Bitcoin's Long-Term Balances Surge To Highest Level Since 2010, Says ARK Invest On-Chain Analyst

Bitcoin BTC/USD has been making waves in the financial world, and recent data suggests a strong affirmation of its longevity.

David Puell, an On-chain researcher at ARK Invest, has highlighted that Bitcoin's long-term balances as a percentage of the total supply have reached their highest levels since 2010.

Insights like these are what make Benzinga's Future of Digital Assets conference on Nov. 14 a must-attend event. Such conferences provide a platform for experts, enthusiasts, and investors to discuss and dissect the future trajectory of cryptocurrencies and other digital assets.

Additionally, Puell's observations bring to light other interesting economic trends.

He noted a significant divergence between the gasoline futures price and the spot WTI crude oil price.

This divergence may hint at a potential boon for U.S. consumers, who could benefit from decreased gas prices.

Also Read: Crypto Whales Offload Over $8.5B Worth Of ETH; Analyst Eyes Critical Price Level

A reduction in gas prices can effectively act as a monetary easing mechanism, thereby enhancing disposable income.

Another significant revelation by Puell pertains to the trade-weighted dollar, which has seen a whopping 44% increase since 2011.

A robust dollar typically translates to reduced costs for imported goods and commodities. This dynamic, in turn, plays a role in dampening inflation rates in the U.S.

However, not all indicators seem rosy.

Puell also pointed out concerns related to the U.S. Leading Economic Index (LEI), which has been signaling potential recessionary trends.

The LEI has contracted for 14 consecutive months, raising eyebrows about the overall economic health of the nation.

Read Next: Crypto VC Funding Continues To Drop Sharply In Q3: Is the Crypto Winter Here To Stay?

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying-  get yours!

Photo: Shutterstock