Bitcoin's Long-Term Balances Surge To Highest Level Since 2010, Says ARK Invest On-Chain Analyst
Portfolio Pulse from Murtuza Merchant
Bitcoin's long-term balances as a percentage of the total supply have reached their highest levels since 2010, according to David Puell, an On-chain researcher at ARK Invest. Puell also noted a significant divergence between the gasoline futures price and the spot WTI crude oil price, hinting at potential decreased gas prices. However, he pointed out concerns related to the U.S. Leading Economic Index (LEI), which has been signaling potential recessionary trends.
October 12, 2023 | 5:20 pm
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Bitcoin's long-term balances have reached their highest levels since 2010, indicating a strong affirmation of its longevity. This could potentially lead to increased investor confidence and a positive impact on Bitcoin's price.
The news about Bitcoin's long-term balances reaching their highest levels since 2010 is directly related to Bitcoin and could potentially lead to increased investor confidence in the cryptocurrency. This could result in increased demand and a positive impact on Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100