CandleFocus Why are whales secretly accumulating Bitcoin?
2024-12-26
Author: Content Editor
Bitcoin transactions have surged in the past two years, leading to a tripling of private transactions, particularly CoinJoin transactions. While some believe this increase is due to hackers laundering funds, others attribute it to whale accumulation. Data from CryptoQuant shows that CoinJoin transactions have tripled, but Chainalysis presents evidence that these transactions are not linked to illicit activity. Instead, CryptoQuant CEO Ki Young Ju suggests that whales are buying Bitcoin through stealth buys, using privacy-enhancing methods to transfer assets, especially with new institutional investors. This trend is marked by significant inflows of Bitcoin to accumulation addresses associated with ETFs, MicroStrategy, and custodial wallets. The presence of unknown whales holding between 240,000 and 420,000 BTC reveals a division of ownership and suggests that private investors and institutional entities prefer to keep their positions hidden. As Bitcoin continues to grow, with more institutions and CoinJoin transactions involved, it is becoming a more advanced and established currency.
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