Massive $133.16 Trillion Exodus from US Banks: Former Fed President Cautions Vulnerability, Impacts on Bitcoin (BTC) and Crypto Market
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- US commercial banks have seen a significant drop in total deposits, according to recent data from the Federal Reserve Economic Data (FRED) system.
- The banking industry is grappling with high interest rates, unrealized losses on US bonds, and concerns about exposure to commercial real estate.
- Former Kansas Fed president Thomas Hoenig warns that 722 US banks are still at risk of failure due to massive unrealized losses.
US banks are facing a potential crisis as total deposits drop and the industry grapples with high interest rates and unrealized losses. This article delves into the current state of the US banking system and the potential implications for the financial market.
Significant Drop in Total Deposits
Recent data from the Federal Reserve Economic Data (FRED) system shows a significant drop in total deposits in US commercial banks. In just seven days, from April 10th to April 17th, total deposits fell $133.163 billion, from $17.580 trillion to $17.446 trillion. This drop has erased the gains that banks made at the start of this year, and total deposits remain below the industry’s all-time high of $18.205 trillion, which was reached right before last year’s banking crisis began.
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