Opinion: Retail Sentiment Key for Bitcoin, Institutions Not Truly ‘HODLing’ Bitcoin

May 30 – Cory Klippsten, CEO of Swan Bitcoin, noted that while institutional funds keep flowing into the crypto market, retail investors still play a critical part in driving Bitcoin’s price movements. Klippsten highlighted a widespread market misconception: many assume giants like BlackRock and Fidelity own most Bitcoin, but in reality, the vast majority of holders behind Bitcoin spot ETFs are retail investors buying exposure through these products. ETF issuers must purchase and custody actual Bitcoin in the spot market, so this demand is genuine. He also added that financial instruments like futures do add to “paper supply” in the market, but Bitcoin’s uniqueness lies in its on-chain, tangible asset nature. On the market outlook, Klippsten’s expectation for Bitcoin to hit a new all-time high (ATH) in 2026 has cooled dramatically. Earlier, when Bitcoin’s price neared $95,000, he pegged the chance of a new ATH that calendar year at around 50%; now, with the price dipping to the $60,000 range at times, that probability has dropped to 20% to 25%. Data shows that since May 15, U.S. spot Bitcoin ETFs have logged a total net outflow of about $2.9 billion. Over the same period, Bitcoin’s price has fallen roughly 9.5%. Meanwhile, the latest Fear & Greed Index for the crypto market sits at 23, placing it in the “extreme fear” territory—an indicator that investor sentiment remains cautious.