[Goldman Sachs Warns of Potential $45 Billion in Selling Pressure on US Stocks in the Next Month] BlockBeats reports on November 10th that the risk of concentrated holdings in the US stock market may not have been completely eliminated after last week's tech stock plunge. Latest data shows that while retail investors and some hedge funds have significantly reduced their positions, global macro funds have largely maintained their existing equity exposure, becoming the next potential market risk that institutions are watching closely. According to a Bloomberg report on Tuesday, Goldman Sachs' prime brokerage data shows that global macro hedge funds did not significantly reduce their equity holdings even as the S&P 500 recorded its worst weekly performance since 2025. These funds primarily express their judgments on macroeconomic and market direction through stock index futures, exchange-traded funds (ETFs), and swap contracts. Because their trading often involves large-scale index exposure, concentrated position adjustments could exacerbate volatility in major stock indices should market sentiment deteriorate further. Goldman Sachs data shows that hedge funds' net selling of individual stocks reached its highest level in four months last week, with technology stocks being the most concentrated sector of net selling in both global and US markets. Meanwhile, macro-related products, including stock indices and ETFs, recorded net buying. Besides global macro funds, systematic trading strategies may also be a significant source of market volatility. Goldman Sachs' models show that approximately 60% of global stock markets are currently showing negative trading signals. According to related model estimates, S&P 500 futures may face potential selling pressure of approximately $28 billion in the coming week, and potential selling pressure of $45 billion in the coming month. The position structure in the options market also increases potential risk. SpotGamma data shows that the S&P 500 index has a wide negative gamma exposure in the 7000-7550 point range. In this market environment, options traders, in order to hedge their positions, may further sell stocks when the market falls and increase buying when it rises, thereby amplifying short-term price volatility.