ETF Analyst Eric Balchunas Says Degen Traders Have Made TQQQ a “Cash Machine”

Bloomberg ETF analyst Eric Balchunas said on X that Degen traders are using TQQQ as a “cash machine” by buying low and selling high, which he said has created inflows when prices fall and outflows when prices rise. According to Odaily, he said the pattern breaks the “dumb money” label, and added that if TQQQ were a casino, traders might be banned for winning too much. He also said similar activity is present in SOXL and other comparable products, which he said helps explain their popularity.