Investors have been making a mad dash to cash

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This has been the scariest week in stock market history, at least by one significant measure.

Though the market's certainly seen larger downturns, and in fact is on pace to end the week in positive territory, it's never witnessed investors flee for the exits in the manner they did since the first correction in four years briefly but violently came raining down on Wall Street.

In all, equity-based funds saw $29.5 billion in outflow for a week that featured gut-churning moves in the market, according to Bank of America Merrill Lynch and EPFR. The period included a 588-point loss in the Dow Jones industrial average on Monday, followed by another 205-point loss Tuesday that included a more than 600-point reversal, and then sharp gains Wednesday and Thursday.

During Tuesday's flip-flop alone, equity fund investors cashed in $19 billion of the $10.5 trillion or so of global equity funds under management. That was the second-largest daily redemption since at least 2007, according to BofAML.

In such times, it's typical for investors to gravitate from stocks to bonds. However, that hasn't been happening.