Earlier this week, I highlighted ongoing inflows to the largest Treasury ETF amid more rates volatility and more losses for bond longs.

That product (the Treasury ETF) has become a go-to for duration dip-buyers who, with bonds deeply oversold, see what they believe is an unprecedented opportunity.

Recessions do happen eventually, the Fed is either done or almost done hiking and if ever there were a dip-buying opportunity worth engaging, surely a 50% drawdown in a Treasury ETF tied to the worst bond bear market in living memory is it. Said the knife-catchers.

So far, those knife-catchers are “long and wrong.” But the flows continue unabated. Treasury funds took in more than $9 billion last week, the most since the SVB meltdown, according to BofA’s analysis of EPFR data.

The standout was a huge influx to long-term Treasury funds, illustrated above.

That flow ($5.6 billion) counted as the largest inflow on record to long duration Treasury funds, BofA’s Michael Hartnett noted, adding that funds focused on intermediates saw the biggest inflow in over a year.

“The mix of heightened geopolitical tensions and surging yields in the US has made US bonds a dominant source of inflows,” TD’s Chris Whelan, Izidor Flajsman and Joseph Dufton remarked. “Sectorally, USTs shined with… the majority of inflows in long duration.”

Hartnett drove it home. “The biggest flow story right now is money gravitating to extend duration in Treasurys,” he said.