Schwab Opens Spot Crypto Trading

Welcome back to The Warmup.

Happy Friday! We got flying cars before Ethereum got new all-time highs.

Here’s what we’re watching:

• Market Snapshot

• Schwab Opens Spot Crypto Trading

• Hot Inflation Clears. Bitcoin Rebounds

Market: Markets are broadly in the red, with crypto and tech leading the decline. Gold is holding up, while SOL continues to show relative strength despite a 2% dip.

Schwab Opens Spot Crypto Trading

What’s going on:

Schwab rolled out crypto trading on October 15–16, letting eligible clients buy and sell Bitcoin and Ether alongside their stocks and ETFs. The brokerage giant manages $13.33 trillion in client assets across 40.3 million accounts.

Trades carry a 0.75% fee, with Paxos handling execution and custody. Schwab plans to add Solana, Avalanche, and Chainlink by year-end. Crypto holdings aren't covered by SIPC protection, and transfers are rolling out gradually.

What it means:

Schwab is bringing crypto to millions of investors who might never open a Coinbase account. That's the real opportunity: unlocking demand from traditional brokerage clients.

But access doesn't guarantee adoption. Most clients may stick to small allocations, and the 0.75% fee could discourage frequent trading. Wall Street is opening the door to crypto. Now we wait to see how much money walks through it.

Hot Inflation Clears. Bitcoin Rebounds

What’s going on:

September CPI came in at 3.7% year-over-year versus 3.6% expected, sparking a risk-off move. Bitcoin briefly fell below $80,000, while ETH dropped toward $2,340.

The sell-off triggered nearly $1 billion in liquidations, mostly from leveraged longs. By Friday, BTC had recovered to the low $82,000s as bargain hunters stepped in.

What it means:

Crypto remains highly sensitive to inflation data and Fed expectations. The rebound shows how quickly forced selling can reverse, but it doesn't eliminate the pressure from higher rates.

With ETF flows still weak, another hot inflation print could put $80,000 back in play. Don't chase the bounce; keep an eye on the next inflation release and Fed signals.

• MSCI finalizes index rules that put Strategy, crypto treasury firms at risk of exclusion

• Circle details USDC revenue split, says $819M went to partners and costs in H1 2026

• Visa Direct moves USDC prefunding into commercial production with Inyo Global

The week had two big themes: easier access to crypto and tighter rules for companies holding it. Schwab opened Bitcoin and Ether trading to existing clients, while MSCI considered rules that could push crypto treasury companies out of major indexes.

Meanwhile, hotter inflation briefly sent BTC below $80,000, triggering nearly $1 billion in liquidations before it bounced back above $82,000.

The bigger picture is that crypto access is expanding, but using public markets to accumulate Bitcoin could become harder. Both trends can coexist, while short-term prices remain tied to inflation and Fed expectations.

For beginners, the takeaway is simple: structural changes play out over months, while macro data can move markets in minutes. Don't mistake a short-term bounce for a trend reversal, and don't treat easier access as a reason to buy more overnight.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.