Analysis: Market risk appetite switches retail investors from gold and bitcoin to semiconductor ETFs

The KobeissiLetter issued an analysis and pointed out that since April, the cumulative net outflow of gold and bitcoin-related ETFs in the United States has been approximately US$12 billion, while semiconductor ETFs have recorded a net inflow of approximately US$20 billion during the same period, and funds have been significantly concentrated in the technology growth sector.<br /> The trend accelerated further in mid-May: outflows from gold and Bitcoin ETFs more than tripled, while inflows from semiconductor ETFs doubled. In terms of market performance, ETFGLD, the world's largest gold, has fallen by about 13% since early April, and Bitcoin ETFIBIT has fallen by about 12% over the same period; in contrast, semiconductors ETFSOXX and SMH have risen by about 81% and 60% respectively.<br /> Analysts believe that the current market is showing an obvious "risk appetite switch", and retail funds are accelerating the flow from safe-haven assets and crypto assets to high-growth semiconductor and AI-related sectors, and promoting the market in an unprecedented way.