According to CoinMeta, Morgan Stanley reviewed the sharp decline in U.S. stocks. On November 5th, the net leverage ratio of U.S. long-short hedge funds decreased by 5% in a single day, marking the fifth largest daily decline since 2010. Since June, the total exposure reduced due to active trading by long-short funds is equivalent to 10.7% of the total market value of their positions at the end of June, which is the largest reduction in at least 10 years. Hedge funds currently have a relatively low allocation to AI stocks in terms of market value weight, but AI stocks still account for 32% of their absolute exposure. On that day, the scale of leveraged ETF sales reached its highest since 2007, contributing 57 billion dollars of supply in U.S. stock sales. Within 90 minutes after the market opened, the scale of retail sales of U.S. stocks was the second largest since 2016. The correlation between stock transactions is beginning to rise.