Bitcoin

This fits a 2024-2025 pattern where China's policy pivots (stimulus, commodity stockpiling, power rationing) leak into risk assets via the global liquidity channel rather than direct flows. Coal tightness historically pressures Beijing toward either price controls or accelerated renewables/nuclear buildout — both of which eventually compress the 'energy FUD' argument against Bitcoin mining, especially post-halving when miners chase cheap stranded power.

Chinese coal production fell last month, raising concerns about supply ahead of the winter heating season.