Bitcoin (Bitcoin) whales have been collecting BTC through privacy-preserving transactions for over two years, according to to CryptoQuant CEO and co-founder Ki Young Joo.
Ki evaluated the average number of transactions made through CoinJoin, an anonymous service, and found that the number had tripled in this cycle. Although some may at first glance link this to hackers laundering stolen cryptocurrencies, broader data reveals a more complex story.
Blockchain Analytics Inc Chain analysis It reported that hacking-related losses totaled $2.2 billion in 2024. While significant, these losses represent less than 0.5 percent of the $377 billion in Bitcoin inflows that year.
This suggests that the rise in privacy transactions cannot be attributed solely to criminal activity. In 2024, 1.55 million bitcoins flowed into aggregator addresses, many of which were linked to exchange-traded funds (ETFs). Microstrategyand storage wallet.
Despite public disclosure by institutions such as ETFs and corporate giants, ownership of roughly 240,000 to 420,000 bitcoins remains undisclosed.
The buildup has fueled speculation about the identity and motivations of these silent investors, which is why CryptoQuant's CEO believes the whales are using privacy-enhancing techniques to transfer bitcoins to new institutional investors.
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to expressed that the news about the gathering of whales became common. He added:
“Just 2-3 years ago, the news of whale strandings would have sent shockwaves through the market. Today, it's no longer breaking news – it's just normal, expected information.
This reflects the current landscape where retail investors are allowing whales to dominate the market, which most crypto enthusiasts recognize.
Over the course of the year, whales have amassed 641,789 bitcoins, reaching 3.81 million bitcoins, just 70,000 bitcoins short of the all-time high set on December 15th.
Despite the bubble, the CEO of CryptoQuant pointed out that this is far from reality. He sees a bubble when the price of an asset significantly exceeds the capital going to the market.
Not so, as the average amount of capital flowing into crypto per week is around $7 billion.
