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BTC $97,641 -1.28% ETH $3,397 +2.05% BNB $650 +2.62% SOL $254 -0.51% XRP $1.46
-0.15% TON $6.31 +13.44%
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Zoltan Vardai
10 hours ago


BITCOIN ETFS SEE $2.4B INFLOWS AS CHINA ETFS HIT RECORD OUTFLOWS

Bitcoin’s price action has historically benefited from economic concerns and
issues in the banking industry.

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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 $97,604 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.

Related: US Bitcoin reserve during Trump presidency could pump BTC to $1M


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

Related: Allianz, Germany’s biggest insurer, buys 24% of MicroStrategy’s $2.6B
notes


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.

Magazine: Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng

Explore more articles like this

Subscribe to the Finance Redefined newsletter

A weekly toolkit that breaks down the latest DeFi developments, offers sharp
analysis, and uncovers new financial opportunities to help you make smart
decisions with confidence. Delivered every Friday


Subscribe

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 * #Bitcoin
 * #China
 * #Business
 * #Analysis
 * #Bitcoin Price
 * #Bitcoin Analysis
 * #Adoption
 * #Economy
 * #United States
 * #Donald Trump
 * #Bitcoin Adoption
 * #Bitcoin ETF
 * #ETF
 * #US Elections 2024


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