Puell multiple is an indicator that has historically given hints about previous Bitcoin cycles, here’s what it says about the current bear market. Bitcoin Puell Multiple Has Been Going Up During The Last Couple Of Months According to the latest weekly report from Glassnode, miners are currently raking in just 63% of the revenues of last year. The “puell multiple” is a metric that measures the ratio between the current Bitcoin miner revenues, and the 365-day moving average of the same. What this indicator tell us is how the miner revenues right now compare with the average during the last year. When the value of the multiple is greater than 1, it means miners are earning more currently than the average for the past 365 days. Related Reading: Quant Explains How US Stock Market Volumes Influence Bitcoin Price On the other hand, the metric having values lesser than the threshold suggests miner incomes are lower at the moment. Now, here is a chart that shows the trend in the Bitcoin puell multiple over the last few years: Looks like the value of the metric has been showing a rise in recent weeks | Source: Glassnode's The Week Onchain - Week 40, 2022 As you can see in the above graph, the historical zones for the Bitcoin puell multiple are highlighted. It seems like during the past cycles, the indicator dipping below the 0.5 value resulted in bottom formation. After the metric hit the low during the previous b...
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