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There have been outflows of over $1.2 billion from US spot Bitcoin exchange-traded funds this week, but Charles Schwab reports increased interest in the products.

 

A negative week for Bitcoin-related asset and institutional investment products was capped on Friday by a total outflow of $366.6 million from the eleven spot Bitcoin ETFs in the US. According to SoSoValue, the largest withdrawal was from BlackRock’s iShares Bitcoin Trust, which lost $268.6 million.

A small withdrawal also occurred from the Valkyrie ETF, Grayscale’s GBTC saw an outflow of $25 million, and Fidelity’s fund lost $67.2 million. On Friday, the others saw no flows. Despite a modest inflow on Tuesday, Bitcoin ETFs experienced another negative day, with a weekly outflow of $1.22 billion. This happened when the underlying asset dropped from just over $115,000 on Monday to a four-month low of just below $104,000 on Friday, resulting in over $10,000 in withdrawals.

Ten of the last twelve Octobers have seen gains for Bitcoin, but this month defies that trend, dropping 6% so far, according to CoinGlass. Analysts remain optimistic that Uptober will resume, as previous gains often occur in the second half of the month, possibly spurred by expected rate cuts from the Fed.

The Associated Press reported on Friday that the write-off of bad loans to commercial customers has caused Wall Street to become increasingly concerned about the state of the country’s regional banks

The asset lost more than $5,000 in a few hours, sinking to a four-month low of $103,850 on Friday. Although it has since rebounded to trade around $107,000 on Saturday morning in Asia, it remains over 15% below its peak. Bitcoin is currently for sale. Be prepared for a potential bailout similar to 2023 if the current regional banking wobble in the US escalates into a crisis. And if you have extra money, go shopping,” Arthur Hayes, a co-founder of BitMEX, stated.