Fed: US Bank Deposits Rise to $19.566 Trillion Last Week

The weekly move is small enough that it says more about the absence of acute deposit stress than about any meaningful shift in where cash is sitting. For crypto and RWA markets, the relevant read is that the banking system is not currently bleeding deposits, which removes one of the more reliable near-term catalysts for flows into on-chain alternatives. Whether this modest upward trend continues, or reverses as rate expectations shift, is the open question worth tracking.