Puell Multiple
BTCDaily bitcoin issuance value measured against its own yearly average, a read on how stretched miner revenue is versus normal.
What it is
The Puell Multiple compares the dollar value of newly issued bitcoin each day to the average daily issuance value over the trailing year. It shows how richly the market is paying for fresh supply relative to the recent norm, a proxy for miner-revenue stress and for how hot the market is running.
How it's computed
Take the value of the coins minted today (newly issued BTC times price, block subsidy only, fees excluded) and divide by the 365-day average of that same daily figure. Above 1 means today's issuance is worth more than the yearly norm; below 1 means less.
How to read it
High readings cluster at cycle tops, when price has run far ahead of the steady issuance base. Low readings mark bottoms, when miner revenue is squeezed. The value is log-normalized onto the 0–1 risk scale, so both extremes land where they should.
At prior cycle extremes
The Puell Multiple has spiked into its top zone near the major cycle peaks and dropped to its floor during deep bear markets, the classic miner-capitulation phase.
Related
Analytics, not advice. These metrics describe where market data sits in the cycle; they are not trading signals, price targets, or financial advice.