Last week, U.S. spot Bitcoin exchange-traded funds saw outflows exceeding $1.2 billion, but Charles Schwab has shown increased interest in these products.
On Friday, the 11 U.S. spot Bitcoin ETFs collectively experienced outflows of $366.6 million, marking a red week for the asset and Bitcoin-related institutional investment products.
According to SoSoValue data, BlackRock's iShares Bitcoin Trust had the largest outflow, with $268.6 million withdrawn. Fidelity funds saw outflows of $67.2 million, Grayscale's GBTC had $25 million in outflows, and the Valkyrie ETF also experienced slight outflows. The remaining funds had zero liquidity on Friday.
Another red trading day for Bitcoin ETFs resulted in total outflows of $1.22 billion for the week, with only a small inflow on Tuesday.
While ETF funds were flowing out, the underlying asset plummeted by over $10,000, dropping from just above $115,000 on Monday to just below $104,000 on Friday, a four-month low.
Charles Schwab CEO Rick Wurster remains bullish on cryptocurrency exchange-traded products, stating that the asset management company's clients hold 20% of all cryptocurrency ETPs nationwide.
He mentioned on CNBC on Friday that cryptocurrency ETPs have been "very active," noting that the company's cryptocurrency website traffic has increased by 90% over the past year.
ETF expert Nate Geraci stated on Saturday that Charles Schwab operates one of the largest brokerages in the U.S., saying, "I hope you all noticed that."
Charles Schwab currently offers cryptocurrency ETFs and Bitcoin futures, with plans to provide clients with spot cryptocurrency trading by 2026.
According to CoinGlass data, Bitcoin has risen in 10 out of the last 12 Octobers, but this month has broken that trend, declining 6% so far.
However, analysts still believe that "October's rally" will resume, as historical gains typically occur in the latter half of the month, and anticipated Federal Reserve rate cuts may drive a rebound.
Related: How low can Bitcoin go? Regional "bank pressure" in the U.S. is pushing BTC toward the $100,000 mark.
Original: “Bitcoin (BTC) ETFs shed $1.2B in red week, but Schwab remains bullish”
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