BREAKING: The S&P 500 ETF, SPY, and the Nasdaq 100 ETF, QQQ, have seen combined outflows of -$64 billion over the last 3 months, the most on record. This marks a sharp reversal from +$50 billion in 3-month inflows posted in November. This is also almost DOUBLE the previous decade high set in 2018. Not even the 2020 pandemic and the March-April 2025 sell-off saw such significant outflows. As a % of assets under management, the 3-month outflow is up to -5%, the biggest since Q1 2023. By comparison, the largest percentage outflow over the last decade was -8% in April 2018. Investors are have rushed to the sidelines.(The Kobeissi Letter)