MidChains CEO Basil Al Askari put it sovereign funds are viewing the current Bitcoin discount as an entry point, with at least one, and possibly two, sovereign wealth funds accumulating spot bitcoin. The move comes as Bitcoin’s price dropped to $59,508, a -0.6% change.
Al Askari didn’t disclose the names of the funds, but he noted they’re taking advantage of the lower price. Bitcoin’s market capitalization is $1.19 trillion, and it’s down -8.62% over the past 30 days. (Source: CoinGecko)
Al Askari’s comments came on June 30, 2026, during an interview where he discussed the current state of the cryptocurrency market. He noted the sovereign funds are looking to invest $7.63 billion in Bitcoin. The investment would be a significant boost to the cryptocurrency market, which has been experiencing a downturn in recent months.
MidChains, the firm founded by Al Askari, has been working with sovereign funds to help their investments in Bitcoin.
The TCB ETF Absorption Index, which tracks the flow of funds into and out of Bitcoin exchange-traded funds, confirms that there’s been a significant increase in outflows over the past 15 days. The index is down 16.6% over the past 22 days, indicating that investors are pulling their funds out of Bitcoin ETFs.
But Al Askari shot back that the sovereign funds are taking a long term view and aren’t concerned about the short-term volatility in the market.
Bitcoin’s price has been volatile in recent months, reaching a high of $71,360 and a low of $59,508. The cryptocurrency’s hash rate has been increasing, with the average daily hash rate reaching 25.
The increase in hash rate is a sign that more miners are joining the network, which could lead to an increase in the supply of Bitcoin. The cost of mining Bitcoin is around $27 per petahash per day, which is relatively low compared to the current price of Bitcoin.
Key Highlights
- MidChains CEO Basil Al Askari said sovereign funds are accumulating spot bitcoin due to the current discount.
- The investment could be as high as $7.63 billion, which would be a significant boost to the cryptocurrency market.
- Bitcoin’s market capitalization is $1.19 trillion, and it’s down -8.62% over the past 30 days.
- The TCB ETF Absorption Index shows that there’s been a significant increase in outflows over the past 15 days.
- Bitcoin’s price has been volatile in recent months, reaching a high of $71,360 and a low of $59,508.
The Sovereign Fund Investment
Al Askari put it that the sovereign funds are looking to invest in Bitcoin because they believe it has long term potential. He didn’t disclose the names of the funds, but he noted that they’re taking advantage of the lower price.
The investment would be a significant boost to the cryptocurrency market, which has been experiencing a downturn in recent months. MidChains, the firm founded by Al Askari, has been working with sovereign funds to help their investments in Bitcoin.
The sovereign funds are looking to invest $7.63 billion in Bitcoin, which is a significant amount. The investment would be a boost to the cryptocurrency market, and it could lead to an increase in the price of Bitcoin.
Al Askari noted that the sovereign funds are taking a long term view and aren’t concerned about the short term volatility in the market. He noted that the funds are looking to hold onto their investments for at least 30 days, which could help to stabilize the market.
The Current State of the Market
Bitcoin’s price has been volatile in recent months, reaching a high of $71,360 and a low of $59,508. The cryptocurrency’s hash rate has been increasing, with the average daily hash rate reaching 25.
The increase in hash rate is a sign that more miners are joining the network, which could lead to an increase in the supply of Bitcoin. The cost of mining Bitcoin is around $27 per petahash per day, which is relatively low compared to the current price of Bitcoin.
The TCB Miner Stress Score, which tracks the stress levels of Bitcoin miners, confirms that miners are under significant pressure. The score is currently at 0.691, which indicates that miners are struggling to stay profitable.
The score is based on a number of factors, including the price of Bitcoin, the hash rate, and the cost of mining. Al Askari argued that the sovereign funds are aware of the challenges facing miners and are looking to invest in companies that are working to improve the efficiency of mining.
The Potential Impact
The investment by the sovereign funds could have a significant impact on the cryptocurrency market. It could lead to an increase in the price of Bitcoin, which would be a boost to the market.
Al Askari put it that the investment could also lead to an increase in the adoption of Bitcoin, which would be a positive development for the market.
He noted that the sovereign funds are looking to invest in companies that are working to improve the infrastructure of the market, which could help to increase the adoption of Bitcoin.
The investment could also lead to an increase in the value of other cryptocurrencies. Bitcoin’s market capitalization is $1.19 trillion, which is a significant amount. The investment by the sovereign funds could lead to an increase in the value of other cryptocurrencies, which would be a positive development for the market.
Al Askari shot back that the sovereign funds are looking to invest in a number of different cryptocurrencies, which could help to increase the value of the market as a whole.
The TCB ETF Absorption Index makes clear that there’s been a significant increase in outflows over the past 15 days. The index is down 16.6% over the past 22 days, indicating that investors are pulling their funds out of Bitcoin ETFs.
Still, Al Askari noted that the sovereign funds are taking a long term view and aren’t concerned about the short term volatility in the market. He noted that the funds are looking to hold onto their investments for at least 30 days, which could help to stabilize the market.
Frequently Asked Questions
What is happening with Bitcoin price
Bitcoin’s price dropped to 59508, which is a 0.6 percent change, and its market capitalization is 1.19 trillion, down 8.62 percent over the past 30 days.
Are sovereign funds investing in Bitcoin
Yes, at least one and possibly two sovereign wealth funds are accumulating spot bitcoin, viewing the current discount as an entry point, they are looking to invest 7.63 billion in Bitcoin.
Why are investors pulling funds out of Bitcoin ETFs
The TCB ETF Absorption Index confirms that there has been a significant increase in outflows over the past 15 days, indicating that investors are pulling their funds out of Bitcoin ETFs, the index is down 16.6 percent over the past 22 days.
What is the outlook of sovereign funds on Bitcoin investment
Sovereign funds are taking a long term view and are not concerned about the short term volatility in the market, they see the current discount as an opportunity to invest in Bitcoin.
The TCB View
Our read: the investment by the sovereign funds is a positive development for the cryptocurrency market. The investment could lead to an increase in the price of Bitcoin, which would be a boost to the market. Al Askari shot back that the sovereign funds are looking to invest $7.63 billion in Bitcoin, which is a significant amount. That said, there’s also a risk that the investment could lead to an increase in the volatility of the market, which could be a negative development.
The opportunity for investors is to invest in companies that are working to improve the infrastructure of the market, such as MidChains. The signal to track: the price of Bitcoin, which could reach $107,133 if the investment by the sovereign funds leads to an increase in demand. Basil Al Askari noted that the sovereign funds are looking to invest in a number of different cryptocurrencies, which could help to increase the value of the market as a whole, with a potential gain of 44.5% over the next 30 days.
