Retail investors have rotated $120 billion out of gold and Bitcoin ETFs and into semiconductor ETFs since April

According to The Kobeissi Letter, U.S. gold and Bitcoin exchange-traded funds have posted a combined $12 billion in net outflows since April, while U.S. semiconductor ETFs pulled in $20 billion of net inflows over the same period. In mid-May, redemptions from gold and Bitcoin funds more than tripled, and inflows into semiconductor ETFs doubled. Since early April, the largest U.S. gold ETF, GLD, is down 13% and the largest Bitcoin ETF, IBIT, has fallen 12%. Over the same stretch, semiconductor ETFs SOXX and SMH have surged 81% and 60%, respectively.