A ~$4M whale withdrawal on Euler caused the drop in available liquidity. • With just under $3M remaining, further large flows could push the IRM above its kink, steepening borrow costs. • Heavy borrowing against wstETH / weETH collateral reduced USDT liquidity on Spark by ~45% • Utilization climbed to ~90%, lifting the borrow rate by ~50 bps. • Current IRM kink for the market is at 95% utilization. Lower funding rates, post the October 10 flash crash, have cut yields for basis‑trade strategies. On Aave v3 Core, USDT/USDC borrow rates sit ~2.0% / ~1.5% above the sUSDe yield, turning the carry negative for users ... (full story)