My understanding is that SVB bought bonds (based on the feds predictions at .1%interest ) Interest is actually 4.7% (47X). So the bonds are performing below market value. If SVB sells the bonds to cover withdrawals, they have to take a loss. But the bonds should be less than deposits? It sounds like a technicality less than a bank fail, and the news feels like a shell game. Twitter is saying that all the crypto friendly banks are shuttered, yet BTC/$ looks strong. I can't tell who the patsy is, which is.. disturbing.

Can someone help me understand this thing? Not some pithy stack sats reply. Think like a chess game, mate in 3 maybe 4. You got 10 minutes on the clock.

I want to understand the moving pieces here.