Executive Summary
PSI snapped from 88.3 to 94.6 in two days, the sharpest BEDROCK return on record, while USDP's DEX TVL exploded 84x and satUSD's collapsed 98%.
PSI sits at 94.6, back in BEDROCK after five days wandering the STEADY band between 88.3 and 90.8. The snapback from Monday's 88.3 trough to yesterday's 93.6 and today's 94.6 is the sharpest two-day climb in the tracking window, yet the DEWS distribution tells a less serene story: 18 coins migrated from WATCH to CALM overnight, but BRZ escalated to ALERT at score 38 on supply velocity of 52, and GYD remains the sole WARNING at 57, its cross-source divergence still pinned at 100.
Supply Reversals. DAI and PYUSD both flipped direction in the last 24 hours. DAI added $4.77M after shedding $22.75M over seven days; PYUSD recovered $5.35M against a $52.41M weekly drawdown. Neither reversal is large enough to call a trend, but both coins carry decent grades, DAI at A and PYUSD at A-minus, making them worth watching for confirmation. USDC quietly absorbed $1.08B over the week, nudging to $78.18B, still 2% below its March 18 peak of $79.63B.
Liquidity Roulette. The day's most dramatic plumbing shift belongs to USDP, whose liquidity score vaulted from 21 to 78 as DEX TVL ballooned from $269K to $22.76M overnight, a coin with $40.59M in market cap suddenly swimming in on-chain depth. The opposite happened to satUSD: TVL collapsed from $3.40M to $71.70K, cratering its score from 42 to 16 on a $158.47M coin. RLUSD, at $1.37B, quietly lost 13 points on its liquidity score, a thin-end signal on a coin that size. The Bank Run Gauge reads 19.7, healthy but notably higher than yesterday's minus-0.5, a reminder that the plumbing rearranges faster than the headline index.