Active bond mutual funds saw outflows for first time in a while in week ending 9/18 (so this doesn't count last week i'm sure its equal or worse). Conversely, bond ETFs took in $12b so more than offsets for now. But these MFs will be forced sellers of bonds if outflows pick up which will hurt their NAVs, which will spark more outflows. This potential 'doom loop' is why bond mutual funds are the canary in the 'how bad could things get' coal mine. ETFs generally see net inflows so it's not a problem, but MF holders are much more fickle and bail at first sight of a bad month or two. You'll see.