Bitcoin (BTC) whales have been accumulating BTC through privacy transactions for more than two years, according to CryptoQuant CEO and co-founder Ki Young Ju.
Ki assessed the average number of transactions passing through CoinJoin, an anonymization service, and discovered that the number had tripled this cycle. Although some may tie this to hackers laundering stolen crypto at first glance, broader data suggests a more complex story.
Blockchain analytics firm Chainalysis reported that hacking-related losses totaled $2.2 billion in 2024. Though significant, these losses represent less than 0.5% of Bitcoin’s $377 billion in realized cap inflows for the same year.
This indicates that the rise in privacy transactions cannot be solely attributed to criminal activity. In 2024, 1.55 million BTC flowed into accumulation addresses, many associated with exchange-traded funds (ETFs), MicroStrategy, and custodial wallets.
Despite public disclosures from institutions like ETFs and corporate giants, the ownership of approximately 240,000 to 420,000 BTC remains unaccounted.
This shadowy accumulation has fueled speculation about the identities and motivations of these silent investors, which is why CryptoQuant’s CEO believes whales are leveraging privacy-enhancing techniques to transfer Bitcoin to new institutional investors.
Regular news
Ki stated that news related to whale accumulation became common. He added:
“Just 2–3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news —it’s just expected, routine information.”
This indicates a current landscape in which retail investors are letting whales dominate the market, which most crypto enthusiasts are recognizing.
Over one year, whales have accumulated 641,789 BTC, reaching 3.81 million BTC — just 70,000 BTC short of the all-time high registered on Dec. 15.
Despite the indication of a bubble, CryptoQuant’s CEO pointed out that this is far from the case. He sees a bubble when the price of an asset significantly exceeds the capital flowing to the market.
This is not the case, as the average capital flowing to crypto weekly is around $7 billion.
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