Asus
Spot Bitcoin exchange-traded funds (ETFs) saw their fourth-best week of investments, while China-based ETFs suffered their biggest week of outflows in history, flashing another positive sign for global Bitcoin adoption.
United States-based spot Bitcoin (BTC) ETFs recorded a cumulative $2.42 billion worth of inflows during the trading week of Nov. 18–22, marking their fourth-largest week since they debuted for trading in January, Dune data shows.
The growing Bitcoin ETF inflows come two weeks after Donald Trump won the 2024 presidential election, catalyzing Bitcoin’s price rally, which resulted in a record monthly candle of over 40%, as BTC breached $99,000 for the first time.
Bitcoin ETF net flows, weekly, in US dollars. Source: Dune
During the same week, China-based ETFs recorded their largest week of outflows of over $2 billion, according to a Nov. 22 X post by the Kobeissi Letter:
“Last week alone, China ETFs saw $2 billion of outflows, marking the largest weekly outflow in history. Despite deploying pandemic-like stimulus, recent data suggests that China’s economy is worsening.”
China ETFs record outflows. Source: The Kobeissi Letter
Bitcoin’s price action has historically benefited from economic concerns and issues in the traditional finance space, like the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank.
The March 2023 US banking crisis was the main catalyst for Bitcoin’s bull run last year, according to BitMEX co-founder and former CEO Arthur Hayes.
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Asus Bitcoin soars to $99,000 amid growing concerns over China’s economy
The largest China ETF, the iShares China Large-Cap ETF (FXI), saw a record $984 million worth of withdrawals over the past week, marking the fifth consecutive week of negative outflows.
The record outflows come despite China’s government deploying economic stimulus measures to ease investor concerns over a potential economic depression, according to the Kobeissi Letter, which added:
“Even as hundreds of billions of dollars of stimulus have begun, Chinese consumer sentiment is terrible. Over the last 3 years, consumer confidence in China is down ~ 50 points. Such a drop in consumer assessment of the Chinese economy has almost never been seen before.”
China Consumer Confidence Index. Source: The Kobeissi Letter
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Asus Bitcoin price soars to $99,800 amid growing ETF inflows
During the same week, Bitcoin price continued to rally, as Bitcoin ETFs broke the $100 billion net asset milestone.
Bitcoin price hit a new all-time high of $99,800 on Nov. 22, rising 9.5% during the past week, while China’s FXI fell over 3%. On the monthly chart, Bitcoin rose 48% while the FXI fell over 7%, TradingView data shows.
BTC&FXI, 1-month chart. Source: TradingView
While some expect the record monthly $9.7 billion stablecoin flows to exchanges to push Bitcoin beyond $100,000 before the end of November, others are concerned over the current rally’s sustainability.
Notably, Kris Marszalek, the co-founder and CEO of Crypto.com, previously warned that the crypto market will need deleveraging before Bitcoin can breach $100,000.
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