Analysis: Market Risk Appetite Shifts as Retail Investors Move from Gold and Bitcoin to Semiconductor ETFs

Odaily Planet Daily reports that The Kobeissi Letter has analyzed that since April, US gold and Bitcoin-related ETFs have seen cumulative net outflows of approximately $12 billion, while semiconductor ETFs have recorded net inflows of about $20 billion over the same period, indicating a clear shift of funds toward tech growth sectors. This trend accelerated further in mid-May: the scale of outflows from gold and Bitcoin ETFs more than tripled, while inflows into semiconductor ETFs doubled. In terms of market performance, the world's largest gold ETF, GLD, has fallen about 13% since the beginning of April, while the Bitcoin ETF IBIT has dropped about 12% over the same period. In contrast, semiconductor ETFs SOXX and SMH have risen by approximately 81% and 60%, respectively. The analysis suggests that the market is currently exhibiting a clear "risk appetite shift," with retail funds accelerating their movement from safe-haven assets and crypto assets into high-growth semiconductor and AI-related sectors, driving the market in an unprecedented way.