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The Great Runes like the Rune of Death were all part of the Elden Ring. Marika specifically removed the Rune of Death from the Elden Ring earlier. Then later the other runes were seperated from the Elden Ring by completely breaking it.
It's quite clear the only difference between them is the time when they were seperated from the Elden Ring.
Actually this is wrong, too, read the lore pieces, it's all clear once you get them all: Ranni only had the Black knives steal a minimal part (a mere shard) of the Rune of Death: the vast majority remained in Maliketh's possession, but to prevent another theft, he chose to seal it within his body (at this point he still possessed it, but could no longer wield it as a weapon). This weakended Maliketh and awakened in him an appetite that could only be sated by consuming deathroots. When the Tarnished challenges him, he breaks the seal and wield the Rune again, but he is still weakened by the ordeal. The Tarnished doesn't get to keep the rune because in order to destroy the wall of Thorns it is required that the rune is "set free". Burning the erdtree and setting the Rune free basically restores destined death to the Land Between and allows the barrier to be breached; merely burning the erdtree wasn't enough to reach the Elden Ring (all of this is explicitly told in various lore pieces at certain points in the storyline; nothing at all is desumed or supposed). So the Rune is now free and present (active) in the Land Between in the form of Destined Death. Ranni and Rykard supposedly retain theri shards, assuming they did not consume tor otherwise exhaust them in their schemes.
To make it quick: the Rune is not in the invenotry because the Tarnised released it in the world, making people (and everything else) in the Land Between mortal once more.
That's not entirely true; there's nothing anywhere telling you that the Rune of Death needs to "be set free", aka "evaporate into nothing". Everything tells you to go get the Rune of Death; even Maliketh himself recognize that you seek to "take Destined Death" not set it free, his death question, "Why coved Destined Death, to kill what?" shows again this same thing; and even the cutscene in which the Rune of Death evaporates has you first moving over there to go grab the Rune of Death.
There is no reason to believe that you can't unleash the power of the Rune of Death upon the Erdtree, without it evaporating into thin air; indeed, there isn't even a reason why the Rune of Death can't unleash its power across the whole world without evaporating the Rune.