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Are Boomers Selling? Could Top Bitcoin ETFs Outflows Mark New BTC Market Dynamic?

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Are American Boomers selling? Bitcoin ETFs outflows from panicked TradFi fuel BTC price drop with over $51.5 million in net outflows.

Are American Boomers selling? Bitcoin ETFs outflows from panicked TradFi investors have fuelled BTC price drop, with over $51.5 million in net outflows.

Boomers catch a lot of flak, much of it unjustified, but it is their fault this time – here’s why.

The Bitcoin ETF sell-off trend was not limited to a single product; major players like the ARK 21Shares Bitcoin ETF and the Grayscale Bitcoin Trust saw substantial withdrawals of $31.34 million and $24.66 million, respectively.

The crypto market is down $420B in 1 month, Bitcoin and Ethereum are down 10% and 9.58% respectively. Boomers are selling.

 

The Great ETF Exodus: Top Bitcoin ETFs Riskier Than BTC

The enthusiasm around Bitcoin ETFs was palpable in March. For a golden run of 71 days, BlackRock’s iShares Bitcoin Trust (IBIT)  experienced a record 71 days of inflows.

Now all that is gone. Poof.

With Bitcoin’s dominance possibly reaching its peak, the market is shifting towards altcoins. Experts like Bitcoin analysts Michaël van de Poppe and Matthew Hyland suggest liquidity is moving to altcoins, hinting at a more diversified crypto future.

Additionally, a recent Bitfinex Alpha report underscores the historical pattern post-halving, where attention diverts to altcoins rallying and gaining market share.

 

The allure of new spot bitcoin ETFs has snagged an influx of new crypto owners, pulling young men and millennials in at a rate fourfold that of the general populace.

Yet a step behind was the Boomer, but as the markets turn, Boomers—the most inexperienced holders of Bitcoin—will likely paper hand this BTC crash like rookies.

DISCOVER: How to Buy The Bitcoin ETF Dip in May 2024

Silver Lining for Top Bitcoin ETFs: It’s Not Epidemic

Despite the overarching theme of outflows, not all ETFs faced the same fate.

The Bitwise Bitcoin ETF saw a notable net inflow of $6.84 million, with the Valkyrie Bitcoin Fund and Franklin Bitcoin ETF also enjoying smaller influxes.

(BTCUSDT)

Mike Novogratz, CEO of Galaxy Digital, posited that Bitcoin could soon surpass gold as a store of wealth.

Despite Bitcoin’s current market cap not even one-tenth of gold at $2.2T compared to gold’s $15.654T, Novogratz predicts an acceleration in digital asset allocations as wealth moves from boomers to Gen Z and millennials.

Today’s youth are casting their votes with digital code backed on the blockchain—preferring Bitcoin over bullion.

Amid these changing tides, comments from Fed Chair Jerome Powell dismissing an immediate rate hike provided a temporary boost to Bitcoin prices. However, the continuous outflows indicate a more cautious approach from investors.

EXPLORE: Is BTC Set for a Quiet Spring After Bitcoin Halving Event? Here’s Why Traders Eye Altcoins in Q2

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins.

View all Posts by Isaiah Mccall

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