Swan CEO: Retail Buyers Still Drive Bitcoin Demand

Cory Klippsten, chief executive of Swan Bitcoin, said retail buyers continue to drive demand for Bitcoin during an interview at BitcoinVegas 2026 published Tuesday. He argued that purchases routed through U.S. spot ETFs largely reflect activity in individual accounts rather than direct institutional ownership.

Klippsten explained that ETFs wrap Bitcoin in a fund structure, but when investors seek on-chain coins those tokens must be sourced and taken into custody, which affects available supply. He noted some Bitcoin-linked products use futures or other paper-based mechanisms that settle differently and can take time to work through the market.

U.S.-based spot Bitcoin ETFs recorded $2.90 billion in net outflows since May 15, and Bitcoin fell about 9.5% over the same period. At the time of publication, Bitcoin traded near $73,630 and the token was down 2.87% over the past 30 days.

Market sentiment has been weak. The Crypto Fear & Greed Index registered 23, an “Extreme Fear” reading, indicating caution among investors.

Klippsten also adjusted his outlook for a new all-time high this year. When Bitcoin traded around $95,000 earlier in the year he placed the chance of a fresh peak at roughly 50%. After the decline into the $60,000s, he now estimates the probability at about 20% to 25%.

“They’re buying it in a wrapper, but they still have to take real supply and custody it,” Klippsten said, adding that demand tied to ETFs still removes supply from the market. He also said, “If you want real on-chain Bitcoin, the fact that you can get it is what makes Bitcoin unique.”