What is Bitcoin Puell Multiple?
Bitcoin Puell Multiple compares daily miner revenue in USD to its 365-day moving average. It is a miner-focused cycle indicator: instead of tracking holder cost basis or unrealized profit, it measures whether miners are earning far less or far more than their long-term norm.
Because miner profitability affects issuance pressure and forced selling risk, Puell Multiple is often used to identify moments when miner stress is high or when miner economics are unusually favorable.
How to read Puell Multiple
Low readings
Very low Puell Multiple readings mean daily miner revenue is well below its 365-day norm. Historically, those periods have aligned with miner stress, margin compression, and later-stage bear-market conditions where forced selling pressure can peak.
High readings
Very high Puell Multiple readings mean miner revenue is running far above trend. That has often appeared during stronger bull-market phases, when miner profitability is elevated and cycle conditions are more overheated.
Why analysts use Puell Multiple in cycle analysis
Puell Multiple adds a miner-specific lens to Bitcoin cycle analysis. It helps answer whether the supply side of the market is under stress or operating in a highly profitable environment. That matters because miners are one of the natural sources of sell pressure in the network.
Analysts usually pair Puell Multiple with MVRV, NUPL, realized price, and price structure. Puell focuses on the mining economy, while those other metrics show whether broader market valuation and holder profitability are stretched or compressed.
