Swan Bitcoin CEO Cory Klippsten believes retail investor sentiment remains just as important as it was before Wall Street entered the crypto space. In an interview with Cointelegraph at BitcoinVegas 2026, Klippsten argued that despite the growing presence of institutional players, the true demand still comes from individual accounts.
Retail demand still drives supply
Klippsten explained that even though BlackRock and Fidelity offer Bitcoin exposure through exchange-traded funds (ETFs), the actual Bitcoin is still held by retail investors in “wrappers.” He stated, “You know they’re buying it in a wrapper. But they still have to take real supply and custody it. And it comes out of the supply. So, you know, it’s still real demand in ETFs.”
This perspective comes as US-based spot Bitcoin ETFs have seen combined net outflows of $2.90 billion since May 15, according to data from Farside. Meanwhile, Bitcoin’s price has dropped about 9.5% during that period. At the time of writing, Bitcoin is trading at $73,630, according to CoinMarketCap. Over the past 30 days, Bitcoin is down 2.87%.
Crypto fear index signals caution
Market sentiment overall has been shaky in 2026. The Crypto Fear & Greed Index, which tracks investor mood, hit an “Extreme Fear” score of 23 on Friday. That suggests traders are becoming more cautious, which could further weigh on prices.
Klippsten also offered a rather downbeat outlook for Bitcoin’s price in the near term. He said the chances of seeing a new all-time high this year are now slim. Earlier this year, when Bitcoin was around $95,000, he thought there was about a 50% probability of a record high. But after the price dropped roughly 23% since then, he has reduced that estimate to around 20 or 25%.
“I thought there was probably like a 50% chance that we’d see a new all-time high this year. And I’d say, given that we’re still in the 70s and, you know, and that we went all the way down to 60, I’d probably handicap that down to like 20 or 25% chance that we get a new high,” Klippsten said.
Overall, Klippsten’s comments highlight that retail sentiment still plays a meaningful role in Bitcoin’s price action, even as institutional money flows in. Whether that will keep the market steady or lead to further volatility remains to be seen.
