Retail fatigue is real: Client base shrinking across major brokers 📉

This data published by Moneycontrol says a lot about the current mood of Indian markets. Almost every major broker has lost active clients in 2025 — not just small players, but the biggest names too. Zerodha: –12.68 lakh Groww: –10.32 lakh Angel One: –9.96 lakh Upstox: –8.09 lakh And the trend continues across mid-sized brokers as well. This isn’t about one platform messing up. This looks like: Retail traders burning out after 2023–24 hype Losses in F&O forcing exits Markets becoming tougher, less forgiving “Easy money” phase officially over When markets were going up, everyone was an investor. When volatility hits, reality hits harder. Curious question: Is this a temporary shakeout before the next cycle, or are we seeing a structural drop in retail participation?