Retail rotates from gold and Bitcoin into chips

Retail investors appear to be rotating out of gold and Bitcoin and into semiconductors.
Since April, US gold and Bitcoin ETFs have seen around 12 billion dollars in cumulative outflows.
Over the same period, US semiconductor ETFs attracted roughly 20 billion dollars in inflows.
$GLD and $IBIT are both down since April, while $SOXX and $SMH have surged.
Retail is not leaving the market.
It is just chasing the new leadership.