Puell Multiple: Bitcoin On-Chain Indicator

Monitor Bitcoin miner profitability and market cycles through the Puell Multiple. This indicator compares daily mining revenue to its 365-day moving average, helping identify market tops and bottoms based on mining economics.

About 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.

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