Bitcoin retail sentiment still matters, confirms Swan Bitcoin CEO
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Swan Bitcoin CEO Cory Klippsten said it is important to pay attention to retail sentiment around Bitcoin, as ownership is still far from concentrated and “it’s not like Blackrock owns the Bitcoin.”
Key facts
US-based spot Bitcoin ETFs have posted a combined $2.90 billion in net outflows since May 15, according to Farside data, while Bitcoin has slid approximately 9.5% over the same period
He said he thought there was around a 50% chance they'd see a new all-time high this year when Bitcoin was still trading around $95,000 earlier this year, but given it has declined around 23%
Bitcoin is down 2.87% over the past 30 days. (CoinMarketCap)
Despite the growing institutional presence in crypto, retail sentiment is as important as it was when Wall Street was largely on the sidelines, according to Swan Bitcoin CEO Cory Klippsten
Summary
You have to remember it's not like BlackRock owns the Bitcoin and Fidelity owns the Bitcoin. “You know they're buying it in a wrapper. US-based spot Bitcoin ETFs have posted a combined $2.90 billion in net outflows since May 15, according to Farside data, while Bitcoin has slid approximately 9.5% over the same period.