Bitcoin privacy transactions have surged, tripling since 2022, as major Bitcoin holders, or "whales," ramp up their purchases. These whales, linked to Bitcoin ETFs, MicroStrategy, and custodial wallets, often use CoinJoin to obscure transactions, according to CryptoQuant. CoinJoin mixes inputs and outputs to hide ownership, but it's not just for illicit activity. Despite concerns, only 0.5% of Bitcoin's realized cap inflows are linked to losses from hacks. Speculation abounds on the identity of these whales, with some suggesting nation-states might be quietly amassing Bitcoin reserves.