Blockstream co-founder and CEO Adam Back said in an interview posted on Nov. 11, 2026, that he estimates at least 95% of potential institutional demand for bitcoin has yet to emerge. He described that figure as his own estimate, not a measured data point. Back said he had bet bitcoin would exceed $1 million by the end of the current market cycle, commonly associated with late 2028.
Spot Bitcoin exchange-traded funds recorded $1.28 billion in net outflows over the preceding week. Back cautioned that ETF flows are not a straightforward measure of long-term investor sentiment because some may reflect technical trading strategies.
