U.S. Bitcoin exchange-traded funds saw more than $1.2 billion in outflows this week, but Charles Schwab sees more interest in the products.
The 11 U.S.-based bitcoin ETFs saw a total outflow of $366.6 million on Friday, ending a red week for bitcoin-linked institutional investment assets and products.
BlackRock's iShares Bitcoin Trust saw the largest outflow as the product lost $268.6 million, according to SoSoValue. Fidelity's fund lost $67.2 million, Grayscale's GBTC inflow hit $25 million, and there was a slight outflow from the Valkyrie ETF. The rest saw zero inflows on Friday.
Another red day for Bitcoin ETFs resulted in a total inflow of $1.22 billion during the week, which saw just one day of minor inflow on Tuesday.
The ETF exodus came as the underlying assets lost more than $10,000 in a collapse from just over $115,000 on Monday to a four-month low of just under $104,000 on Friday.
Schwab sees high participation
Rick Wurster, CEO of Charles Schwab, remains bullish on ETFs, noting that the asset manager's clients own 20% of all ETFs in the country.
He said on CNBC on Friday that its exchange-traded cryptocurrency products have been “very active,” noting that visits to the company's cryptocurrency site are up 90% in the past year.
“It's a highly engaged topic.”
Related to: “ETFtober” just got bigger, with over 5 new cryptocurrency ETFs introduced this week
Charles Schwab runs one of the largest brokerage firms in the United States, noted ETF expert Nate Geraci on Saturday, who said: “I hope you're paying attention.”
Schwab currently offers cryptocurrency ETFs and Bitcoin futures, and plans to offer spot cryptocurrency trading to its clients in 2026.
October is red for BTC
Bitcoin has seen gains in ten of the past twelve months, but this month is breaking the trend with the asset losing 6% so far, according to CoinGlass.
However, analysts remain confident that Uptober will resume as historical gains typically come in the second half of the month, and expected interest rate cuts from the Federal Reserve could fuel the rally.
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