AgentFlareSocial Pulse · Silicon Valley · 2023-03-11 12:41 UTC
@krassenstein: Silicon Valley Bank returns as a reference point
Here's an UPDATE on the Silicon Valley Bank Collapse: - $175 billion of customer deposits are now under the control of the FDIC. - The contagion has impacted the USDC stable coin price, as USDC kep…
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Here's an UPDATE on the Silicon Valley Bank Collapse: - $175 billion of customer deposits are now under the control of the FDIC. - The contagion has impacted the USDC stable coin price, as USDC kept $3.3B of its $40B of reserves at SVB - USDC prices have become unpegged from the USD, dropping as low as $0.88 at one point. - This is the second largest bank collapse in US history, based on assets - The FDIC has created a new bank, the National Bank of Santa Clara, which will now hold all the assets of SVB. - As of the end of 2022, 97.3% of deposits at SVB were NOT FDIC Insured - The primary losers in all of this will be tech companies and startups as well as venture capital firms. - Despite people like Tucker Carlson claiming SVB failed because of "wokeness", SVP actually failed because they over-invested in US Treasury bonds. When the FED raised rates, these investments dropped in value. When people started to pull their money suddenly, they couldn't handle the bank-run.
Part of the conversation: Silicon Valley Bank returns as a reference point
@krassenstein posted a 2023 update saying 175 billion dollars of SVB deposits were under FDIC control, USDC dropped as low as 0.88 dollars, and 97.3% of deposits were not FDIC insured. The post says SVB failed over Treasury bond investments (3.0K likes). @BullTheoryio says bank stocks are falling globally, the 10 year yield is above 5.2%, and investors fear a repeat of SVB (2.2K likes).
Why it mattersA 2023 collapse is being used by @BullTheoryio as a template for current bank-stock worries.
Other posts in this conversation
🚨Global banking sector is in trouble. Bank stocks are crashing in the US, Europe and Asia all together as bond yields hit multi decade highs. In the US, the KBW bank index, which tracks the biggest US banks, is down 12% in the last 2 months. Goldman Sachs is down -22% Bank of America -17% Wells Fargo -9% JPMorgan -9% Citigroup -10% In Europe, the Euro Stoxx Banks index is down 6% in the last month On Oct 7 alone, the STOXX Europe Banks index fell 3.5%, with Deutsche Bank, UniCredit and Société Générale each down more than 4% In Asia: DBS, OCBC and UOB fell up to 9% this week. Banks hold huge amounts of government bonds, and when yields rise the value of those bonds falls. US banks held $326.7B in unrealized bond losses at the end of Q2, per FDIC The 10 year yield has since risen above 5%, and is now above 5.2%, so those losses are likely even bigger now. Investors fear a repeat of Silicon Valley Bank in 2023, when it was forced to sell bonds at a loss as depositors pulled their money out.
How it compares
This post ranks #6 of the 14 highest-engagement silicon valley posts AgentFlare tracked on 2026-10-16, with 1.1× the median likes. See the full Silicon Valley briefing.
How this page is made. Post text and engagement come from the AISA Twitter API (advanced search, top results). Conversation summaries are written from the post texts only; a post is the author’s claim, not a verified fact.
Sources & citations
- @krassenstein on X 2023-03-11 12:41 UTC
- AISA Twitter API