Hedge funds began to enter the "cache" in large numbers against the background of new stock market records.
Cash outflows soared to record levels in a year, while capital inflows into stocks declined sharply.
While stock indexes in the United States are breaking historical records, hedge funds and other major investors withdrew $57.3 billion in cash last week, Bank of America estimates.
The outflow to the "cache" was the highest since March 2020, when global markets suffered a collapse, and the S&P 500 index in the United States lost a fifth of its capitalization in a matter of weeks.
At the same time, the inflow of capital into shares amounted to only $10.6 billion, which is 5-6 times lower than the record weekly figures in February.
Investors are beginning to be cautious, seeing no opportunity to make money in either stocks or bonds.
Markets are beginning to prepare for the Biden administration's announced tax hike, which will hit both corporations and investors directly by raising the capital gains tax rate.
In addition, the acceleration of inflation is likely to continue after the $1.9 trillion infusion included in the Biden infrastructure plan, and this creates risks of curtailing the Fed's stimulus measures.
The gap between the S&P 500 chart and its 200-day average reached 13%, which has repeatedly led to an increase in corrective sentiment. The well-known saying "sell in May and leave" may serve as a warning this year before a painful market correction after a strong bull rally.