According to The Kobeissi Letter, retail investors now account for 22% of all US stock market trades, the highest since February 2021, citing Citadel Securities as the source. Citadel Securities also reports that retail activity has doubled from pre-2020 levels and now represents a record 16% of total single-stock trading volume, per The Kobeissi Letter. Retail traders are executing an average of 1.2 billion shares per day, a record high, according to data from Citadel Securities cited by The Kobeissi Letter. For crypto market context, the last period of comparable retail equity participation coincided with the 2021 meme-stock surge, the same year BTC and ETH set then-all-time highs, based on Coinbase historical price data and Citadel Securities figures reported by The Kobeissi Letter.