According to @KobeissiLetter, unrealized losses on investment securities at U.S. banks reached $337.1 billion in Q3 2025, marking the 14th consecutive quarter of losses and matching the 2006–2009 streak, citing FDIC data (source: The Kobeissi Letter on X, Dec 2, 2025; source: FDIC Quarterly Banking Profile Q3 2025). The FDIC confirms historically elevated unrealized losses driven by higher rates across AFS and HTM portfolios, underscoring persistent interest-rate risk in the banking book (source: FDIC Quarterly Banking Profile Q3 2025). U.S. regulators also flagged elevated interest-rate risk that can pressure capital and lending via AOCI and duration exposure when long-end yields rise (source: OCC Semiannual Risk Perspective, Fall 2025). During the March 2023 U.S. regional bank stress, BTC outperformed traditional risk assets, highlighting bank-stress episodes as a crypto macro catalyst to monitor when IRR pressures re-emerge (source: Kaiko Research, March 2023 banking turmoil analysis).