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Retail Investor Sentiment Remains Crucial for Bitcoin; Institutions Don't Truly 'Own' Bitcoin

AirdropBlackHole
On May 30, Swan Bitcoin CEO Cory Klippsten stated that despite the continuous influx of institutional funds into the crypto market, retail investors still play a significant role in influencing Bitcoin's price movements. Klippsten pointed out that the market often mistakenly believes that institutions like BlackRock and Fidelity Investments 'own Bitcoin'; in reality, most holders behind ETFs are still retail investors who hold Bitcoin through this vehicle. ETF issuers still need to purchase and custody real Bitcoin in the spot market, so the demand remains genuine. However, he also mentioned that certain financial products, such as futures, can increase the 'paper supply' in the market to some extent, but the uniqueness of Bitcoin lies in its on-chain real asset properties. Regarding the market outlook, Klippsten expressed that his expectations for Bitcoin to reach a new all-time high in 2026 have significantly cooled. Previously, when Bitcoin's price approached $95,000, he estimated the probability of a new high within the year at about 50%; however, as the price dropped to the $60,000 range, this probability has now decreased to 20% to 25%. Data shows that since May 15, U.S. spot Bitcoin ETFs have recorded approximately $2.9 billion in net outflows, while Bitcoin's price has fallen by about 9.5% during the same period. Additionally, the latest Crypto Fear and Greed Index reports a score of 23, indicating 'extreme fear' and reflecting a cautious sentiment among investors.
BTC0.66%
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