China’s Shadowy Crypto Brokers Lure $75 Billion as Economy Toils

China’s over-the-counter cryptocurrency brokers are attracting unprecedented inflows, a study shows, reflecting a hunger for alternative investments amid weak equity and property markets in a struggling economy.

The inflows topped $20 billion in each of the three quarters through June — a record streak in data going back to 2021 — for a cumulative total of $75.4 billion over the nine-month span, according to estimates from Chainalysis Inc.

The figures add to evidence of ongoing Chinese crypto demand despite Beijing’s three-year-old ban on digital-asset trading over risks such as currency outflows and money laundering. OTC services offer a ...