Open Interest
0.0
Options 25 Delta Skew
Pi Cycle Top Indicator
$61,575
Short Term Holder Realized Price
$62,486.56
Bitcoin Dominance
57.1% -0.13%
Fear and Greed Index
70 -2.78%
Mayer Multiple
1.06 -2.75%
US vs Offshore Trading Volume
7.27%
Circulating Supply
19,771,200.0 +0.00%
Halving Countdown
12.8%
Hashrate vs Price
778.25 EH/s -1.77%
Node Map
19,302
Difficulty Estimator
79,679,234,551,296 +0.00%
Miner Revenue
$36,949,428.23 -3.39%
Network Difficulty
92.05T +0.00%
Puell Multiple
0.91 -3.44%
Exchange Trading Volume
$40.72B +50.67%
Exchange Trading Volume BTC
$12.92B +134.02%
Exchange Volume BTC Dominance
31.8% +55.32%
Monthly Exchange Volume
$780.78B
Start typing to search through charts, users, and news
Navigate
ESC
Close
↵
Open
⌘
Open in new tab
Get 50% off an Advanced account by using code LAUNCH50 at checkout. Find out more about Newhedge Advanced.
Advanced users can now view our Real-Time Large BTC Option Trades Monitor.
Advanced users can now view our Live Liquidations Monitor.
New Onchain chart added! View Bitcoin NVT Ratio now.
Login
Sign Up
Puell Multiple Chat
0 messages
Puell Multiple stats
0.91
-3.44%
about 5 hours
Terminal Stats
15
0
The Puell Multiple is a fundamental metric in Bitcoin analysis, offering insights into miner profitability and historical market bottoms. Developed to gauge the relationship between daily issuance value and its long-term average, the Puell Multiple provides valuable signals.
The Puell Multiple divides the daily issuance value of Bitcoin in USD by the 365-day moving average of daily issuance in USD. This ratio helps assess how profitable Bitcoin mining is at any given time.
When the Puell Multiple is high, it indicates that miners are earning significant revenue compared to the historical average, suggesting potential market tops. Conversely, low values on the Puell Multiple often coincide with periods of reduced miner profitability, hinting at market bottoms or buying opportunities.
Investors and analysts use the Puell Multiple as a tool to anticipate market trends:
Peak Levels: High values on the Puell Multiple suggest that miners are generating significant revenue relative to historical averages, potentially indicating overvaluation in the market.
Bottom Levels: Historically, the Puell Multiple bottoms around 0.3 during major market corrections or bottoms. This level serves as a critical threshold for identifying potential buying opportunities.
The Puell Multiple is often visualized using red and green zones to highlight market conditions:
Green Zone (Low Values): Indicates periods, when the Puell Multiple is below its historical average, potentially signaling favorable buying opportunities as miner profitability, may be low, reflecting market bottoms.
Red Zone (High Values): Indicates periods when the Puell Multiple is above its historical average, suggesting heightened miner profitability and potential market tops. This zone may prompt caution among investors anticipating price corrections.
The Puell Multiple directly correlates with miner revenue by assessing the profitability of Bitcoin mining operations. High values imply that miners are earning more from block rewards and transaction fees, potentially leading to increased selling pressure as profits are realized. Conversely, low values indicate reduced profitability, potentially alleviating selling pressure and stabilizing market conditions.
While the Puell Multiple is a powerful indicator, it is not without limitations. It primarily reflects miner economics and does not account for broader market factors or external influences on Bitcoin's price. Therefore, it is often used in conjunction with other technical and fundamental analyses for a comprehensive market outlook.
This website collects cookies to deliver better user experience and analytical purposes