The money did not leave last week. It hid. US equity funds just posted their first outflow in three weeks, $5.11 billion out in the week ended October 7. Large cap funds alone lost $14.08 billion. Where did it go? Bond funds took in a record $19.78 billion in one week. Money market funds took in $68.49 billion, one week after $43.6 billion walked out. But look closer and the hiding has a favorite room. Sector funds still took in $5.68 billion and technology took $4.53 billion of it. JPMorgan says the retail tech inflow percentile jumped from 4% to 73% in four weeks. Bank of America just asked the big managers the same question. The October survey says they are the most overweight technology since August 2020, long semis is the most crowded trade on Earth at 45%, and cash sits at 3.9%. Asked what would actually move them from stocks to bonds, the biggest group said a 6% 10Y. The 10Y is near 5.3%. Almost nobody is rotating. They are parking. And 19% admit they already started shifting. Crypto did the opposite of parking. bitcoin:native ETFs lost $679 million last week, their worst week since late June, after taking in $241 million the week before. That is a $920 million swing in seven days. ethereum:native ETFs lost $542 million, their worst week since January, with money out on all five days and $477 million of it from one fund, $ETHA. Monday added another $65 million of bitcoin:native outflows, every dollar from $IBIT. October went from plus $321 million to minus $452 million in four sessions. And still bitcoin:native sits near $83K. Somebody is happily absorbing what the ETFs are selling. Gold split the difference. Global gold ETFs made it 12 straight weeks of inflows, about $0.6 billion net last week, with Europe and Asia buying while North America sold. Futures traders did the opposite and cut net long gold bets to about 357 tonnes, a sixth straight weekly trim. So the picture is simple. Cash on the sidelines, record money into bonds, and a tech bid that refuses to die. That bid gets its first real exam tomorrow when $TSM reports, with $AMD and $META riding on the answer. If the parked money is waiting for 6% yields and tech earnings keep printing, who blinks first?