Retail Traders Boost TLT Buying as Treasury ETF Hits Record Drawdown
Retail investors bought $61 million of the 20+ Year Treasury Bond ETF (TLT) on Wednesday, completing a three-day $170 million buying streak even as the fund sits at a record drawdown.
Retail traders have stepped up purchases of the iShares 20+ Year Treasury Bond ETF ($TLT) this week. Wednesday’s $61 million inflow was the largest single-day retail purchase in at least 12 months, after $59 million on Tuesday and $50 million on Monday. The three-day total reached $170 million, the largest three-day stretch since at least September 2025, according to The Kobeissi Letter.
Daily retail purchases of $TLT have now been above $20 million for six consecutive sessions through Wednesday. Before this week, no single trading day in 2026 had recorded more than $50 million of retail demand.
The buying is occurring despite persistent price weakness. $TLT fell 1.9% this week, extending its year-to-date decline to 8.0%. The fund is now 55% below its 2020 peak, its deepest drawdown on record, as retail investors position as dip buyers in long-duration Treasuries.
Source: The Kobeissi Letter