Retail demand still drives Bitcoin says Swan CEO

Retail sentiment remains a key driver of Bitcoin demand despite the rise of institutional investment vehicles, according to Swan Bitcoin CEO Cory Klippsten.

Klippsten said ownership of Bitcoin remains broadly distributed among individual investors, noting that demand flowing through exchange-traded funds ultimately originates from retail buyers rather than asset managers themselves.

“You have to remember it's not like BlackRock owns the Bitcoin and Fidelity owns the Bitcoin,”

Said Swan Bitcoin CEO, Cory Klippsten.

Klippsten said spot Bitcoin ETFs still represent genuine demand because fund providers must acquire and custody actual Bitcoin, removing supply from the market even when investors gain exposure through traditional financial products.

He added that while some futures-based and synthetic products can temporarily affect market dynamics, Bitcoin’s ability to provide direct on-chain ownership remains one of its defining characteristics.

According to Farside data, US spot Bitcoin ETFs have recorded $2.90 billion in net outflows since May 15, while Bitcoin has fallen about 9.5% over the same period, with broader market sentiment weakening as the Crypto Fear & Greed Index recently registered an “Extreme Fear” reading of 23.

Klippsten also reduced his expectations for Bitcoin reaching a new all-time high in 2026, saying:

“I thought there was probably like a 50% chance that we'd see a new all-time high this year,”

But now estimates the probability at just 20% to 25% after the cryptocurrency's retreat from around $95,000 to the low-$70,000 range.

At the time of reporting, Bitcoin price was $73,454.59.