Spot Bitcoin exchange-traded funds (ETFs) in the US recorded over $1.2 billion in withdrawals this week amid a downturn in Bitcoin’s price. Charles Schwab, however, is witnessing a surge in interest from its clients, who now hold 20% of all United States crypto ETPs.

The eleven spot Bitcoin ETFs experienced a collective outflow of $366.6 million on Friday, concluding a challenging week for cryptocurrency associated investment products, often referred to as a red week. According to SoSoValue, BlackRock’s iShares Bitcoin Trust faced the most significant outflow, shedding $268.6 million, while Fidelity’s fund dropped $67.2 million.

This week, Bitcoin fell dramatically, plunging over $10,000 from just above $115,000 on Monday to a low of around $104,000 on Friday.

Spot Bitcoin ETFs see red this week. Source: SoSoValue

Schwab Reports Increased Activity

Rick Wurster, CEO of Charles Schwab, remains optimistic about crypto exchange-traded products, stating that client engagement has surged by 90% in the past year. He mentioned this on CNBC, emphasizing the topic’s increasing popularity:

“It’s a topic that’s of high engagement.”

Related: ‘ETFtober’ gets bigger, more than 5 new crypto ETFs filed this week

Charles Schwab, one of the top brokerages in the United States, is currently providing crypto ETFs and Bitcoin futures, with plans to introduce spot crypto trading by 2026.

Schwab CEO Rick Wurster talks crypto ETFs. Source: Nate Geraci

October Sees Increasing Bearishness

Traditionally, Bitcoin has shown gains in ten out of the last twelve Octobers. However, this month is not following that pattern, as it has slipped by 6% thus far. Analysts, however, remain optimistic that the latter half of the month will bring significant returns, supported by expected interest rate cuts from the Federal Reserve.