Bitcoin (BTC), whales, have been collecting BTC via privacy transactions since more than two year. Why not? Ki Young Ju is the CEO and founder of CryptoQuant.
Ki examined the average transactions going through CoinJoin (an anonymization service) and found that this number has tripled in the last cycle. At first, some people may attribute it to hackers laundering stolen crypto. However, more comprehensive data indicates a different story.
Chainalysis, a blockchain analytics company, reported hacking losses of $2.2 billion by 2024. Though significant, these losses represent less than 0.5% of Bitcoin’s $377 billion in realized cap inflows for the same year.
It is clear that criminals are not the only ones responsible for this increase in privacy transactions. By 2024, 1,55 million BTC will have been sent to accumulation addresses. Many of these are associated with ETFs, MicroStrategy and custody wallets.
The ownership of between 240,000 and 420,000 BTC is still unknown, despite public disclosures by institutions such as ETFs or corporate giants.
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.
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Ki The following is a list of the most recent and relevant articles. The news about the whale population grew. “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.”
Most crypto enthusiasts recognize that this is a landscape where retail investors let whales control the market.
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. The CEO of CryptoQuant believes that a bubble is formed when the value of an asset exceeds the amount capital coming into the market.
The average weekly capital flow to crypto is $7 billion.
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