Retail money rotates out of gold and Bitcoin ETFs into semiconductor funds

Odaily Planet Daily reports that The Kobeissi Letter has flagged a notable rotation in U.S. ETF flows since April. Gold and Bitcoin-related ETFs have posted a combined net outflow of about $12 billion, while semiconductor ETFs attracted roughly $20 billion in net inflows over the same period. The shift intensified in mid-May, with net redemptions from gold and Bitcoin ETFs more than tripling as inflows to semiconductor ETFs doubled. Price action has mirrored the flow trend. The world's largest gold ETF, GLD, is down about 13% since early April, and the Bitcoin ETF IBIT has slipped roughly 12%. Semiconductor ETFs have surged, with SOXX up around 81% and SMH up about 60%. The analysis describes the move as a clear change in risk appetite, with retail investors quickly reallocating from safe-haven and crypto exposure toward high-growth semiconductor and AI-linked themes.