Analyst: ETFs, MicroStrategy, and Whales See Private BTC Transactions 3x

CryptoQuant CEO Ki Young Ju rejected the idea that private CoinJoin transactions are primarily used by hackers to launder stolen funds.

Private Bitcoin transactions, using a process called CoinJoin, have tripled since 2022 as a result of large Bitcoin hoarders accelerating their Bitcoin purchases, according to CryptoQuant.

These Bitcoin whale addresses are primarily linked to Bitcoin spot exchange-traded funds, MicroStrategy, and custodial wallets, according to CryptoQuant’s Ki Young Ju, who explained in a Dec. 26 post on X that whales “frequently use private transactions” to transfer their funds to new institutional investors.

CoinJoin transactions group inputs and outputs from multiple parties in a way that hides who might own an unspent transaction output.

Young Ju dismissed the idea that CoinJoin transactions are primarily used by hackers to launder stolen funds, highlighting that Chainalysis’ report of $2.2 billion in losses by 2024 only represents 0.5% of the $377 billion in inflows into Bitcoin’s realized capital.$BTC #CryptoQuant