Retail money rotates out of gold and bitcoin, into semiconductors; $12B leaves ETFs as chip funds draw $20B since April

June 27 — The Kobeissi Letter said retail investors appear to be rotating away from gold and bitcoin and toward semiconductor stocks. Flow data show that since April, U.S. gold ETFs and Bitcoin ETFs together have recorded $12 billion in net outflows. Over the same period, U.S. semiconductor ETFs have taken in a combined $20 billion. The shift intensified in mid-May, when outflows from gold and bitcoin funds more than tripled, while inflows to semiconductor ETFs doubled. Performance has moved in the same direction. The largest U.S. gold ETF, GLD, is down 13% since early April, and the largest bitcoin ETF, IBIT, is down 12%. By contrast, semiconductor ETFs SOXX and SMH are up 81% and 60%, respectively. The report said retail investors are influencing market direction in ways rarely seen before.