by OptionsKing–CFTC
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You can even seen the price go up well before SVB (banking crisis as a whole) went under. If I had to take a guess, the company owns a ton of US treasury bonds that are all low rates from 2020/2021 (or before) and fed rates going up have started to burn up those investments which means a potential liquidity crisis for them as rates climb. So for their sake, they need rates to stop at the fed’s target rates otherwise it could be GG for them if the fed doesn’t stop at it’s target rate.
If it means anything, many other US banks are seeing the same thing.
So take what you will from that.