Retail demand for tokenized assets is showing up in the weekly data. Holders are growing several times faster than the value they hold, which means small positions arriving in numbers.

Retail investors sold chip stocks at a historic pace last week: Retail investors sold ~20 times more semiconductor and memory stocks than the 2-year average weekly flow in the week ended July 30th. This marks the 3rd weekly sale over the last 4 weeks, following 10 consecutive weekly purchases. Over the last 2 years, weekly sales have never exceeded 5 times the 2-year average. Even during the March pullback, retail investors sold just 3 times the average level at most. By comparison, retail purchases of semiconductor and memory stocks surged to 23 times the 2-year average weekly level in June. Retail sentiment is more volatile than ever.

Retail investors are selling US tech stocks at a record pace: Retail investors sold -$316 million of US-listed information technology stocks on Wednesday, the largest daily sale on record. Over the 3 days ending Wednesday, retail investors sold -$643 million of tech stocks, the largest such outflow since data began in 2019. Even during the 2020 pandemic selloff, 3-day tech stock sales never exceeded -$200 million. In total, retail investors sold -$243 million of single stocks on Wednesday, the biggest daily sale since 2020, and only the 9th daily outflow so far in 2026. Tech stocks are experiencing historic swings.

Retail investors have cut their margin loans in South Korea, Taiwan and mainland China, underscoring how a collapse in technology stocks in recent weeks has forced them to close out positions