Puell Multiple

The Puell Multiple is an indicator calculated by dividing Bitcoin miners' daily revenue by its 365-day moving average. This indicator is used to evaluate miners' profitability and supply pressure in the market. High values (>4) indicate that miners' profitability is high and selling pressure may occur, while low values (<0.5) suggest that miners' profitability is low and there may be buying opportunities.

The indicator is an important tool for understanding the sustainability of mining activities and market cycles. When the Puell Multiple value rises, it indicates that miners tend to sell their Bitcoin holdings and downward pressure on price may occur. Low values may indicate that miners' selling pressure is decreasing and the market is approaching bottom levels. Therefore, it is considered an important indicator for long-term investment strategies.