Retail investors accounted for ~20% of trading volume in the U.S. stock market in Q3 2025, which is the second-highest figure in history.
This is just below the peak of Q1 2021 during the meme stock boom.
In comparison, before 2020 this percentage averaged ~15% over several years.
With 20% participation, retail investors surpassed long-term mutual funds and traditional hedge funds, which were around ~15% last quarter.
These funds are now at half of their levels from 2015, which is one of the most significant shifts in market structure in decades.
To put this into perspective, the combined percentage for all funds, including long-term, hedge funds, and quantitative, was 31% in Q3.
Retail investors are taking over the market at a historic pace.
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