Investors cut their cash holdings for the first time in eight weeks, while shedding equities and gold in the week to Wednesday, according to a report from BofA Global Research Friday.

Cash funds saw outflows of $65.3 billion, BofA said, citing EPFR data.

Bond funds, meanwhile, recorded inflows of $4.6 billion, while investors sold $2.6 billion of global stocks and pulled $70 million out of gold funds.

Emerging market debt funds saw their first weekly inflow in 10 weeks of $600 million. Investors put $2.3 billion into emerging markets equities, the biggest inflow in four weeks.

BofA said its bull and bear indicator - a measure of market sentiment - jumped from 2.3 to 2.8.