What Is the Puell Multiple?
The Puell Multiple looks at Bitcoin from the perspective of miners — the forced sellers of the network. It compares daily miner revenue (in USD) to its 365-day moving average. When miner income is extremely high or low relative to its yearly norm, it has historically signaled cycle extremes. It's one of the indicators on our bottom indicators page.
How Is It Calculated?
Puell Multiple = daily coin issuance value (in USD) ÷ 365-day moving average of daily coin issuance value.
How to Read It
- High values (red zone): miners are earning far above normal — revenue spikes have coincided with market tops.
- Low values (green zone): miner revenue is depressed, squeezing inefficient miners out — these troughs have lined up with major bottoms.
Why Miners Matter
Miners must sell Bitcoin to cover electricity and hardware costs. When their revenue collapses, weaker miners capitulate and sell remaining reserves — often marking peak seller exhaustion near a bottom. When revenue is euphorically high, it tends to accompany unsustainable price spikes.
Limitations
Halvings cut issuance in half and can distort the multiple around those events, and miner economics evolve over time. Treat the Puell Multiple as one input among several — pair it with MVRV and NUPL and the live Bear Market Clock.