Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced over $1.2 billion in outflows this week, yet Charles Schwab is witnessing increased interest in these products.
The eleven spot Bitcoin ETFs in the US collectively recorded an outflow of $366.6 million on Friday, marking a challenging week for the asset and Bitcoin-related institutional investment vehicles.
BlackRock’s iShares Bitcoin Trust faced the largest outflow, losing $268.6 million, as reported by SoSoValue. Fidelity’s fund lost $67.2 million, Grayscale’s GBTC saw a $25 million outflow, and a minor outflow was noted from the Valkyrie ETF. The remaining funds reported no inflows or outflows on Friday.
This downturn for Bitcoin ETFs resulted in a total outflow of $1.22 billion for the week, with just one day of minor inflow on Tuesday.
The ETF slump coincided with the underlying asset’s decline, plummeting over $10,000 from just above $115,000 on Monday to a four-month low just below $104,000 on Friday.
Schwab reports increased engagement
Charles Schwab clients hold 20% of all crypto exchange-traded products in the nation, CEO Rick Wurster shared with CNBC on Friday.
They have been “very active,” he noted, adding that visits to the firm’s crypto platform have surged by 90% in the past year.
“It’s a topic that garners high engagement.”
Related: ‘ETFtober’ expands, more than 5 new crypto ETFs filed this week
Charles Schwab operates one of the largest brokerage firms in the United States, as ETF expert Nate Geraci highlighted on Saturday, stating “hope you’re paying attention.”
Schwab currently provides crypto ETFs and Bitcoin futures, with plans to introduce spot crypto trading for its clients by 2026.
A challenging October for BTC
Bitcoin has historically gained in ten out of the last twelve Octobers, but this month is defying the trend with a 6% decline thus far, according to CoinGlass.
Nevertheless, analysts remain optimistic that “Uptober” will return, as significant gains have traditionally occurred in the latter half of the month.
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