“It definitely makes for a challenging investment environment going forward,” said Michael O’Rourke, chief market strategist at JonesTrading. “Investors really need to be cautious,” he added.

U.S. Securities and Exchange Commission Chair Gary Gensler issued his most direct warning yet on Monday about the risks of investing in Chinese companies. He asked SEC staff to take “a pause for now” in approving IPOs of shell companies that Chinese firms use to list shares in the U.S.

Tuesday’s slump was led lower by tech-giants including Alibaba Group Holding Ltd., JD.com Inc. and Pinduoduo Inc., all of which declined by at least 3%. The selloff adds to what has been a brutal six months for Chinese stocks in the U.S. with the Nasdaq Golden Dragon China Index plunging more than 50% since hitting a record high in February. Along the way some of the world’s most prolific investors have started to jump ship.

Cathie Wood’s flagship Ark Innovation ETF has cut its exposure to shares of companies in the world’s second-biggest economy to zero after they reached 8% of its assets in February. Meanwhile, Paul Marshall, co-founder of the $59 billion hedge fund Marshall Wace, said in a letter to clients last week that people could make the case that U.S.-listed China shares have become “uninvestable.”

Read more: Marshall Wace Warns That Chinese ADRs Have Become ‘Uninvestable’

Other major funds have joined the exodus, with SEC filings showing Soros Fund Management, D1 Capital Partners and Soroban Capital Partners each exiting some or all of their holdings of American depositary receipts of Chinese companies during the second quarter.

Despite the heavy selling, which has erased nearly $900 billion in value from stocks on the Nasdaq Golden Dragon China Index since its record high in February, not everyone is expecting a wave of dip buyers to swoop in.

“We haven’t had the complete capitulation that usually entails those really great buying opportunities,” said Matt Maley, chief market strategist for Miller Tabak + Co. “I think it’s going to have to get uglier before people really step in.”