According to ChainCatcher, CryptoQuant CEO Ki Young Ju stated, 'Whales are accumulating Bitcoin through privacy transactions. Over the past two years, the annual number of CoinJoin transactions has tripled. While some attribute this surge to hackers laundering money, Chainalysis reports that this year's total hacker losses amount to $2.2 billion, accounting for less than 0.5% of Bitcoin's $377 billion realized market cap inflow.'
In 2024, 1.55 million BTC flowed into accumulation addresses, mainly related to ETFs, MicroStrategy, and custodial wallets. Whales often transfer funds to emerging institutional investors through privacy transactions. In addition to the disclosed holdings, the identities of approximately 240,000 to 420,000 BTC accumulators remain unclear. Who exactly are these whales?
