Banks are under stress as SI a crypto heavy bank is being liquidated and SPY member and previously a $15B mkt cap Silicon Valley Bank SIVB crashed -70% when they suffered large interest rate losses on their bonds and mortgages, tried and failed to raise extra equity, and triggered a run on the bank as prominent VCs told their clients to pull their cash out ASAP.
I was short very late to both SI and SIVB but am doing well on those. Crypto is a one off, but I bet there are lots of normal banks with big losses on their boring bonds and mortgage from the rapid, and rising Fed rates and future rate expectations.
