This week, spot Bitcoin exchange-traded funds in the United States experienced outflows exceeding $1.2 billion, although interest in these products is rising at Charles Schwab.
The eleven spot Bitcoin ETFs in the US collectively reported an outflow of $366.6 million on Friday, capping off a challenging week for both the asset and institutional investment products linked to Bitcoin.
BlackRock’s iShares Bitcoin Trust faced the largest withdrawal, losing $268.6 million, as reported by SoSoValue. Fidelity’s fund saw an outflow of $67.2 million, Grayscale’s GBTC lost $25 million, and there was a slight outflow from the Valkyrie ETF. The remaining products recorded no inflows on Friday.
The continued decline of Bitcoin ETFs led to a total outflow of $1.22 billion for the week, which included just one minor inflow day on Tuesday.
The ETF downturn coincided with a significant drop in the underlying asset, which plummeted over $10,000 from slightly above $115,000 on Monday to a four-month low of just under $104,000 by Friday.
Increased engagement at Schwab
Rick Wurster, CEO of Charles Schwab, remains optimistic about crypto exchange-traded products, noting that the asset manager’s clients hold 20% of all crypto ETPs in the nation.
Crypto ETPs have been “very active,” he stated on CNBC on Friday, highlighting a 90% increase in visits to the company’s crypto site over the past year.
“It’s a topic that’s of high engagement.”
Related: ‘ETFtober’ expands as over 5 new crypto ETFs filed this week
Charles Schwab operates one of the largest brokerages in the US, as ETF expert Nate Geraci pointed out on Saturday, stating, “hope you’re paying attention.”
Currently, Schwab offers crypto ETFs and Bitcoin futures, with plans to introduce spot crypto trading to its clients in 2026.
A challenging October for BTC
October has historically been favorable for Bitcoin, with gains in ten of the past twelve years, but this month has proven to be an exception, showing a 6% decline thus far, according to CoinGlass.
Despite this, analysts express confidence that Uptober could still materialize, as historical gains have typically occurred in the latter part of the month, and anticipated Federal Reserve rate cuts might ignite a rally.
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