Risk appetite among retail investors is plummeting: Retail trading activity as a percentage of total stock volume is down to 8.1%, the lowest since Q3 2024. This percentage has nearly HALVED since the November 2025 peak of 15.0%. By comparison, the 2021 meme stock mania high was 11.5%. Retail market participation is now in-line with levels seen during the 2020 pandemic and the 2022 bear market. Meanwhile, 0DTE option volume as % of the total is down to 57%, the lowest since Q1 2025. Retail is rushing to the sidelines.