Bitcoin Retail Sentiment Still Shapes Market Demand, Says Swan Bitcoin CEO

Retail sentiment around Bitcoin remains an important market signal, even as institutional investors continue expanding their presence through exchange traded funds (ETFs), according to Swan Bitcoin CEO Cory Klippsten.

Speaking during a recent interview, Klippsten said Bitcoin ownership is still not concentrated in the hands of large financial firms. He explained that companies like BlackRock and Fidelity may offer Bitcoin investment products, but the actual demand still comes mostly from individual investors buying through those platforms.

He added that ETF demand should still be considered real demand because providers must purchase and hold actual Bitcoin in custody, removing supply from the market.

Bitcoin ETF Outflows Add Pressure on Market Sentiment

The comments come during a period of weaker investor confidence. Since May 15, U.S. spot Bitcoin ETFs have recorded around $2.90 billion in net outflows, while Bitcoin has fallen nearly 9.5% over the same period and traded near $73,630.

Bitcoin Price Outlook for 2026 Appears Weaker

Klippsten also lowered expectations for Bitcoin reaching a new all-time high in 2026. He said the probability has dropped to around 20% to 25% after Bitcoin declined from earlier levels near $95,000.