Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced a significant downturn this week, with outflows surpassing $1.2 billion. The eleven spot Bitcoin ETFs collectively saw a notable outflow of $366.6 million on Friday alone, capping off a challenging week for both Bitcoin and related institutional investment products.
Among the ETFs, BlackRock’s iShares Bitcoin Trust emerged as the leader in outflows, shedding $268.6 million, as indicated by data from SoSoValue. Other notable losses included Fidelity’s fund, which decreased by $67.2 million, and Grayscale’s GBTC, which saw an outflow of $25 million. The Valkyrie ETF recorded a minor outflow, while the remainder maintained zero flows on Friday.
This latest wave of withdrawals coincides with a dramatic drop in the price of Bitcoin, which plummeted over $10,000 within the week—from just above $115,000 to a four-month low of approximately $104,000 by Friday. The trend highlights a broader red week for Bitcoin ETFs, with a total outflow of $1.22 billion reported throughout the week, aside from a solitary inflow occurring on Tuesday.
Despite the bearish market conditions, Charles Schwab has noted a heightened interest in crypto exchange-traded products. CEO Rick Wurster expressed optimism about the market, revealing that clients of the asset management firm own 20% of all crypto ETPs in the United States. Speaking on CNBC, Wurster mentioned that engagement with Schwab’s crypto offerings has surged, with visits to its crypto site increasing by 90% over the past year. He emphasized the sustained interest, calling it a “topic that’s of high engagement.”
ETF expert Nate Geraci highlighted Schwab’s influence in the brokerage space, pointing out its status as one of the largest brokerages in the country. Looking ahead, Schwab is set to expand its offerings by introducing spot crypto trading services to clients in 2026, alongside its current crypto ETFs and Bitcoin futures.
In terms of Bitcoin’s price activity this October, the cryptocurrency has not followed its historical trend of gains. Traditionally, Bitcoin has seen positive returns in ten out of the past twelve Octobers; however, this month has already recorded a 6% loss, according to CoinGlass. Nevertheless, analysts remain hopeful for a turnaround. Historical patterns suggest that significant gains often occur in the latter half of the month, and anticipated Federal Reserve rate cuts could further energize the market, igniting another rally in the weeks ahead.
