Dormant Bitcoin Whale Revives with Major Purchase on Binance

A dormant Bitcoin whale has re-emerged, purchasing 100 BTC for $8.33 million on Binance. Analyst Michael van de Poppe forecasts a potential new all-time Bitcoin high correlating with increases in the M2 supply. Binance CEO Richard Teng predicts that early Bitcoin buyers will benefit from future price growth, suggesting a significant valuation increase ahead.

A dormant Bitcoin whale, having remained inactive for two years, has recently made a significant entrance back into the market by purchasing 100 BTC on Binance. The total investment amounted to $8.33 million. This transaction was highlighted by the analytics account @lookonchain on X social media, where they noted that the whale made two transfers from a Binance hot wallet, one for the substantial amount and another for a mere $834.

Renowned cryptocurrency analyst Michael van de Poppe has indicated the possibility of a new Bitcoin all-time high due to an upward trend in the M2 money supply, which encompasses all circulating funds including cash and bank deposits. His analysis demonstrates that Bitcoin’s price movements have historically correlated with changes in M2 supply, suggesting a price surge could occur within the next three months. Currently, Bitcoin trades at $83,680, representing a 23.35% decrease from its previous peak.

In a timely comment, Binance CEO Richard Teng addressed the crypto channels, projecting that early adopters of Bitcoin, such as countries and corporations, will reap the benefits of its anticipated growth. Teng emphasised that those delaying their purchases could face higher costs in the future. He echoed sentiments previously expressed by former Binance CEO Changpeng Zhao, who asserted that governments will inevitably invest in Bitcoin, yet those postponing their acquisitions will incur greater expenditures, as he expects Bitcoin to reach a $1 million valuation over time.