Older Democrats are getting crushed in the cash wars

• In addition to the six septuagenarian Democratic incumbents who raised less than their challengers, several others only barely edged out well-funded insurgents.
• Beyond that, there are dozens of older House Democrats facing primary challengers who have filed with the Federal Election Commission or publicly announced their bids but haven't raised competitive sums.

Driving the news: Some incumbents were bested by orders of magnitude, with Rep. Stephen Lynch (D-Mass.), 70, raising just about $61,000 compared to the nearly $143,000 brought in by attorney Patrick Roath, 38, over the same period.

• Former venture capitalist Eric Jones, 34, raised a stunning $1.5 million compared to about $612,000 raised by Rep. Mike Thompson (D-Calif.), 74.
• Rep. Ed Case (D-Hawaii), 73, raised just about $109,000, compared to $228,003 raised by state Sen. Jarrett Keohokalole, 42.
• Rep. Brad Sherman (D-Calif.) also raised less than half of what his opponent, former Biden White House official Jake Levine, did.

Zoom in: The largest gap, proportionally speaking, was in the race to be D.C.'s nonvoting delegate to Congress: 88-year-old incumbent Eleanor Holmes Norton (D-D.C.) raised just $3,227 between July and September.

• By contrast, former DNC official Kinney Zalesne, 59, the first major challenger to jump into the race against Norton, brought in $435,000.
• Several more candidates have launched since the filing deadline, including city councilwoman Brooke Pinto, 33, whose campaign said she raised $300,000 on her first day.
• Norton has faced persistent calls to retire this year from allies on Capitol Hill and throughout Washington, though she has repeatedly maintained she is running for reelection.

The intrigue: Rep. Shri Thanedar (D-Mich.) outraised his primary opponent, state Rep. Donavan McKinney, but only by a technicality.

• McKinney brought in $220,000 this quarter, while on paper Thanedar raised nearly $500,000.
• A closer look reveals, however, that a small fraction of Thanedar's quarterly receipts came from donations — $42,000 — while the rest came from profit by investing his campaign cash in cryptocurrency.

What they're saying: "Incumbency used to guarantee a fundraising advantage — that's no longer true, and that's a big flashing warning sign for the establishment," Run for Something founder Amanda Litman told Axios.

• Added Litman, who has been one of the most outspoken public advocates for generational turnover in Congress: "Democrats are signaling with their checks what they're looking for — change!"

• Jones, the former venture capitalist, said there is a clear anti-incumbency sentiment among voters and donors he's spoken to: "You ask them what their number one issue is, and you ask them whether they think that issue is being handled well by Washington, they're going to say 'no.'"
• "It's kind of hard to find someone who's happy with what's going on," he added.

The other side: Rep. Steve Cohen (D-Tenn.), 76, told Axios he is not worried about the supercharged fundraising of his new challenger, state Rep. Justin Pearson, 30, a high-profile member of the "Tennessee Three."

• Pearson's campaign said he raised $200,000 in the 36 hours since launching his campaign last week, while Cohen reported raising $41,151 in the three months since June.
• "My fundraising isn't about the amount I raised in the third quarter but about what I have in the bank," said Cohen, telling Axios he has "conservatively managed" his $1.8 million in cash-on-hand.
• "I haven't fundraised over the internet and I've not had a major fundraiser in Memphis in two decades cause I haven't needed it other than for DCCC dues, and I didn't ask my constituents for money when I didn't need it," he added, "but I will ask in the forthcoming quarters."
• Sherman told Axios in a statement he is "confident that we will have the resources we need to run a winning campaign."

Axios' Cuneyt Dil contributed reporting for this story.