Or you can be SVB and take a lot of a haircut. Putting money you "need in a pinch" in an asset where you could take a haircut to get an extra percent or two of interest is a risk. A risk you can mitigate but still a risk.
I was about to say; if the bonds were going to mature in less than three months, I doubt that the haircut would have been nearly as substantial; I don't know that it would have been enough to save them but at it wouldn't be as cartoonishly awful as it was.
