According to CoinMeta, strategists such as Nikolaos Panigirtzoglou from JPMorgan Chase believe that tech stocks have become more dependent on retail investors after the sell-offs in July, and volatility has increased. Pivotal Path data shows that long-short hedge funds in the tech, media, and telecommunications sectors suffered losses of over 10% in July. Situational Awareness funds were forced to sell most of their publicly traded stock portfolios last week. Panigirtzoglou believes that other long-short hedge funds focused on tech stocks may face forced liquidations in semiconductor and memory chip stocks.