Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, posted on X that Baby Boomers made significant investments in Bitcoin ETFs, purchasing half a billion dollars' worth. Despite this substantial investment, the year-to-date net flows for these ETFs remain slightly negative. Balchunas referenced a quote from the movie 'Goodfellas,' describing the current situation as 'the bad time.'
Reflecting on the past few years, Balchunas noted that if someone had traveled back in time three years and informed cryptocurrency enthusiasts that Bitcoin would reach $78,000 and ETFs would hold $100 billion, they would likely have been thrilled, considering the impressive 240% return, equating to a 50% annual increase. He emphasized that people still underestimate the remarkable growth seen in 2023 and 2024, with a 464% increase being almost unnatural. The narrative surrounding this growth is still evolving, according to Balchunas.
