According to CoinMeta, the market crash in October dealt a heavy blow to hedge funds, forcing them to liquidate positions at the fastest pace in several years and to control risks through layoffs and adjustments to investment strategies. Data from Morgan Stanley shows that in October, equity-oriented hedge funds experienced the largest active liquidation in over a decade, with market exposure declining by about 9% since June. By the end of October, more than 40% of the funds had achieved flat or negative returns for the year. Goldman Sachs reported that hedge funds focused on telecommunications, media, and technology industries lost more than 4% on Thursday, while multi-strategy funds fell by 1.4%. Numerous institutions have begun to adjust their operations, reducing their investment scope by approximately $7 billion in Samlyn Capital, focusing on financial services stocks, which has also led to the resignation of several industry executives and investment personnel. Engineers Gate has significantly cut back on teams that combine quantitative and subjective strategies, and Walleye Capital has also laid off multiple fund managers. Lone Pine Capital alone suffered a loss of 8.8% in October, while Arini Capital significantly reduced its bond holdings.