Anonymous Bitcoin transactions via CoinJoin have tripled since 2022. According to CryptoQuant, these whale addresses are associated with Bitcoin spot ETFs, MicroStrategy, and large custodial wallets.

CryptoQuant CEO Ki Young Ju said that only 0.5% of the total $377 billion in reported Bitcoin inflows were related to hacks in 2024. He also revealed that unidentified Bitcoin whales have accumulated up to 420,000 BTC (worth over $40 billion), raising suspicions that a country or large organization is secretly accumulating.