Last week, the capital flow in stock-based and leveraged ETF products did not indicate large-scale selling by retail investors.

For stock investors, last week's market performance was dismal, but the fund data for ETF did not indicate any selling signals. On the contrary, the stock ETF registered in the United States and invested in the U.S. stock market recorded a net inflow of funds every day, even on Thursday when the S&P 500 and NASDAQ 100 tumbled by 4.4% and 6.4% respectively.

Corporate bonds with stock-like risks, ETF, also saw net inflows last week, with the inflow on Friday being particularly significant.

However, stocks ETF, especially the largest and most liquid ones, are also traded by hedge funds and other institutional investors. Therefore, one cannot judge the behavior of retail investors based solely on this indicator.

The participants in leveraged product ETF are mainly retail investors, so it better reflects the trends of this type of investor. From this indicator, it can be seen that there was still a net inflow of bullish positions in leveraged product ETF last week.

At the same time, there is a net outflow from the bearish leveraged position ETF, indicating that investors are realizing profits from their short positions.

In summary, there was no widespread panic selling by retail investors last week. Whether they will be able to maintain their composure this week remains to be seen. The author also stated that, in their personal judgment, the market trend for the AI sector has not yet completely come to an end after this round of fluctuations.