Bitcoin (CRYPTO: BTC) spot ETFs saw $233.25 million in net outflows on May 12 as Charles Schwab Corp. (NYSE:SCHW) rolled out spot crypto trading to select retail clients with $11.77 trillion in assets under management.
BlackRock And Fidelity Lead Outflows
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and Fidelity’s Wise Origin Bitcoin Fund (BATS:FBTC) led outflows with -$32.95 million and –$86.13 million respectively.
Meanwhile, Ethereum (CRYPTO: ETH) ETFs fared worse on a percentage basis, with $130.62 million in net outflows against a much smaller total asset base.
BlackRock’s iShares Ethereum Trust (NASDAQ:ETHA) dominated the losses with -$102.04 million in outflows, while Fidelity’s Ethereum Fund (BATS:FETH) saw -$96.96 million exit.
Schwab Crypto Goes Live With 75 Basis Point Fee
Charles Schwab announced Tuesday that the first wave of eligible retail investors can now trade Bitcoin and Ethereum directly on Schwab Crypto alongside other crypto-related investment products.
The rollout follows Schwab’s announcement last month that it would introduce the crypto trading platform in phases.
The launch marks a major expansion from the firm’s previous crypto-related offerings, which were limited to indirect exposure through ETFs and derivatives.
Schwab clients will maintain a separate crypto account through Schwab Crypto.
Charles Schwab Premier Bank serves as the crypto custodian, while blockchain infrastructure provider Paxos handles trade execution and sub-custody.
Schwab Crypto charges a 75-basis-point fee per trade. The crypto trading service is available in all U.S. states except New York and Louisiana.
$11.77 Trillion In Client Assets
Charles Schwab reported $11.77 trillion in client assets with 39.1 million active brokerage accounts at the end of March 2026.
The company posted an adjusted net income of $2.6 billion and earnings per share of $1.43 in Q1, up 38% year-over-year. Q1 revenue grew 16% year-over-year to $6.48 billion.
The timing of Schwab’s launch with simultaneous ETF outflows raises the question of whether retail money is rotating from ETFs into direct spot exposure through traditional brokerages.
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