According to The Kobeissi Letter analysis, hedge funds are fleeing on a large scale. On Thursday, hedge funds sold $40 billion of stocks in a single day, setting a record for the largest one-day sell-off since 2010. The volume of short selling on Thursday was 3 times that of long, with North American stocks accounting for 75% of the total volume. Previously, the market sold $28 billion in a single day during the Lehman crisis in 2008, which is about $42 billion today adjusted for inflation, and a net $52 billion in a single week during the COVID-19 shock in 2020.