People familiar with the matter: the number of hedge funds being liquidated has hit its highest level since 2009.

Hedge fund liquidations have climbed to their highest level since 2009, according to financial journalist Charles Gasparino, citing an unnamed financial services CEO, as a sharp selloff in technology stocks fuels speculation that one or more hedge funds are in distress. The source characterized the wave of forced closures as a necessary clearing event, saying the market is laying the groundwork for a bottom but still faces further downward pressure. The comparison to 2009 underscores the scale of the current unwind, echoing the post-financial-crisis period when leveraged funds were forced to deleverage en masse. No specific funds, sizes or losses were named, leaving the scope of the damage unclear. Investors will watch upcoming tech earnings, margin calls and fund redemption notices for confirmation of whether the liquidation wave is broadening or nearing an end.