Where did all the money go?

In the past month we have seen a sharp decline of tech stocks, some more and some less but just looking at the decline of mag7 there's more than a trillion dollars just from that alone. If we factor in all other big tech companies outside of mag7, which some had 25 up to 50% drawdowns in the last month, we add in BTC freefalling, we saw the end of the Silver/Gold craziness etc., we are talking about multiple trillions of dollars. Usually there are rotations, from a sector to another. Like from tech to metals, or Metals to blue chip stocks, or maybe into energy sector. But this isn't the case. There are sectors which are not doing as bad as the ones I mentioned initially, but still I don't see a clear winner and can point out that's where the money went. So where did it go? Is it sitting on the sideline?