Retail investors have cut back sharply on buying individual stocks, with recent purchases near the lowest levels in years.
Over the last 20 trading days, these buyers purchased just $1 billion of single stocks, near the lowest 20-day total in at least two years, says The Kobeissi Letter.
“Retail investors are becoming more cautious.”
In early August, that 20-day measure briefly turned negative for the first time since at least October of 2024.
By comparison, retail’s 20-day single-stock purchases stood at $20 billion in April of 2025.
Says the Kobeissi Letter,
“Furthermore, total retail equity purchases have declined to +$10 billion over the last 20 trading days, near their lowest reading since at least October 2024.
Retail equity purchases are now down -67% from the +$30 billion recorded over the 20-day period in February 2026.”
The Daily Hodl recently reported that institutions bought billions in US equities in mid-September while retail accounts extended weeks of outflows.
Says the Kobeissi Letter,
“Institutional investors bought +$4.1 billion in US equities in the week ending September 18th… Meanwhile, retail investors sold -$2.2 billion last week, posting their 8th consecutive weekly sale. Retail investors have now sold an average of -$1.9 billion in US equities per week over the last 4 weeks.
Institutions are buying while retail is selling.”
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