Opinion: Retail investor sentiment remains crucial for Bitcoin, institutions do not truly "own" Bitcoin yet
BlockBeats reported on May 30 that Swan Bitcoin CEO Cory Klippsten stated that although institutional funds continue to pour into the crypto market, retail investors still play a very important role in the movements of Bitcoin's price.
Klippsten pointed out that the market often mistakenly believes that institutions like BlackRock and Fidelity Investments "own Bitcoin." In reality, the majority of ETF holders are still retail investors, who hold Bitcoin through the ETF as a vehicle. ETF issuers still need to buy and custody real Bitcoin in the spot market, so the related demand remains real demand.
However, he also mentioned that certain financial products such as futures can, to some extent, increase "paper supply" in the market, but Bitcoin's uniqueness still lies in its on-chain real asset nature.
As for the market outlook, Klippsten said that his expectation for Bitcoin to reach a new all-time high in 2026 has noticeably cooled. Previously, when Bitcoin's price was close to $95,000, he believed the probability of setting a new high within the year was about 50%; however, as the price once dropped to the $60,000 range, this probability has now fallen to 20% to 25%.
Data shows that since May 15, US spot Bitcoin ETFs have recorded a cumulative net outflow of about $2.9 billion, while Bitcoin's price has dropped by roughly 9.5% during the same period. In addition, the latest crypto market Fear & Greed Index stands at 23, falling into the "extreme fear" zone, indicating that investor sentiment remains relatively cautious.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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