Why do we keep saying that European and American investors will have an impact on the US stock market From the data, the value of the US stock market held by non US funds has continued to rise in the past 10 years, with the largest portion coming from Europe. Green represents the US stocks held by core European countries, including Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the United Kingdom, while purple represents the US stocks held by other European countries. Orange refers to US stocks held by other regions of the world. From 2016 to 2025, the overall stacking area of the three color blocks is getting larger and larger, indicating that global funds are increasingly heavily allocated to the US stock market. Or rather, the weight of US stocks in global asset portfolios is increasing. Among them, Europe is one of the largest holders, with green and purple accounting for nearly half of the total volume, which means that the US stock market is no longer a market for Americans to play with themselves, but an asset pool priced by global funds. More importantly, the marginal buyers of US stocks are often not individual investors, but rather large institutional funds such as sovereign funds, pension funds, insurance, bank self operated funds, as well as buybacks and cash management of multinational corporations. Once European funds focus on adjusting their positions, it will not affect one or two stocks, but the price elasticity at the index level, especially the "default option" of the global configuration of the S&P 500 and the NASDAQ. So when we say 'European and American investors will affect the US stock market', the essence is not that Europeans can decide the rise and fall of the US stock market, but that when the stock of non US funds has reached this level, the US stock market naturally carries a global leverage of funds. European interest rates, exchange rates, credit cycles, and even political risks will be transmitted to the pricing of the US stock market through asset reallocation. The US stock market is becoming more and more like a settlement layer for global assets, rather than a single country's stock market. @bitget VIP， Lower rates and more generous benefits