Legendary Bitcoin Puell Multiple Finally Enters ‘Buy’ Territory
Summary
The Bitcoin Puell Multiple has recently fallen below the 0.4 level for the first time since late 2022, indicating that miners are earning less than usual from block subsidies. This on-chain indicator tracks the ratio of daily miner revenue to the 365-day moving average. The Puell Multiple peaked in April 2024 but declined sharply after the fourth Halving event, which halved the BTC block subsidy. The current drop in the Puell Multiple suggests a potential price bottom for Bitcoin, as historically, the asset has formed bottoms in this range. Bitcoin's price has struggled to surpass $58,000, with a recent attempt reaching $57,600.
