Bitcoin has been on an evident downfall for the reason that begin of the yr because it plunged beneath $60,000 for the primary time since late 2024. The most important funds monitoring its efficiency have misplaced over $8 billion in weeks.
Though gold started the yr on a optimistic word, hitting a brand new all-time excessive, its trajectory reversed, and it’s within the crimson now. However the place is that cash going?
Out of Gold and Bitcoin
The exodus from the Bitcoin ETFs started final November, shortly after the October $19 billion crash. Traders pulled out $3.5 billion in November, and saved the withdrawals inside the billions in December and January. March and April had been loads higher, with web inflows of $1.32 billion and $1.97 billion, respectively.
Nevertheless, the development modified as soon as once more in Might with $2.43 billion withdrawn, whereas June is on observe to set a detrimental file for the very best web outflows, at present sitting at simply over $4 billion. The cumulative complete web inflows are down from the $61.19 billion file in October to $51.61 billion as of final week, which suggests a close to $10 billion discount. Furthermore, they’ve bled roughly $8 billion prior to now seven weeks alone.
The panorama round gold is moderately related. The funds attracted contemporary capital initially of the yr, which coincided with the asset’s surge to a brand new all-time excessive, however the numbers inform a special story now. Information from the Kobeissi Letter point out that the ETFs monitoring BTC and the dear metallic have posted $12 billion in cumulative outflows since April.
“The most important US gold-backed ETF, $GLD, is down -13% for the reason that begin of April, whereas the most important Bitcoin ETF, $IBIT, is down -12%.”
The Cash Is Going to…
It’s not like all funding belongings have seen such withdrawals; additional information from the identical analysts present that US-listed ETFs have attracted over $1 trillion in web inflows in 2026, on observe to set a brand new file by the top of the yr. So, the place is the cash from BTC and gold going?
The Kobeissi Letter stated US semiconductor ETFs have attracted $20 billion in cumulative inflows inside primarily the identical timeframe wherein the funds monitoring gold and bitcoin had misplaced $12 billion. This development accelerated in mid-Might and continued in June.
The analysts concluded that the semiconductor ETFs, $SOXX and $SMH, are up 81% and 60%, respectively, over the identical interval wherein $GLD and $IBIT are down 13% and 12%, respectively.
Retail buyers look like rotating out of gold and Bitcoin into semiconductor shares:
Since April, US gold and Bitcoin ETFs have posted -$12 billion in cumulative outflows.
Over the identical interval, US semiconductor ETFs have attracted +$20 billion in cumulative inflows.
This… pic.twitter.com/VHuDTB0nyN
— The Kobeissi Letter (@KobeissiLetter) June 27, 2026
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