Retail investors are rushing into Treasury ETFs: Retail investors bought +$61 million of the 20+ Year Treasury Bond ETF, $TLT, on Wednesday, their largest daily purchase in at least 12 months. This follows +$59 million on Tuesday and +$50 million on Monday, bringing the 3-day total to +$170 million, retail's largest 3-day purchase since at least September 2025. Retail daily purchases of $TLT have now exceeded +$20 million for 6 consecutive trading sessions ending Wednesday. Before this week, retail demand for $TLT had not surpassed +$50 million in any single trading day in 2026. Meanwhile, $TLT fell -1.9% this week, bringing the year-to-date decline to -8.0%. The fund is now down -55.0% from its 2020 peak, its largest drawdown on record. Retail investors are trying to buy the dip in Treasuries.