Where does the money go when there’s large stock sell offs?

I'm wondering where the money goes when there's big down days on the stock market.

I mean let's say there's a 5% down day on the sp500.

Does all that money from the sales all go to cash or is it going to bonds?

Cramer I think said something about “its a mistake to think that market sell offs go into cash and that rather it's just being moved around to other assets.”

So let's say we have a 20% sell off over the coming months.

Is most of that money making its way into value, treasuries, etc? Or maybe energy? Which I assume is considered value.

I'm sure a good deal is also sitting in cash by institutions waiting for certain entry points into certain assets also.

But in general I would think that during 20 to 30% corrections that eventually that money will find its way back into stocks at some point.

I mean treasuries aren't going to give a positive real return nor bonds I would assume with 9% inflation.