Swan CEO: Retail Investors Drive Bitcoin Demand Despite ETF Boom, Cuts 2026 ATH Odds to 20-25%

According to Cory Klippsten, chief executive of Swan Bitcoin, speaking at Bitcoin Vegas 2026, retail investors remain the primary source of underlying Bitcoin demand even as institutional spot ETFs absorb headline flows. Klippsten emphasized that ETF buyers ultimately represent individual accounts acquiring real BTC exposure through institutional wrappers, rather than institutional ownership of Bitcoin directly.

US spot Bitcoin ETFs have recorded $2.9 billion in net outflows since May 15, per Farside Investors data. Bitcoin has declined approximately 9.5% over the same period, trading near $73,630 at publication. Klippsten also revised his probability of Bitcoin reaching a new all-time high in 2026 to 20% to 25%, down from roughly 50% when the asset traded near $95,000 earlier in the year.