Swan Bitcoin CEO Cory Klippsten has revised his outlook on Bitcoin's potential to reach a new all-time high in 2026, citing the strong influence of individual investors on the cryptocurrency's price movements. Klippsten highlighted a misconception that institutions like BlackRock and Fidelity dominate Bitcoin holdings, clarifying that most Bitcoin ETFs are owned by individual investors. He emphasized that ETF issuers must purchase actual Bitcoin from the spot market, making ETF-driven demand significant. Despite the influx of institutional capital, Klippsten noted that financial products like futures contracts could inflate the "paper supply" of Bitcoin, impacting its market dynamics. He adjusted his probability of Bitcoin reaching a new peak in 2026 from 50% to 20-25% after the price dropped from near $95,000 to the $60,000 range. Recent data shows a $2.9 billion net outflow from US spot Bitcoin ETFs since May 15th, with Bitcoin's price declining by 9.5% during the same period. The Fear and Greed Index currently stands at 23, indicating "extreme fear" in the market.