According to Odaily, CryptoQuant CEO Ki Young Ju recently highlighted on the X platform that whales are accumulating Bitcoin through privacy transactions. Over the past two years, the annual average number of CoinJoin transactions has surged. While some attribute this increase to hackers laundering money, a Chainalysis report indicates that this year's hacker losses total $2.2 billion, which is less than 0.5% of Bitcoin's $377 billion realized market value inflow. In 2024, 1.55 million BTC flowed into accumulation addresses, primarily linked to ETFs, MicroStrategy, and custodial wallets. Whales frequently use privacy transactions to transfer funds to new institutional investors. Beyond publicly disclosed holdings, it remains unclear who has accumulated approximately 240,000 to 420,000 BTC.

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