Swan Bitcoin CEO: Retail sentiment still key for BTC despite institutions

Swan Bitcoin CEO Cory Klippsten has stated that despite the expansion of institutional inflows, retail investor sentiment remains a crucial variable in the BTC market. He explained that spot BTC ETFs do not involve firms like BlackRock or Fidelity buying BTC for their own balance sheets; rather, they purchase actual BTC with the funds from investors who buy the ETF shares. He added that ETF demand is ultimately a reflection of real BTC demand, which stems from investor sentiment. However, Klippsten has lowered his assessment of the probability of BTC reaching a new all-time high this year from 50% to a range of 20-25%, citing the cryptocurrency's current stagnation in the $70,000 range. Meanwhile, U.S. spot BTC ETFs have recorded approximately $2.9 billion in net outflows since May 15.