CoinMeta data: Over the past week, investors have transferred $166.4 billion into money market funds, marking the fastest inflow of capital since the collapse of the COVID-19 pandemic in April 2020. This panic did not originate from the stock market but began in the bond market, which has long been considered the safest. Rising yields on U.S. Treasury bonds led to the devaluation of older bonds, prompting investors to shift towards cash. The yield on 10-year Treasury bonds reached 5.36% this week, the highest level in nearly 24 years. Meanwhile, the yield on 30-year Treasury bonds touched 5.70%. According to Bank of America data, money market assets are now close to $8 trillion, a significant increase from $5 trillion in 2023.