According to CoinMeta, while hedge funds are reducing their stock exposures, funds continue to flow into major indices. Data from Morgan Stanley shows that since June, hedge funds' market exposures have decreased by about 9%. As of October, over 40% of hedge funds have seen flat or negative performance. The S&P 500, the Nasdaq 100 ($1.3 trillion), the Dow Jones Industrial Average ($3.4 trillion), and the Russell 2000 ($1.1 trillion) attracted approximately $31 billion in funds between early October and November 10. In the week ending October 23, $44.1 billion flowed into U.S.-listed stocks. Semiconductor funds also saw significant buying activity; for example, the iShares Semiconductor Fund and the VanEck Semiconductor Fund each received $5.4 billion, while the ETF Semiconductor Fund received $2.5 billion. The inflows into these funds did not come entirely from individual investors; part of it may reflect portfolio rebalancing or tax loss harvesting. A slightly more professional investor base could drive purchases during a market recovery, but continued weakness might put pressure on investors looking to increase their positions.