Retail Rotates Out of Gold and Bitcoin Into Semiconductor ETFs
Since April, cumulative outflows from US gold and Bitcoin ETFs reached $12 billion, while semiconductor ETFs attracted $20 billion in inflows. The rotation accelerated in mid-May, with gold and Bitcoin funds more than tripling their outflows and semiconductor ETF inflows doubling.
GLDIBITSOXXSMH
According to data cited by The Kobeissi Letter, retail investors have been shifting capital away from gold and Bitcoin and into semiconductor stocks since April.
Key figures:
- US gold and Bitcoin ETFs: -$12 billion in cumulative outflows
- US semiconductor ETFs: +$20 billion in cumulative inflows
- Trend accelerated in mid-May: outflows from gold/BTC funds more than tripled, while semiconductor ETF inflows doubled
Price performance since April:
- $GLD (largest gold ETF): -13%
- $IBIT (largest Bitcoin ETF): -12%
- $SOXX (semiconductor ETF): +81%
- $SMH (semiconductor ETF): +60%
Source: The Kobeissi Letter