According to CoinMeta and research by ChaoXiang, Goldman Sachs pointed out in a research report on July 29 that the global average leverage ratio over the past five years was at the 93rd percentile. The long-short ratio of hedge funds decreased from 5.7 times to 3.2 times, indicating that the deleveraging process has exceeded 90%. In July, there was a net inflow of $34 billion into U.S. equity funds. The S&P 500 index fell below the short-term trigger level of 7,453 points, and if it continues to decline, it could trigger a concentrated sell-off. Goldman Sachs estimates that systematic strategies hold approximately $196.3 billion in long positions in U.S. stocks, with such holdings at the 44th percentile. Goldman Sachs predicts that U.S. stocks will experience range-bound volatility in August, and share repurchases will support buying activity during this period. About 31% of S&P 500 components are within their share repurchase windows, and it is expected that more than 90% of companies will end their quiet periods by mid-August. Seasonal capital outflows, quantitative selling, and conservative positions held by institutions will limit upward momentum. Goldman Sachs recommends a contrarian diversification strategy and bearish options as hedging tools.