According to the analysis by The Kobeissi Letter, since April, US gold and Bitcoin-related ETFs have experienced cumulative net outflows of approximately $12 billion, while semiconductor ETFs recorded net inflows of about $20 billion over the same period, indicating a clear concentration of capital toward technology growth sectors.
Accelerating Outflows and Inflows
The trend accelerated further in mid-May: gold and Bitcoin ETF outflows more than tripled, while semiconductor ETF inflows doubled. Market data shows that the world's largest gold ETF, GLD, has fallen about 13% since early April, while the Bitcoin ETF IBIT dropped approximately 12% over the same period. In contrast, semiconductor ETFs SOXX and SMH rose about 81% and 60%, respectively.
Market Risk Appetite Rotation
Analysts believe the market is witnessing a clear "risk appetite rotation," with retail capital accelerating its shift from safe-haven assets and crypto assets into high-growth semiconductor and AI-related sectors, driving the market in an unprecedented manner. This capital flow change reflects investors' reassessment of macroeconomic expectations and industrial trends.
As of press time, the divergence in ETF performance persists, with the market watching whether more funds will exit gold and Bitcoin positions and further rotate into the tech track.