Spot Bitcoin exchange-traded funds (ETFs) had their fourth-best week of investment, while China-based ETFs suffered the biggest outflow week in history, indicating another positive sign for global Bitcoin adoption.
U.S.-based spot Bitcoin ETFs saw a total of $2.42 billion in inflows during the Nov. 18-22 trading week, marking their fourth-largest week since they debuted for trading in January, data from Dune shows.
The surge in Bitcoin ETF inflows comes two weeks after Donald Trump won the 2024 presidential election, catalyzing a Bitcoin price rally that resulted in a record monthly candle surge of over 40% as BTC surpassed $99,000 for the first time.
Bitcoin ETF net flows, weekly, in US dollars. Source: Dune
During the same week, China-based ETFs saw their biggest week of outflows ever, with more than $2 billion, according to a Nov. 22 X post by Kobeissi Letter:
Bitcoin’s price action has historically benefited from economic concerns and issues in the traditional finance space, such as the Silicon Valley Bank collapse and the Silvergate Bank voluntary liquidation.
The US banking crisis in March 2023 was the main catalyst for Bitcoin’s rally last year, according to Arthur Hayes, co-founder and former CEO of BitMEX.
Bitcoin Soars to $99,000 Amid Growing Concerns Over China’s Economy
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 outflows.
The record outflows come despite the Chinese government implementing economic stimulus measures to ease investor concerns about a possible economic depression, according to the Kobeissi Letter, which added:
Bitcoin Price Soars to $99,800 as ETF Inflows Surge
During the same week, the price of Bitcoin continued to rise, while Bitcoin ETFs surpassed the $100 billion mark in liquid assets.
Bitcoin’s price hit a new all-time high of $99,800 on Nov. 22, up 9.5% over the past week, while China’s FXI is down over 3%. On the monthly chart, Bitcoin is up 48% while FXI is down over 7%, TradingView data shows.
BTC&FXI, 1-month chart. Source: TradingView
While some expect the record monthly stablecoin inflows to exchanges of $9.7 billion to push Bitcoin past $100,000 before the end of November, others are concerned about the sustainability of the current rally.
Notably, Kris Marszalek, co-founder and CEO of Crypto.com, has previously warned that the crypto market will need deleveraging before Bitcoin can surpass $100,000.
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