Institutional investors sold approximately $6 billion worth of US stocks last week, marking the second-largest outflow since at least the Great Financial Crisis. This net selling, which is the highest volume of stocks sold in over nine years, is only surpassed by the outflow in September 2015. The recent activity is notable as it represents a significant shift from prior weeks, where mutual fund and ETF investors were net buyers. Analysts suggest that investors may be waiting for the US election results before reallocating capital. The outflow is also about 50% larger than the 2024 record inflows of $4 billion seen a few weeks ago, according to data from BofA. Historically, during major bubbles like those in 1929, 1987, 2001, and 2008, the final stages began when large institutions offloaded their stocks.