China GDP Beats Lift Risk Appetite; Toscale Tracks ETF Outflows (6h)

Risk assets rallied on Monday as Chinese economic data significantly exceeded expectations, with Gross Domestic Product (QoQ) coming in at 1.2% against a 1.1% forecast and Industrial Production (YoY) hitting 5.5%. This surge in growth sentiment helped offset persistent selling pressure in crypto spot ETFs, where Toscale monitors that Ethereum products have seen $955 million in cumulative outflows for October alone.

The positive macro backdrop from China, including a 4.5% YoY GDP print and strong retail sales momentum, provided a tailwind for Bitcoin and equity futures. Despite this, Bitcoin spot ETFs recorded net outflows of $229 million last week, with BlackRock's IBIT accounting for the majority. Ethereum faced even steeper redemptions, losing $320 million in weekly flows as investors continued to pull capital from altcoin-linked products.

In contrast to the broad ETF exodus, the Bitwise XRP ETF has demonstrated resilience, surpassing $541.12 million in net assets. This growth highlights a divergence in investor preference, with some capital rotating into specific altcoin vehicles while general ETH and BTC flows remain negative. The market is currently balancing these structural outflows against the immediate liquidity boost from better-than-expected Asian economic data.

Calendar — past:

Gross Domestic Product (QoQ) beat at 1.2% vs 1.1% forecast, driving initial risk-on sentiment. Gross Domestic Product (YoY) also came in strong at 4.5%, confirming the growth trajectory. Industrial Production (YoY) hit 5.5%, further validating the manufacturing rebound.

Calendar — ahead:

Toobit to delist SPORT from Toobit Spot is scheduled for 08:00 UTC, a minor liquidity event. UK Court Decision on Bitcoin Seizure at 12:00 UTC may impact legal precedents for fraud victims.

Market read:

The immediate catalyst from China's GDP beat has provided a temporary floor for risk assets, but the structural headwinds from ETF outflows remain significant. Ethereum's persistent redemptions suggest a lack of institutional conviction in near-term price appreciation despite the macro tailwinds. Traders should watch for any reversal in the Bitcoin spot flow data as a key indicator of whether the rally can sustain above current levels. The upcoming UK court decision adds a layer of regulatory uncertainty that could cap upside gains if it negatively impacts asset seizure norms.