Goldman Sachs reports record $21.6B sale of Nasdaq futures by institutional investors

Institutional investors just dumped $21.6 billion worth of Nasdaq futures, according to Goldman Sachs. The sale pushed institutional net positioning on Nasdaq futures into negative territory for the first time since May 2025, a period that coincided with a bruising stretch for tech stocks. What the numbers tell us The $21.6B figure represents a record transaction size for Nasdaq futures selling, at least by Goldman Sachs’ tracking. Net negative positioning means institutions are now, in aggregate, short Nasdaq futures, positioned to profit if the index falls, or at minimum having pulled enough long exposure off the table to flip the overall balance sheet bearish. Goldman Sachs isn’t alone in observing the trend. JPMorgan and Bank of America have both flagged net selling activity in recent weeks, though their specific figures and methodologies differ. Why institutions are selling The timing is also worth noting. This sell-off landed in mid-August, a period when liquidity in futures markets is typically thinner due to summer trading desks running on skeleton crews. Large orders in thin markets can have outsized price impact, which means the actual market footprint of this trade may b...