MidChains CEO Basil Al Askari said sovereign wealth funds have been accumulating spot Bitcoin, viewing the current price as an entry point for large investors. He noted a slowdown in retail crypto participation but an increase in institutional activity. Al Askari told the Chain Reaction podcast that at least one, and possibly two, sovereign wealth funds are buying Bitcoin in the coming weeks. State-owned investment funds, which collectively hold more than $13 trillion globally, are seen as a sign of state-level conviction rather than private speculation. The funds' long-term patience aligns with the view that the current price offers a strategic entry for mega funds. Al Askari said the impact on price will not be immediate, but the activity sends a clear signal to other institutions that may be waiting on the sidelines. He added that over time, larger holders with long horizons could make Bitcoin increasingly scarce. Other recent institutional moves include Mubadala Investment Company's $437 million purchase of Bitcoin through BlackRock's iShares Bitcoin Trust in February 2025 and Strategy's acquisition of 3,657 BTC this month. Coinbase's head of institutional strategy, John D’Agostino, said family offices and sovereign funds in the UAE are taking advantage of the discount. At the same time, spot Bitcoin ETF outflows have exceeded $4.1 billion so far this month. The situation reflects mixed trends, with institutional accumulation offset by ETF outflows and ongoing sales by some sovereign holders such as Bhutan's Druk Holding. A forward-looking view suggests that prolonged accumulation by long-term investors may reduce available supply and influence future price dynamics.