PANews June 27 news, The Kobeissi Letter published an analysis pointing out that since April, U.S. gold and Bitcoin-related ETFs have seen cumulative net outflows of approximately $12 billion, while semiconductor ETFs recorded net inflows of around $20 billion over the same period, with capital clearly concentrating in tech growth sectors. This trend further accelerated in mid-May: gold and Bitcoin ETF outflows more than tripled, while semiconductor ETF inflows doubled. In terms of market performance, the world’s largest gold ETF GLD has fallen about 13% since early April, and Bitcoin ETF IBIT dropped about 12% during the same period; in contrast, semiconductor ETFs SOXX and SMH rose about 81% and 60%, respectively. The analysis believes the current market is exhibiting a clear "risk appetite shift," with retail funds accelerating out of safe-haven assets and crypto assets into high-growth semiconductor and AI-related sectors, and driving the market in an unprecedented way.