRC drawdown.

**Stress breadth** DEWS ALERT+ doubled to 8 from 4, and WATCH rose to 99 from 92. ALUSD crossed from WATCH to ALERT at score 36 on cross-source divergence, while KAG holds ALERT at 38 on $228.54M with liquidity erosion at 80. MSUSD entered the top candidate set at a stored 5,561 bps on $45.61M, traced to oracle-latency underbacking on 2 September.

XAUT added $269.85M of token supply in a day against +$218.38M across the week, and USDC's +$798.52M weekly print leaves it 6% below its April peak of $79.75B. A gauge reading of -35 or lower would put flow stress ahead of the chronic depegs as the primary signal; a single-day XAUT move of $340M or more would make that supply story a reallocation rather than drift.