Money market funds lost $6.5 billion in assets. No, the flood of cash is not there.

Investors withdrew about $6.5 billion from money market funds last week through Wednesday, according to the Investment Company Institute.

This could be due to the long weekend or simply “a quirk of the calendar,” when institutional assets in money market funds tend to decline around the 15th of each month.

But no. “This is not the long-awaited exodus from bulging money market funds that many on Wall Street expected,” said Peter Crane, president and CEO of Crane Data.

“Rates would have to go below 3% or less,” Crane told MarketWatch on Thursday. And the Fed would also have to cut interest rates, he said.

That’s because, according to Crane, falling interest rates are actually positive for money market flows in the short term, since all the things that money market funds compete with, including overnight repos, T-bills and CDs, tend to lower their interest rates. Money market fund interest rates have lagged behind he said.