Sovereign wealth funds are accumulating spot Bitcoin, says UAE exchange CEO

At least one, and possibly two, sovereign wealth funds are currently accumulating spot Bitcoin (BTC), according to Basil Al Askari, CEO of Abu Dhabi-based crypto exchange MidChains. Speaking on a podcast, he noted that the current price is viewed as a suitable entry point for large institutions to make phased purchases of BTC with a long-term perspective, Cointelegraph reported. Al Askari added that while prices are unlikely to surge in the short term, the accumulation by these funds could serve as a signal to encourage other institutional investors to enter the market.