According to Eric Balchunas, $GLD has experienced more than $4 billion in outflows over the past four weeks, marking the second worst monthly outflow period ever. This trend reflects a significant investor shift toward risk-on assets in 2024, as traditional safe havens like gold lose appeal. For crypto traders, this mass exodus from gold ETFs signals growing risk appetite, which could drive increased capital flows into cryptocurrencies and digital assets, especially as investors seek higher returns in a bullish environment (source: Eric Balchunas, Twitter, May 22, 2025).