Opinion: Retail sentiment is still crucial for Bitcoin, and institutions have not truly 'owned' Bitcoin BlockBeats News: On May 30th, Cory Klippsten, CEO of Swan Bitcoin, stated that despite the continuous influx of institutional funds into the cryptocurrency market, the impact of individual investors on the price trend of Bitcoin remains significant. Klippsten pointed out that the market often mistakenly believes that institutions such as BlackRock and Fidelity Investments "own Bitcoin", but in reality, the holders behind ETFs are mostly retail investors who only hold Bitcoin through the ETF as a carrier. ETF issuers still need to purchase and hold real Bitcoin in the spot market, so the related demand remains genuine. However, he also mentioned that some financial products such as futures will to some extent increase the "paper supply" in the market, but the uniqueness of Bitcoin still lies in its real asset attributes on the chain. Regarding the market outlook, Klippsten stated that his expectation for Bitcoin to reach a historic high in 2026 has significantly cooled down. Previously, when the price of Bitcoin approached $95000, he believed that the probability of reaching a new high within the year was about 50%; But as the price once fell to the $60000 range, the probability has now dropped to 20% to 25%. Data shows that since May 15th, US spot Bitcoin ETFs have recorded a cumulative net outflow of approximately $2.9 billion, with Bitcoin prices falling by approximately 9.5% during the same period. In addition, the latest report of the Fear and Greed Index in the cryptocurrency market is 23, in the "extreme fear" range, indicating that investor sentiment is still relatively cautious. [Original link]