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Many financial institutions are required by law to hold UST, some of which have suffered declines comparable to TLT. This was in part a result of regulations post-GFC.

I'm surprised there hasn't been more reporting about this. Maybe everything's fine and there's nothing to see here.

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If a bank classifies their long-duration Treasurys as held-to-maturity, they don’t need to mark the fluctuating value of the bond principal to market. [0]

Also, most other banks aren’t overly concentrated in one area that could collapse and force a bunch of customer withdrawals like Silvergate was (in cryptocurrency)

If there was a problem in banking bond holdings, it likely would’ve surfaced by now with the massive interest rate changes.

[0] https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/loa...

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