Yes these stats don't make sense, I don't believe them.
US Nominal GDP is way higher than China plus USD is still the world's reserve currency ie has massive usage outside the US.
https://fred.stlouisfed.org/series/WM2NS https://fred.stlouisfed.org/series/MYAGM2CNM189N
The more interesting theoretical question here is whether BTC should be compared to M1 or M2 (or another metric entirely).
I don't pretend to understand this much further so I welcome comments from anyone who does.
[0] https://nationalinterest.org/feature/china-now-world%E2%80%9...