According to The Kobeissi Letter, the US semiconductors ETF, SOXX, experienced approximately $750 million in net outflows in May 2025, marking the largest withdrawal since February. Additionally, the largest US equity ETFs posted net monthly outflows for only the second time since April 2023. This shift signals growing risk aversion among traditional equity investors, potentially driving capital toward alternative assets like cryptocurrencies. Traders should watch for increased volatility and potential inflows into major digital assets as traditional markets show signs of outflows (source: The Kobeissi Letter, Twitter).