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The US Banking system as a whole is sitting on $620B of underwater bonds. https://fortune.com/2023/03/10/svb-collapse-fdic-takeover-martin-gruenberg-620-billio

• Dylan16807 4y ago
  The market thought they were fine at the time. If only the banks with the most rate risk were selling, the price would have been stable. It's too late now, but there was a big period of time where the rate risk was obvious but the price was still good because institutions were comfortable with that bet. And it was okay for 95% of them to make that bet, just not the ones going too hard on it.