Evaluates the market from a miner revenue perspective, measuring daily issuance value relative to its 365-day MA.
How Puell Multiple is calculated
Daily issuance value (USD) ÷ 365-day MA. >8 = overvalued, <0.3 = undervalued.
How to read it
- On-chain metrics describe holder cost basis and profit structure; they move slowly and suit cycle context, not short-term timing.
- Compare the current reading with its historical percentile and cross-check it with at least one price-structure indicator.
Limitations and common misreads
- Historical thresholds come from a limited sample; future cycles can differ.
- Data providers can define the metric differently; cite the data date when quoting it.
- A single indicator is not investment advice and does not guarantee price direction.
Related indicators
Research and education only; not investment advice.
