Bitcoin ETFs Face $1.2 Billion in Weekly Outflows as Schwab Eyes Growth in Crypto Products

Spot Bitcoin exchange-traded funds (ETFs) in the United States have endured a challenging week, with more than $1.2 billion in total outflows as Bitcoin’s price ￰0￱ from SoSoValue showed that the 11 US-listed spot Bitcoin ETFs saw a combined outflow of $366.6 million on Friday alone, marking the fifth consecutive day of investor ￰1￱ biggest losses came from BlackRock’s iShares Bitcoin Trust, which shed $268.6 million. Fidelity’s fund recorded $67.2 million in outflows, while Grayscale’s GBTC lost $25 ￰2￱ also saw minor outflows, while other funds reported no net ￰3￱ the full week, total redemptions reached $1.22 billion — the largest since early ￰4￱ only exception was a modest inflow on Tuesday, which briefly interrupted the otherwise bearish ￰5￱ Price Slides to Four-Month Low The ETF exodus coincided with a steep decline in Bitcoin’s ￰6￱ leading cryptocurrency plunged more than $10,000 over the week, falling from just over $115,000 on Monday to a low of under $104,000 by ￰7￱ marks Bitcoin’s weakest performance in four months, with traders reacting to a combination of macroeconomic concerns and reduced risk appetite among ￰8￱ say the correction could test investor confidence in recently approved spot ETFs, which had previously seen steady inflows during Bitcoin’s rally earlier this ￰9￱ Reports Growing Crypto Engagement Despite the ETF outflows, Charles Schwab remains optimistic about the long-term potential of crypto exchange-traded products (ETPs).

Rick Wurster, CEO of Charles Schwab, told CNBC on Friday that clients at the firm currently hold 20% of all crypto ETPs in the United ￰10￱ ETPs have been “very active,” he noted, adding that traffic to Schwab’s crypto site has risen 90% in the past year. “It’s a topic that’s of high engagement,” Wurster ￰11￱ analyst Nate Geraci highlighted Schwab’s growing presence in the market, commenting that the brokerage — one of the largest in the country — is positioning itself for wider crypto ￰12￱ currently provides access to crypto ETFs and Bitcoin futures but plans to launch spot crypto trading for clients in ￰13￱ Reverses Bitcoin’s Seasonal Gains Historically, October has been one of Bitcoin’s strongest months, often referred to by traders as “Uptober.” According to data from CoinGlass, Bitcoin has recorded gains in ten of the past twelve Octobers.

However, this year has bucked the trend, with the cryptocurrency losing around 6% so far this month. Still, analysts remain hopeful that the second half of October could bring a rebound, as markets anticipate potential Federal Reserve interest rate cuts that may boost risk assets like Bitcoin.