Puell Multiple

The Bitcoin Puell Multiple divides Bitcoin's daily issuance value in USD by its 365-day moving average. The result expresses today's miner revenue as a multiple of the yearly average: a regime-aware view of mining economics that filters out raw price noise.

Puell Multiple readings above roughly 4.0 have historically marked Bitcoin cycle tops: miners are earning far above their annual baseline and tend to sell aggressively into strength. Readings below roughly 0.5 have marked cycle bottoms: miners are forced to operate near or below break-even, weaker operators capitulate, and the network reaches a healthier equilibrium that precedes recoveries.

Because the multiple is anchored to miner cash flow rather than price alone, it captures the supply-side pressure that often leads price action. Use Puell Multiple alongside hashrate and MVRV to read miner-driven liquidity events. It's especially useful in the months immediately after each halving, when issuance shocks reset the multiple's base.

Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.