Bitcoin ETFs experienced total outflows of $1.2 billion this week, while Charles Schwab CEO Rick Wurster stated that investor interest is rising, with engagement in crypto products up 90%.
In the United States, the eleven spot Bitcoin exchange-traded funds (ETFs) saw a combined $366.6 million outflow on Friday, marking a red week for both Bitcoin-linked institutional products and overall crypto-related assets.
Schwab sees strong engagement
Rick Wurster, CEO of Charles Schwab, said that the company’s clients hold 20% of all crypto ETPs in the country and that he remains optimistic about crypto investment products.
Speaking to CNBC on Friday, Wurster noted that crypto ETPs are “very active” and that visits to the company’s crypto website have increased by 90% year-over-year.
According to SoSoValue data, BlackRock’s iShares Bitcoin Trust saw the largest outflow at $268.6 million, followed by Fidelity’s fund with $67.2 million, Grayscale’s GBTC with $25 million, and a small outflow from the Valkyrie ETF. The remaining ETFs recorded no inflows or outflows on Friday.
Another red day for Bitcoin ETFs resulted in a total weekly outflow of $1.22 billion, with only Tuesday seeing a small inflow throughout the week.
The ETF outflows coincided with a sharp decline in the underlying asset: Bitcoin dropped from just above $115,000 on Monday to just below $104,000 on Friday, marking its lowest level in four months after a decline of more than $10,000.
