Retail investors are trading less. Over the last 20 trading days, retail investors have purchased just +$1 billion of single stocks, near the lowest 20-day total in at least 2 years. In early August, this figure even briefly turned negative for the first time since at least October 2024. By comparison, retail's 20-day purchases stood at +$20 billion in April 2025. Furthermore, total retail equity purchases have declined to +$10 billion over the last 20 trading days, near their lowest reading since at least October 2024. Retail equity purchases are now down -67% from the +$30 billion recorded over the 20-day period in February 2026. Retail investors are becoming more cautious.