Puell Multiple
Miner revenue compared to its yearly average — a cycle indicator built around miner selling pressure.
The Puell Multiple divides daily miner revenue (coins issued × price) by its 365-day average. It captures miner income relative to normal: very high values mean miners are earning far above average (often near tops, when they’re incentivized to sell), while very low values mean squeezed revenue (often near bottoms, after capitulation).
The logic rests on miners being persistent, price-insensitive sellers who must cover costs — so their revenue extremes have historically aligned with cycle turning points. Its relevance shifts as halvings shrink issuance and as ETF flows dwarf miner selling, but it remains a recognized on-chain cycle gauge.