“散户热钱”搅动全球资产：从meme股、加密货币到黄金，波动性成新常态

Group 1 - The core observation is that retail investors are becoming a dominant force in the market, often chasing trends and creating volatility, as seen in the recent surge and subsequent drop in stocks like Beyond Meat and quantum computing companies [1][3] - Retail trading volume has significantly increased since the introduction of commission-free trading in 2019, with average daily trading volume reaching approximately 12 billion shares, a 75% increase compared to the previous six years [3][6] - Retail investors are particularly drawn to low-priced stocks and options trading, with a record demand for call options noted, indicating a strong bullish sentiment among non-professional investors [6][7] Group 2 - Retail investors have found profitable opportunities in large-cap stocks, with a basket of favored stocks rising 55% year-to-date, outperforming the S&P 500's 14% increase [7] - The volatility in popular stocks is evident, as the top 10% of performing stocks from August to mid-October have since averaged a decline of 5.7%, while the remaining 70% of stocks have increased [7] - The influx of retail capital is also impacting unconventional assets, with significant investments in cryptocurrency ETFs attracting $47 billion this year, and options-focused ETFs seeing nearly $10 billion in new funds [7][8]