Retail Investors Log First Three-Day Net Selling Streak Since 2020

Retail investors have spent most of the past five years acting as the market's most consistent source of buying, staying active through meme-stock volatility, Federal Reserve rate hikes, banking stress and other shocks. That pattern has now shifted in a way that's drawing Wall Street's attention: individuals have recorded three consecutive days of net selling in U.S. equities, a run last seen in 2020. Citadel Securities' Scott Rubner noted that retail net-selling days have occurred only 18 times since January 2020, making a three-day stretch statistically rare. Vanda Research, which monitors retail order flow, has previously highlighted isolated net-selling sessions, including Nov. 23, 2023, when retail investors posted $20.6 million in net selling. This time, the market is facing three straight days of outflows. The timing stands out. The shift is not occurring amid a market crash or liquidity crunch. The S&P 500 has been on an extended winning streak, and broader equity conditions have remained generally firm. The backdrop traces back to 2020, when pandemic-era stimulus, more time at home and widespread access to commission-free trading platforms such as Robinhood helped fuel a new wave of individual participation. Earlier in 2026, retail investors briefly turned into net sellers for the first time since late November 2025 during another S&P 500 winning streak, an early warning sign. The current three-day run looks less like a one-off and more like an emerging pattern. One notable detail: the selling appears concentrated in traditional equities. Retail behavior in cryptocurrencies has not shown a similar shift, and no specific crypto reporting has mirrored the retail-selling narrative seen in stocks, including coverage from outlets such as CoinDesk or The Block. With net-selling days so uncommon over the past five years, Rubner's data suggests markets may be entering less familiar territory. For three sessions in a row, the market's most dependable bid has gone quiet.