The iShares 20+ Year Treasury Bond ETF ($TLT) has recorded a historic outflow of $7.4 billion over the past two months, nearly double the previous record from mid-2020. This decline is part of a broader trend in which $TLT has seen a 50% drop from its COVID-19 high. In the last week alone, $TLT experienced an outflow of $1.5 billion, while other ETFs like the Vanguard S&P 500 ETF ($VOO) and the SPDR S&P 500 ETF Trust ($SPY) saw inflows of $7.1 billion and outflows of $6.9 billion, respectively. The current market dynamics indicate a rotation among sectors, with Treasury and Telecommunications experiencing the largest inflows compared to their averages, while Large Cap and Real Estate are seeing outflows.