Puell Multiple
Miner revenue (USD value of newly issued BTC) relative to its own 365-day trailing average.
1.1636 · 55th percentile
Interpretation
Above 4 has historically marked miner-capitulation-driven cycle tops; below 0.5 has marked bottoms.
Compares the USD value of newly issued BTC to its own 365-day trailing average - a read on whether miner revenue (and therefore potential miner sell pressure) is unusually high or low relative to its own recent history.
History
How this feeds the Read
Feeds the Read's valuation module as a core classifier input.
Receipt
- Source
- Coin Metrics on-chain
- Fetched
- 2026-09-29T00:00:00+00:00 (stale)