Retail investors sold the stocks they bought during COVID trading boom

But it appears the steep sell-off in speculative stocks that began in February 2021 and continued all the way through the end of 2022 has taken its toll on retail investors, combined"Retail net selling activity has accelerated over the past six months. In aggregate, selling over the past eleven months has completely reversed all the net buying in single stocks from 2019 to 2021," Goldman Sachs said.

The bank's analysts based their research on the net buying activity of retail investors through its trading desk, which identifies trades that go through Payment for Order Flow channels, according to the note. A similar story can be told about the crypto sector, which has erased more than $2 trillion in market value from its peak as scandal after scandal dents trust in the space. According to a recent note from

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