On Friday, U.S. stock market activity reached unprecedented levels, with total trading volume exceeding 26.4 billion shares, marking the largest volume day in history. This figure surpasses the previous record of 23.7 billion shares set during the meme stock mania in January 2021. The surge in trading was accompanied by a historic sell-off, as hedge funds engaged in aggressive short selling, particularly in U.S. macro products and single stocks. Goldman Sachs reported that this week saw the largest net selling in over a decade, with significant selling pressure across all regions, especially in the U.S. Additionally, options trading volume spiked to over 100 million contracts, with put options hitting a record of 53 million. The explosive trading activity indicates a marked shift in market sentiment, as investors rapidly moved to exit positions amid heightened volatility.