Puell Multiple
What it shows
The Puell Multiple compares miners' daily revenue with its yearly average, which shows whether miner-side supply is cheap or exceptionally profitable.
How to read it
Puell is a long-term cycle indicator based on miner economics. Extremely low values have historically overlapped with bottoms, high ones with tops. It applies mainly to mined (PoW) assets.
Parameters
- Puell Multiple
- Low = miners earning poorly (low supply pressure); high = extraordinary miner profits.
- Positive reading: Low: historically a cycle-bottom and accumulation zone.
- Negative reading: Very high: historically cycle tops, when miners sell at large profits.
- Neutral reading: Around the average: miner revenue within the norm.
Example
Puell Multiple in the lower, green zone: miner revenue is low versus the yearly average, historically a bottom zone where supply pressure exhausts. The upper zone (revenue overheating) historically coincided with tops; the middle is balance.