什么是 Puell Multiple

The Puell Multiple is an indicator used to assess miner profitability. It is calculated by comparing the daily market value of newly issued Bitcoin tokens to its 365-day moving average. Since the daily new Bitcoin issued to the market is obtained through mining, the market value of the daily new issued tokens represents miner earnings. By analyzing miner earnings in the market, the Puell Multiple can reflect price movements simultaneously, thereby assisting in market cycle judgment.

Specific formula factors

Puell Multiple = Market value of daily new issued tokens / 365-day moving average of the market value of daily new issued tokens

Market value of daily new issued tokens = The market value of Bitcoin generated through mining each day (usually calculated in USD)

365-day moving average of the market value of daily new issued tokens = The annual average of the market value of Bitcoin generated through mining each day (usually in USD)

Specific analysis uses

The Puell Multiple can be used to evaluate miner profitability and Bitcoin market cycles. It is often used to assess macro market cycle conditions and provide buy/sell signals for investors.

When the Puell Multiple value is relatively low, miner earnings are below the annual average. Bitcoin price moves in sync with this indicator, at a low point. The market is gradually approaching the bottom, signaling a buying opportunity.

When the Puell Multiple value is relatively high, miner earnings are above the annual average. Bitcoin price moves in sync with this indicator, at a high point. The market is gradually approaching the top, signaling a selling opportunity.

Historically, a Puell Multiple between 4.0-8.0 indicates a market top; below 0.6 indicates a market bottom. When above 1.0, miners are in profit; below 1.0, miners face income pressure. **$PUFFER **$PUNDIX $PUBLIC