Bitcoin retail sentiment still matters, says Swan Bitcoin CEO
Swan Bitcoin CEO Cory Klippsten said retail investors still drive Bitcoin demand even as institutions gain a bigger role. He argued that spot Bitcoin ETFs ultimately rely on real retail purchases and still pull actual Bitcoin from supply, even if it is held through wrappers. He also noted that futures and other paper products can add complexity, but direct on-chain Bitcoin remains the core value proposition. Klippsten pointed to recent weakness in the market, including billions in net outflows from U.S. spot Bitcoin ETFs and a roughly 9.5% drop in Bitcoin since mid-May, alongside very bearish sentiment in the crypto market. He said his confidence in Bitcoin reaching a new all-time high in 2026 has fallen sharply, from about a 50% chance earlier in the year to roughly 20%–25% now.
