According to CoinMeta, the wave of selling Brazilian assets triggered by President Lula's re-election shows no signs of abating. Several major asset management firms in the country have stated that the market decline that erased months of gains could further intensify. Since Lula won his fourth presidential term at the end of last month, the market value of the Brazilian stock market has evaporated by over 700 billion reais. Firms including Bradesco Asset Management and BB Asset are not yet prepared to reinvest in stocks and are also keeping a wait-and-see attitude towards the Brazilian real. During this period, the real has fallen by more than 10%. Many investors who bet on Bolsonaro's victory have gradually lost hope, believing that the government would drive interest rates down as soon as possible through fiscal reforms. Ana Rodela, the chief investment officer of Bradesco, which manages nearly 1 trillion reais in assets, said that it is currently impossible to confidently determine that Brazilian assets are now cheap. The benchmark Ibovespa index has returned to summer levels, and the gains that were once driven by Bolsonaro's camp's favorable election prospects have largely been reversed.