According to an analysis of the most recent data from the Federal Deposit Insurance Corporation (FDIC), "depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record," the Daily Hodl reported.

"The quarterly decline is the largest reduction reported in the QBP since data collection began in 1984. This was the fourth consecutive quarter that the industry reported lower levels of total deposits," the FDIC report said.

According to the FDIC, the "primary driver" behind the withdrawal of deposits was the movement of uninsured deposits as individuals sought to safeguard funds exceeding the FDIC-insured limit of $250,000. Interestingly, during the same period, the amount of insured deposits held by banks actually saw an increase, as people opted to diversify their risk, the outlet reported, adding:

The mass exodus follows the failures of Signature Bank, Silicon Valley Bank and First Republic, which were triggered in large part by the Federal Reserve's aggressive interest rate hikes.