It’s both. The S&P 500, Nasdaq, Dow all are suffering and even the 10 year is down because of fears the Fed is breaking something with the bank shocks. People are fleeing stocks (including cryptocurrencies) to hold USD.
This is a really wild thought in a high inflation environment. Not that I disagree. Equities can lose dollar value on top of the dollar itself losing value. Some portion of it has to be going back to risk-off assets that were not worthwhile in a zero-rate environment.
People have been doing that for a year now. It's not new. It didn't start happening because of SI and SVB.
1. Crypto events such as collapse of an exchange
2. Fed interest rates
3. Nasdaq (more than S&P500 and Dow).