• Cory Klippsten, chief government of Swan Bitcoin, said at Bitcoin Vegas 2026 that retail consumers nonetheless account for the majority of underlying Bitcoin demand, even when purchases route by spot ETFs.
  • US spot Bitcoin ETFs have shed roughly US$2.9 billion in internet outflows since Might 15, per Farside Traders information, whereas Bitcoin has dropped about 9.5% over the identical window.
  • Klippsten minimize his likelihood of Bitcoin printing a brand new all-time excessive in 2026 to between 20% and 25%, down from roughly 50% when the asset traded close to US$95,000 earlier within the 12 months.

Cory Klippsten, chief government of Swan Bitcoin, argued at Bitcoin Vegas 2026 that retail buyers stay the dominant supply of underlying Bitcoin (BTC) demand whilst institutional spot ETFs soak up the majority of headline flows, with the belongings inside these wrappers finally representing particular person consumers buying actual BTC publicity.

“It’s not like BlackRock and Constancy personal Bitcoin. It’s a bunch of retail accounts principally that truly purchase that,” Klippsten said.

He added that ETF consumers “are shopping for it in a wrapper. However they nonetheless must take actual provide and custody it”, characterising the inflows as real spot demand even once they route by institutional issuers.

Learn extra: Umbra and Streamflow Bring Private Token Vesting to Solana in Push for Institutional-Grade Privacy

ETFs Bleed As Bitcoin Slides

Klippsten’s feedback land in opposition to a pointy run of redemptions. US spot Bitcoin ETFs have recorded roughly US$2.9 billion (AU$4.03 billion) in internet outflows since Might 15, based on Farside Traders information cited across the interview.

Bitcoin has dropped about 9.5% over the identical interval and traded close to US$73,630 (AU$102K) on the time of publication, after an earlier Might low nearer to US$60,000 (AU$83K).

Klippsten additionally revised down his likelihood of Bitcoin reaching a brand new all-time excessive throughout 2026, placing the percentages at “20% to 25%”, a notable drop from the roughly 50% likelihood he said earlier within the 12 months when the asset traded close to US$95,000 (AU$132K).

Learn extra: Spain and Indonesia Move to Block Polymarket as Global Pressure Mounts on Prediction Markets

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