Hedge funds have recently engaged in a substantial sell-off of equities, unwinding positions at the largest rate seen in over two years. According to a report from Goldman Sachs, hedge funds sold stocks at their fastest pace in four years on March 7 and 10, with activity comparable to the market's response during the pandemic in March 2020. This trend included significant reductions in both US and Asian markets, with the Asia region experiencing its largest hedge fund position decline in four years. The recent selling has surpassed previous market downturns, including the August 2024 flash-crash and the 2022 bear market. Institutional investors have been net sellers of equities for the past 12 weeks, while retail investors have been net buyers during the same period.