Banks are parking serious capital with the ECB—€2.4 trillion in overnight deposits. That's a massive signal about liquidity conditions and where institutions think money should sit. When banks are hoarding cash at the central bank overnight, it usually means they're either cautious about lending it out or seeing limited borrowing demand elsewhere. This kind of behavior ripples through financial markets and can affect everything from interest rates to risk appetite. It's the sort of macro backdrop that shapes how traders and investors think about where value sits across different asset classes.