Bank of America’s Michael Hartnett, one of the most prominent bears on the Street, said that an “exodus” is now taking place on Wall Street.

Hartnett’s comments accompany BofA’s flows in the week to Wednesday, which showed that investors pulled $6.2 billion from equities, $11.4 billion from bonds, $19.7 billion from cash, and $1.8 billion from gold.

Data also reveal the highest Treasuries outflow ($11,5 billion), largest EM stock outflow ($4.4 billion), largest YTD inflow from tech stocks (1.1 billion) and first YTD exflow from materials (0.9 billion).

The strategist also took note of the “crypto implosion” with Coinbase (NASDAQ:) trading roughly 90% lower compared to all-time highs.

“Crash in crypto/speculative tech now rivals internet bubble crash (Nasdaq -73% peak-to-trough) & GFC (banks -78%); trading pattern of post-bubble assets always furious bear rallies amidst dead sideways trading range for couple of years,” Hartnett said in a client note.

The crypto crash “exacerbates Wall St ‘fear & loathing’, fear of VC ‘marks’, PE collapse, bank loans breakdown, dumping of Big Tech,” Hartnett added.

Hartnett noted, however that this week’s rally in bonds has not coincided with the biotech rally. Biotech is currently trading at below 2018-2022 levels.

However, the strategist also has “good news” for bulls.

“Last of ‘crowded trades’ short Japan yen & long commodities starting to unwind, dollar not yet melting up into new territory,” he concluded.

By Senad Karaahmetovic