Toscale: China GDP Beats as Bitcoin Holds $82k (12h)

Markets digested a strong China GDP print that fueled a broad equity rebound, lifting Bitcoin above $82,000 and driving DeFi tokens higher. While equities stabilized, crypto-specific headlines remained dominated by ETF flows and network security incidents. Toscale tracks these diverging narratives as traders weigh macro resilience against sector-specific risks.

Bitcoin extended its bounce above $82,000, supported by rebounding Nasdaq futures and better-than-expected Chinese economic data. The CoinDesk 80 index gained 1.3%, with DeFi tokens leading altcoin performance. Meanwhile, Bitwise’s XRP ETF crossed $541 million in net assets, with cumulative inflows reaching $684.73 million, signaling sustained institutional appetite for regulated crypto products.

In security news, the Qubic network halted operations after a $1.4 million exploit drained 1,400 wallets. The firm confirmed that most stolen funds remain frozen pending recovery plans, following the identification of a security bug in the wallet software. This incident highlights ongoing vulnerabilities in emerging networks despite improved security protocols for new wallets.

Calendar — past:

China Gross Domestic Product (QoQ) came in at 1.2%, beating the 1.1% forecast and following a 0.9% prior reading. Gross Domestic Product (YoY) registered 4.5% against a 4.4% forecast, up from 4.3%. Industrial Production (YoY) hit 5.5%, surpassing the 5.4% estimate and previous 5.2%. Retail Sales (YoY) is forecast at 0.5% against a prior 0.4%. ECB's Sleijpen speech was also noted in the window.

Calendar — ahead:

Canada CPI (YoY) is forecast at 3.2% against a prior 3%. BoC Consumer Price Index Core (YoY) is expected at 2.4%, matching the prior reading. CPI (MoM) forecasts 0.2% versus a prior -0.1%. BoC Consumer Price Index Core (MoM) is set at 0.2% against a prior 0.1%. The Bank of Canada Business Outlook Survey follows. Upbit will suspend TIA deposits and withdrawals for the Celestia hard fork.

Market read: Bitcoin’s hold above $82,000 reflects a temporary reprieve from macro headwinds, bolstered by China’s GDP surprise. However, Canadian CPI data looms as a critical test for risk assets; any deviation from the 3.2% forecast could trigger renewed volatility. DeFi strength suggests capital rotation into yield-bearing assets, but the Qubic hack underscores persistent smart contract risks. Traders should monitor the BoC inflation prints closely, as they may dictate near-term liquidity conditions for crypto equities and tokens alike.