The Puell Multiple gauges market trends by comparing Bitcoin daily issuance to the 365-day average.

Puell Multiple


The Puell Multiple is a metric used in the analysis of Bitcoin’s market cycles. It takes into account the daily issuance of new bitcoins (miner revenue) and compares it to the historical average. The formula for calculating the Puell Multiple is as follows:

Puell Multiple= Daily Issuance (in USD)​ / 365-day Average Daily Issuance (in USD)

Here’s a breakdown of the components:

  1. Daily Issuance (in USD): This is the total value of new bitcoins mined in a day, calculated by multiplying the number of new bitcoins created in a day by the current market price.
  2. 365-day Average Daily Issuance (in USD): This is the average daily issuance of new bitcoins over the past 365 days.

The Puell Multiple is used as an indicator to assess whether the current miner revenue is relatively high or low compared to its historical average. Peaks in the Puell Multiple have been associated with market tops, indicating that miners are earning more than usual in comparison to the past, possibly signaling an overheated market. Conversely, troughs in the Puell Multiple may suggest that miners are earning less than their historical average, which could be an indication of a market bottom.

Keep in mind that while the Puell Multiple can provide insights into market cycles, it’s just one of many indicators and should be used in conjunction with other analysis tools for a more comprehensive understanding of the market. Additionally, the cryptocurrency market is highly dynamic, and conditions can change rapidly, so it’s important to consider multiple factors when making investment decisions.