Puell Multiple

Puell Multiple is an indicator used to analyze the market sentiment and potential price movements in the cryptocurrency market.

Puell Multiple Chart

What is Puell Multiple?

The Puell Multiple is an important indicator in the Bitcoin market, particularly used to analyze miner behavior and supply-side pressure. This metric is calculated by dividing the daily revenue of Bitcoin miners by its 365-day moving average. This makes it easy to see how high or low miners’ revenue is relative to historical averages.

The formula is as follows:

Puell Multiple = Daily Mining Reward Value / 365-Day Moving Average

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