Dormant Bitcoin Whale Makes Significant Purchase on Binance

A dormant Bitcoin whale has purchased 100 BTC for $8.33 million on Binance. Analyst Michael van de Poppe suggests a potential new Bitcoin all-time high, correlated with M2 money supply increases. Binance CEO Richard Teng believes early adopters will benefit from future price surges, echoing former CEO Changpeng Zhao’s forecast of Bitcoin reaching $1 million.

A dormant Bitcoin whale has resurfaced after two years, purchasing 100 Bitcoins on Binance for $8.33 million. The whale executed two transactions from a Binance hot wallet, one for the large sum and another for $834. These activities were highlighted on the X social media platform by the analytics account @lookonchain.

In related news, cryptocurrency analyst Michael van de Poppe presented a chart correlating Bitcoin prices with broader M2 money supply increases, suggesting a potential new all-time high for Bitcoin in the upcoming quarter. Historically, rising M2 has preceded price surges in Bitcoin, indicating a bright outlook for the cryptocurrency. Currently, Bitcoin is trading at $83,680, approximately 23.35% lower than its previous peak.

Furthermore, Binance CEO Richard Teng predicted that early adopters, including countries and corporations purchasing Bitcoin now, will significantly benefit as demand and prices rise. His comments align with previous insights from former Binance CEO Changpeng Zhao, who highlighted the inevitability of government purchases of Bitcoin and forecasted a future price reaching $1 million.