signature bank’s midquarter update took on greater significance this time around in the wake of continued turbulence in the crypto world signature bank sbny reported a 15 billion drop in digital asset deposits in its latest midquarter update released thursday as it deliberately whittles down its exposure jefferies banking analyst casey haire on friday reiterated a hold rating on signature bank and said the company’s midquarter update “reveals an orderly crypto unwind” at the company summing up the numbers haire said the update is likely better than the worst case fears and represents a slower pace than the 3 billion to 5 billion decline that company management suggested in january the bank remains on much more solid footing than silvergate capital corp si  which signaled this week that it may not remain solvent in the next 12 months because of a drop in deposits signature bank stock fell 1 in premarket trades on friday silvergate capital rose 18 bouncing back slightly from a 58 drop in the previous session as a component of the sp 500 signature bank has a relatively diversified banking business but it also holds digital asset deposits it’s been working to wind down that business in light of troubles in the crypto world overall also read here’s the real challenge facing silvergate and other ‘crypto banks’ says this short seller signature said the spot deposit balances fell about 826 million companywide while its average deposit balance totaled about 89 billion signature bank does not lend against or make loans backed by digital assets the company said also read investor sues sequoia other financial firms that did business with ftx