Cory Klippsten, CEO of Swan Bitcoin, recently emphasized that despite the growing influx of institutional investors into the market, the sentiment of investors, including individuals, remains a key variable in the Bitcoin (BTC) market.

He expressed this view while mentioning the structure of spot BTC exchange-traded funds (ETFs). CEO Klippsten explained, “Spot BTC ETFs are not a structure where BlackRock or Fidelity buys BTC on their own; rather, it is a structure where actual BTC is purchased with the funds when investors buy the ETF,” adding, “ETF demand is also ultimately real BTC demand stemming from investor sentiment.”

Meanwhile, regarding the possibility of BTC reaching a new all-time high this year, he reduced his previous estimate from 50% to 20~...