According to Finance.Yahoo which mentioned a note from bank strategist Jill Carey Hall published on Tuesday, Bank of America (BAC) clients liquidated around $2.3 billion in U.S. equities last week.

Various exchange-traded funds (ETFs) posted their biggest outflow since January across all styles including growth, value, and blend and across small, mid, and large cap ETFs. The biggest outflow was recorded in the Direxion Daily 20-Yr Treasury Bull 3X Shares (TMF), where 6,800,000 units were destroyed, or a 4.3% decrease week over week. And on a percentage change basis, the ETF with the biggest outflow was the ProShares Short 7-10 Year Treasury, which lost 925,000 of units, representing a 37% decline in outstanding units compared to the week prior. What we see is a clear picture of exodus from Medium-to-Long-Term Treasury holdings in the wake of the major cause of today’s U.S. banks’ cash liquidity problems, leading to their bankruptcies.

Although the BofA’s note failed to highlight reasons for the withdrawal, data compiled by Bank of America showed clients sold both single stocks and ETFs for the second consecutive week, while selling was broad-based across client groups including institutional, hedge funds, retail, and size segments.

Amid concerns over commercial real estate, the bank recorded the biggest real estate outflows since mid-2021.

The bank also pointed to the fact that buybacks accelerated as client repurchases intensified and outperformed typical seasonal trends for the first time in 10 weeks. According to Hall’s note, buybacks typically accelerate over the subsequent 6 weeks after earnings season begins.

The bank also said it expects no net contribution to earnings per share from buybacks this year.