Retail Investors Still Drive Bitcoin Demand Despite ETF Boom, Says Swan CEO

• Cory Klippsten, chief executive of Swan Bitcoin, stated at Bitcoin Vegas 2026 that retail buyers still account for the bulk of underlying Bitcoin demand, even when purchases route through spot ETFs.
• US spot Bitcoin ETFs have shed roughly US$2.9 billion in net outflows since May 15, per Farside Investors data, while Bitcoin has dropped about 9.5% over the same window.
• Klippsten cut his probability of Bitcoin printing a new all-time high in 2026 to between 20% and 25%, down from roughly 50% when the asset traded near US$95,000 earlier in the year.

Cory Klippsten, chief executive of Swan Bitcoin, argued at Bitcoin Vegas 2026 that retail investors remain the dominant source of underlying Bitcoin (BTC) demand even as institutional spot ETFs absorb the bulk of headline flows, with the assets inside those wrappers ultimately representing individual buyers acquiring real BTC exposure.

“It’s not like BlackRock and Fidelity own Bitcoin. It’s a bunch of retail accounts mostly that actually buy that,” Klippsten stated.

He added that ETF buyers “are buying it in a wrapper. But they still have to take real supply and custody it”, characterising the inflows as genuine spot demand even when they route through institutional issuers.

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ETFs Bleed As Bitcoin Slides

Klippsten’s comments land against a sharp run of redemptions. US spot Bitcoin ETFs have recorded roughly US$2.9 billion (AU$4.03 billion) in net outflows since May 15, according to Farside Investors data cited around the interview.

Bitcoin has dropped about 9.5% over the same period and traded near US$73,630 (AU$102K) at the time of publication, after an earlier May low closer to US$60,000 (AU$83K).

Klippsten also revised down his probability of Bitcoin reaching a new all-time high during 2026, putting the odds at “20% to 25%”, a notable drop from the roughly 50% probability he stated earlier in the year when the asset traded near US$95,000 (AU$132K).

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