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Spot Bitcoin exchange-traded funds within the United States experienced over $1.2 billion in withdrawals this week; however, Charles Schwab is noticing heightened interest in these products.
The eleven spot Bitcoin ETFs in the US recorded a combined outflow of $366.6 million on Friday, concluding a poor week for the asset and Bitcoin-related institutional investment products.
BlackRock’s iShares Bitcoin Trust encountered the most significant outflow, with the product losing $268.6 million, per SoSoValue. Fidelity’s fund lost $67.2 million, Grayscale’s GBTC saw an outflow of $25 million, and a slight outflow occurred from the Valkyrie ETF. The remainder saw no flows on Friday.
Another negative day for Bitcoin ETFs led to an overall outflow of $1.22 billion for the week, which included just one minor inflow day on Tuesday.
The ETF mass exodus transpired as the underlying asset plummeted more than $10,000 from slightly above $115,000 on Monday to a four-month low of just below $104,000 on Friday.
Schwab reports increased engagement
Charles Schwab’s CEO Rick Wurster maintains an optimistic outlook on crypto exchange-traded products, indicating that the asset manager’s clientele owns 20% of all crypto ETPs in the nation.
Crypto ETPs have been “very lively,” he mentioned on CNBC on Friday, adding that traffic to the company’s crypto website has surged 90% over the past year.
“It’s a topic that generates significant engagement.”
Related: ‘ETFtober’ expands, more than 5 new crypto ETFs submitted this week
Charles Schwab operates as one of the largest brokerages in the US, as ETF expert Nate Geraci noted on Saturday, who remarked, “I hope you’re paying attention.”
Currently, Schwab provides crypto ETFs and Bitcoin futures and intends to offer spot crypto trading to its clients by 2026.
A challenging October for BTC
Bitcoin has experienced gains in ten out of the previous twelve Octobers; however, this month is defying the pattern, having lost 6% thus far, according to CoinGlass.
Nonetheless, analysts remain optimistic that Uptober will continue as historical gains have typically occurred in the second half of the month, and anticipated Federal Reserve rate reductions could energize the rally.
Magazine: Binance disrupts Korea, Morgan Stanley’s security tokens in Japan: Asia Express
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