Ki Young Ju, CEO of CryptoQuant, wrote on the X platform that "whales are accumulating Bitcoin through private transactions. The average annual number of CoinJoin transactions has surged over the past two years. Although some attribute the surge to money laundering by hackers, Chainalysis reports that total hacker losses this year are $2.2 billion - this is less than 0.5% of Bitcoin's $377 billion realized market value inflow. In 2024, 1.55 million BTC flowed into accumulation addresses, mainly associated with ETFs, MicroStrategy, and custodial wallets. Whales often use private transactions to transfer funds to new institutional investors. In addition to publicly disclosed holdings, we still don't know who has accumulated approximately 240,000 to 420,000 BTC."