When China's Money Flows In: Which Crypto Tokens Actually Benefit?

China just dropped $280B into its stock market—the biggest weekly injection since 2008. Crypto traders are already asking: which tokens actually ride this wave?

The logic seems simple: liquidity follows the narrative. Chinese-linked projects could see capital rotation. But not all “China tokens” are created equal. Here’s what actually matters:

The Play-by-Play

Conflux ($CFX) stands out because it’s not just hype—real integration. Partnerships with China Telecom, Alibaba Cloud, and Little Red Book aren’t vanity deals. The network is designed for institutional adoption in Asia.

• Market Cap: $821M | FDV: $916M
• Largest upside relative to runway

Peipei ($PEIPEI) is the memecoin angle. “Chinese Pepe” narrative + Ethereum base + 42K holders. The 17.6% PEPE holder overlap is interesting—suggests cross-community interest. Risk/reward is obvious here.

• Market Cap: $69.5M | 411T supply
• Lowest entry, highest volatility

Alchemy Pay ($ACH) bridges fiat-to-crypto, which matters if China’s financial infrastructure gets more crypto-friendly. Treasury strength relative to market cap is worth noting.

• Market Cap: $156M | FDV: $191M
• Hidden gem positioning

Mantle ($MNT) and Immutable ($IMX) are the infrastructure plays. Mantle’s founder connection + $2.7B treasury (exceeds market cap—rare) is a liquidity floor. IMX has Tencent backing—that’s institutional-grade validation.

• MNT: $1.97B MCap | $3.74B FDV
• IMX: $2.5B MCap | $3.11B FDV

Why This Matters Now

Liquidity events create window opportunities. Chinese narrative tokens have been underperforming vs. broader market. Rotation timing could matter more than fundamentals here.

The caveat: Correlation ≠ causation. Stock market stimulus doesn’t automatically pump crypto, but market psychology does.