Schwab’s 35 Million Clients Gain Direct Bitcoin Access as Senate Vote and Sticky Inflation Shape the Market

Charles Schwab is betting that a direct route to crypto will keep its massive retail base inside its own ecosystem. The US brokerage giant is rolling out spot trading in Bitcoin and Ether for eligible retail customers, a move that brings the world’s largest digital asset into the same dashboard as stocks and ETFs. The timing, however, is hardly serene: Bitcoin is navigating hot inflation data, a pivotal Senate vote on crypto regulation, and the lingering pressures of a high-rate environment.

Schwab oversees roughly $12 trillion in client assets. Its initial rollout allows a subset of users to trade Bitcoin and Ether directly via Schwab Crypto, integrated into Schwab.com and the thinkorswim platform. Until now, the firm’s clients mostly accessed crypto through spot ETFs, futures products, or publicly traded crypto-linked equities. The operational model splits duties: Paxos handles trade execution and sub-custody, while Schwab Premier Bank serves as the primary custodian. The pricing—75 basis points per transaction—positions Schwab competitively against Fidelity Crypto’s 1% and the often steeper costs on Coinbase’s retail platform. New York and Louisiana are excluded from the initial offering.

The move is part of a broader institutional embrace. Morgan Stanley has already launched the Morgan Stanley Bitcoin Trust, and Goldman Sachs has filed paperwork for a Bitcoin Income ETF. Schwab already sees significant latent demand: its clients hold roughly 20% of their crypto-related assets in US spot ETPs. The direct trading push is less a leap into the unknown than an effort to capture existing interest within Schwab’s own walls, rather than watching it flow to crypto-native exchanges.

Yet the macro backdrop remains unfriendly to risk assets. US consumer prices rose 3.8% in April, the highest reading since 2023, driven largely by energy costs. That has effectively ruled out rate cuts for 2026; Bank of America now expects the first cut in the second half of 2027. A prolonged high-interest-rate environment typically weighs on speculative assets, and Bitcoin is no exception. On Wednesday the digital asset fell 3.55% to $78,828, though it still shows a month-over-month gain of 11.41%. Year-to-date, however, the largest cryptocurrency remains in negative territory.

Should investors sell immediately? Or is it worth buying Bitcoin?

Technically, Bitcoin is sending mixed signals. The price sits comfortably above its 50-day moving average but remains below the 200-day line, which currently hovers around $82,400 to $82,430. The relative strength index at 48.5 suggests a neutral, non-ebullient market. That 200-day level is the immediate test: reclaim it and the recovery gains credibility; lose momentum beneath it and the bounce remains fragile.

The regulatory calendar adds another layer. On Thursday the Senate Banking Committee is scheduled to vote on the CLARITY Act, a bill that would provide a definitive market structure for digital assets and classify Bitcoin as a commodity. Citi analysts have tied a price target of $143,000 to the legislation’s passage, anticipating massive capital inflows if it becomes law. But time is tight: the bill must clear committee before the Senate recess on May 21, or face years of delay. In a last-minute twist, major bank lobby groups are working to kill a key stablecoin compromise, fearing that every dollar parked in a crypto wallet is a dollar they cannot use as cheap deposits. Prediction markets currently peg the bill’s odds at 62%.

Meanwhile, the mining sector is showing strain. Marathon Digital reported first-quarter revenue of $174.6 million and a staggering net loss of $1.26 billion, almost entirely from an accounting write-down on its Bitcoin holdings. The company is refocusing its strategy, shifting resources toward AI data centers. At the same time, a separate geopolitical factor looms: President Donald Trump’s visit to China, accompanied by a delegation including Elon Musk, Tim Cook, Larry Fink and Jensen Huang, could affect capital flows and risk appetite. Earlier tariffs on Chinese imports already pressured mining hardware makers like Bitmain, Canaan and MicroBT, and any fresh signals from Beijing could ripple through the market more than typical crypto headlines.

Bitcoin at a turning point? This analysis reveals what investors need to know now.

Institutional capital continues to flow into the space, with $2.44 billion pouring into US spot ETFs in April alone. That demand provides a floor, but until the Senate vote clarifies the regulatory path and inflation data shifts the rate outlook, Bitcoin remains caught between two forces: easier access offered by the likes of Schwab and the macro headwinds that keep risk appetites in check.

Ad

Bitcoin Stock: New Analysis - 13 May

Fresh Bitcoin information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Bitcoin analysis...

en | CRYPTO000BTC | SCHWAB’S | boerse | 69326912 |