More than $1.2 billion was drained from U.S. Spot Bitcoin exchange-traded funds this week, but Charles Schwab sees interest in the product increasing.
Eleven U.S. spot Bitcoin ETFs recorded total outflows of $366.6 million on Friday, capping a strong week for Bitcoin assets and Bitcoin-related institutional investment products.
BlackRock’s iShares Bitcoin Trust had the biggest outflow, with a loss of $268.6 million, according to SoSoValue. Fidelity funds saw $67.2 million outflows, Grayscale’s GBTC saw $25 million outflows, and the Valkyrie ETF also saw some outflows. On Friday, the remaining flow was zero.
Another loss-making day for Bitcoin ETFs resulted in total outflows of $1.22 billion for the week, with only one small day of inflows on Tuesday.
The ETF’s outflows came as its underlying assets plummeted by more than $10,000 in a selloff, from just over $115,000 on Monday to bottoming out at a four-month low of just under $104,000 on Friday.
Schwab sees high engagement.
Charles Schwab CEO Rick Wurster remains bullish on crypto exchange-traded products, noting that the asset manager’s clients own 20% of all crypto ETPs in the country.
He said on CNBC on Friday that ETP is “very active,” noting that visits to its cryptocurrency site have increased by 90% over the past year.
“This is a topic of high interest.”
Related: ‘ETFtober’ expands further, with more than 5 new crypto ETFs filed this week
Charles Schwab runs one of the largest brokerage firms in the U.S., noted ETF expert Nate Geraci said on Saturday.
Schwab currently offers crypto ETFs and Bitcoin futures, and plans to offer crypto spot trading to customers in 2026.
Red October for BTC
Bitcoin has rallied in 10 of the past 12 Octobers, but that trend is breaking, with it down 6% so far this month, according to Coinglass.
But analysts are confident the uptober will resume as historic gains typically occur in the second half of the month and expected Federal Reserve rate cuts could accelerate the rise.
Magazine: Binance shakes up South Korea, Morgan Stanley’s security token in Japan: Asia Express
