Tokenized T-bills shrank 7.9% in 30 days. Stablecoins grew 1.2%.
$14.72B in onchain Treasuries vs $295.2B in stablecoins.
My read: crypto cash is leaving yield parking and going back to trading dollars. ETH ETFs took in $624.1M over 7 days, $55.1M on Monday alone.
That is a risk on tell, not a tokenization failure.
The test is Wednesday 8:30am ET. The Fed hiked to 3.75-4.00% on Sep 16 and July core PCE was 3.3%.
Hot print, cash crawls back into T-bill tokens.
Soft print, the drain keeps funding alts.
Watch the T-bill token line, not the price.