Bank of America reports institutional clients were net buyers of U.S. equities last week, with ETFs seeing their largest inflows ($4.3 billion) since December 2022. This institutional buying, alongside strong overall ETF inflows (+13B yesterday, +40B past 5 days), suggests continued equity exposure despite retail and hedge fund selling. Investors are rotating out of Tech and into defensive sectors like Staples and Healthcare, indicating a healthy market broadening.