The Bitcoin ETF spot funds had their fourth consecutive week of strong inflows, while Chinese ETFs experienced their largest weekly outflows on record, signaling other positive signs of global Bitcoin adoption.
According to data from Dune, the US-listed Bitcoin ETF spot funds recorded a total of $2.42 billion in inflows during the trading week from November 18 to 22, marking their fourth consecutive week of strong performance since launching in January.
The inflows into Bitcoin ETFs have been accelerating in the two weeks since Donald Trump's victory in the 2024 US presidential election, fueling Bitcoin's price rally, which resulted in a record monthly candle of over 40% as BTC surpassed $99,000 for the first time.
In contrast, Chinese ETFs recorded their largest weekly outflow of over $2 billion during the same week, according to a post on November 22 by the Kobeissi Letter:
"Just last week, Chinese ETFs lost $2 billion, marking the largest weekly outflow on record. Despite rolling out stimulus measures akin to the pandemic era, recent data suggests the Chinese economy is deteriorating".
Typically, Bitcoin price movements have benefited from concerns and issues in the traditional finance sector, such as the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank.
According to the co-founder and former CEO of BitMEX, Arthur Hayes, the US banking crisis in March 2023 was the primary catalyst for Bitcoin's price surge last year.
China's largest ETF, the iShares China Large-Cap ETF (FXI), saw a record $984 million outflow last week, marking the fifth consecutive week of negative net flows.
According to the Kobeissi Letter, the record outflows are occurring despite the Chinese government implementing economic stimulus measures to alleviate investor concerns about the risk of an economic recession.
"Even as hundreds of billions of dollars in stimulus start to be deployed, Chinese consumer sentiment remains very poor. Over the past 3 years, Chinese consumer confidence has declined by ~50 points. Such a dramatic drop in Chinese consumer sentiment about the economy is unprecedented".
During the same week, the Bitcoin price continued to rise as Bitcoin ETFs surpassed the $100 billion in net assets milestone.
Bitcoin reached a new all-time high of $99,655 on November 22, up 9% over the past week, while China's FXI fell more than 3%. On the monthly chart, Bitcoin gained 46% while FXI declined over 7%, according to data from TradingView.
While some expect the record $9.7 billion monthly stablecoin inflows to exchanges to push Bitcoin above $100,000 before the end of November, others are concerned about the sustainability of the current price rally.
Notably, Kris Marszalek, the co-founder and CEO of Crypto.com, had warned that the crypto market would need to delever before Bitcoin could surpass $100,000.
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Minh Anh
According to Cointelegraph
