Capitulation(or not)

I am confused. I must admit that. I think I usually have a pretty good understanding of what is going on in financial markets, but right now I am confused. The plummeting stock markets make it very clear that people are selling, selling, selling stocks. The S&P has lost $7 trillion in value in 2022. Of course, a lot of those losses are paper losses, but it is clear that people are taking a ton of money out of stocks. But where is that money going?

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