On December 26th, CryptoQuant CEO Ki Young Ju posted on social media that "whales are accumulating Bitcoin through private transactions. In the past two years, the annual average number of CoinJoin transactions has surged. Although some attribute this surge to hacker money laundering, Chainalysis reports that this year's hacker losses totaled $2.2 billion - less than 0.5% of Bitcoin's realized market value inflow of $377 billion. In 2024, 1.55 million BTC flowed into accumulation addresses, mainly related to ETFs, MicroStrategy, and custodial wallets. Whales often use private transactions to transfer funds to new institutional investors. Apart from the publicly disclosed holdings, we still do not know who accumulated approximately 240000 to 420000 BTC
