Black Swan events can occur at any time.
the sum of money is still there, cash doesn’t exist, most in long dated treasures. if you can’t repo the treasuries, no one will buy at face value.
Things drop when there are unknowns. When things are understood, the snap back occurs. Even if another SV bank goes down, it will be a "meh". Retail money is always late to the party, because they wait until things are known. But the smart money flees when the tape says so and ask questions later. By that time, things are known and it is a Short Squeeze then a Momentum buy, or both simultaneously, hence the "face ripping".Massive, face-ripping rally on Monday.