Investors seeking safety have piled into U.S. Treasury bonds in recent years. However, Treasury yields are rising and bond prices are falling as investors slowly shift into riskier sectors.

For example, iShares Barclays 20+ Year Treasury Bond Fund (NYSEArca: TLT) is down about 8% from the record highs seen less than two months ago, according to Schaeffer’s Investment Research.

“Investors have been shifting money out of safe-haven investments and into riskier assets. The move is taking a toll on bonds and, given the big rise in the TLT in recent years, there is ample room for shares to fall in the weeks/months ahead,” Schaeffer’s said.

Investors have pulled $433 million from TLT the past month, according to XTF. Meanwhile, iShares Barclays 3-7 Year Treasury Bond (NYSEArca: IEI) has seen monthly outflows of $817 million and ProShares Ultra 7-10 Year Treasury (NYSEArca: UST) has experienced outflows of $521 million. [Long-Term Treasury ETF See Outflows as Rates Rise]

Technical analysts are watching a developing “head and shoulders” pattern in TLT, a bearish topping formation. TLT has pulled back close to its 200-day moving average.

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