CryptoSlate
Charles Schwab added Solana, Avalanche and Chainlink to its direct crypto trading service on Nov. 9, giving eligible retail clients five tradable assets alongside Bitcoin and Ethereum. The expansion arrives as trading activity softens across major platforms: Coinbase's quarterly-average monthly transacting users fell to 7.4 million from 9.3 million, while Gemini's quarterly trading volume dropped to $4B from $11B even as users increased 11% to 580,000.
Why it matters
Schwab is bringing crypto into the same financial relationships customers already use for investing and brokerage. Its early access began in May, the rollout reached all eligible retail clients in October, and the new listings extend a service that already offered Bitcoin and Ethereum. Fidelity and SoFi are pursuing the same broader strategy by integrating crypto access into established platforms.
That distribution can benefit the industry even if speculative turnover remains subdued. Schwab's survey found that 6 in 10 current crypto investors expected to increase holdings over the next 12 months. The key distinction is whether brokerage access attracts first-time buyers and dormant users or simply transfers existing traders from crypto-native venues.
Market impact
The platform data show why one measure cannot capture the entire market. Gemini had more users but far lower volume, eToro's average invested amount per crypto trade fell 70% to $97 while trade count declined only 4%, and Robinhood's crypto transaction revenue fell 55% to $120M. CoinGecko's top-10 spot-exchange volume fell 14.2% to $1.65T for Q3, although its average daily volume recovered from $58B in July to $95B in September.
Liquidity and positioning also diverged. Bitcoin's sampled order-book liquidity was nearly 50% above its 2025 comparison, Solana's fell more than 28.5%, and open positions on leading perpetual-futures exchanges rose 40.6% to above $100B. For Schwab, the meaningful tests will be funded-account growth, unique active traders, assets transferred, incremental volume and revenue.
Frequently asked questions
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Which crypto assets can Charles Schwab clients now trade?
Schwab's direct crypto service offers Solana, Avalanche and Chainlink alongside Bitcoin and Ethereum, giving eligible retail clients five tradable assets.
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Does Schwab's token expansion signal stronger crypto trading demand?
It signals broader access, not an immediate trading boom. Schwab's survey found 6 in 10 current crypto investors expected to increase holdings over the next 12 months.
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How did Gemini's trading volume and user count compare year over year?
Gemini's exchange trading volume fell to $4B from $11B, while monthly transacting users increased 11% to 580,000. More users were active, but substantially less money changed hands.
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What evidence would show that Schwab is expanding crypto participation?
Key measures include funded-account growth, unique active traders, assets transferred, incremental trading volume and revenue. Disclosure of new buyers versus platform switchers would also clarify the result.
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How did crypto market liquidity diverge between Bitcoin and Solana?
Bitcoin's sampled order-book liquidity was nearly 50% above its 2025 comparison, while Solana's fell more than 28.5%, showing that activity and available market depth were moving in different directions.
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