Money market fund assets hit a new record near $5.5 trillion in the week to July 26, data out late Thursday in the US showed.

In the three months following SVB’s overnight collapse, more than half a trillion poured into money funds, a streak interrupted only by tax week. Flows turned choppy early in June as US equities trekked towards a new bull market and the debt ceiling standoff was resolved without incident.

Headed into this week, money funds were down a net $25.78 billion over six weeks, four of which saw outflows. The latest haul, $28.4 billion, covered that with $2 billion to spare, taking total AUM above the July 5 record.

The split was $26.87 billion to government funds and $3.46 billion to prime. Tax-exempt funds saw $2 billion of redemptions.

After shedding $52 billion over the past several weeks, institutional government took in almost $26 billion.

That was the largest influx since the week ended May 24, just prior to Nvidia’s game-changing revenue guide.

Market participants are still keen to assess trends in money market flows amid Treasury’s cash rebuild and the associated deluge of T-bills. The hope is that money funds parking cash in the Fed’s RRP facility can be coaxed into bills instead. The more issuance absorbed through RRP transformation, the less reserve drain. So far, that process is proceeding apace, dealing a blow to the so-called “liquidity drain” bear case.

The RRP facility is more attractive after this week’s rate hike, but if the data continues to cooperate such that markets doubt the Fed will ultimately be forced to raise rates again, bills will presumably remain a decent proposition. Treasury sold $70 billion of four-week bills and $60 billion of eight-week bills on Thursday, and both stopped below the new RRP offering rate. Remember: Not everyone at the front-end has access to the facility, where 103 counterparties parked $1.736 trillion on Thursday.

Meanwhile, usage of the Fed’s Bank Term Funding Program (the backstop set up in March) surged this week to $105.08 billion, a new record.

The WoW increase was the largest since June 7. Discount window borrowing slipped further.

Between the two (and the discount window is really immaterial at this point), borrowing from the Fed was $107.33 billion as of Wednesday, the most since late April.