Puell Multiple Indicator

Puell Multiple Indicator is a globally recognized indicator for analyzing Bitcoin cycles' bottom and top zones by comparing miners' daily revenue to the long-term historical average. This indicator combines on-chain production and reward dynamics with price action, offering a unique perspective on market cycles.

The calculation method is simple: The total revenue earned by miners in the last day is divided by the average daily revenue of the last 365 days. The resulting ratio shows whether the market is overvalued or undervalued.

• High Puell Multiple: Miner revenues are far above the long-term average, usually indicating periods close to Bitcoin's cycle tops. In these zones, the market is "overheated" and a correction may be approaching.
• Low Puell Multiple: Miner revenues are well below the long-term average, meaning Bitcoin price is at possible bottom levels. Historically, these zones have been considered "accumulation opportunities".

In the chart, Bitcoin price (green line) and Puell Multiple value (red line) can be tracked simultaneously. Investors can thus compare the cyclical movements of both price and miner revenues, better understand market psychology, and use Puell Multiple as a strong reference point for risk management and long-term investment strategies.

Note: This chart is for informational purposes only and is not investment advice. Cryptocurrency markets carry high risk. Please do your own research and consider your risk appetite before making decisions.