What is Bitcoin Puell Multiple today?

Bitcoin Puell Multiple is currently 0.8309 as of 2026-05-04. The current BTC market price is $79,840.

What is Bitcoin Puell Multiple?

Puell Multiple compares daily Bitcoin miner revenue in USD to its 365-day moving average. It shows whether miner income is running below, near, or far above its historical norm.

How is Puell Multiple calculated?

Puell Multiple is the ratio of daily miner revenue to the 365-day average of that same revenue stream. Values below 1 mean miners are earning less than their long-term norm, while values above 1 mean miner revenue is above trend.

Why does Puell Multiple matter in Bitcoin cycle analysis?

Puell Multiple helps identify miner stress and miner overheating. Very low readings have historically aligned with periods when miner revenue was compressed enough to signal capitulation risk, while very high readings have often appeared near late-stage cycle exuberance.

How often is the Bitcoin Puell Multiple chart updated?

This live chart updates through the project collector pipeline. The latest Puell Multiple data point on this page is 2026-05-04.

Where can I view a live Bitcoin Puell Multiple chart?

This page provides a live Bitcoin Puell Multiple chart with BTC price overlay, 30-day, 90-day, and 365-day moving averages, plus full historical context for miner-cycle analysis.

What can very low Puell Multiple readings signal?

Extremely low Puell Multiple readings suggest miner revenue is deeply compressed relative to its long-term average. That has often coincided with miner stress, forced selling pressure, and later-stage bear-market opportunity.

How do analysts use Puell Multiple with other Bitcoin indicators?

Analysts usually combine Puell Multiple with MVRV, realized price, NUPL, and price structure. Puell focuses on miner revenue conditions, while the other indicators help show whether broader holder profitability and valuation are stretched or compressed.

Bitcoin Puell Multiple — Live Chart & Historical Analysis

BTC Price Puell Multiple SMA 30d SMA 90d SMA 365d