Puell Multiple
Ratio of daily miner revenue to its 365-day average - top/bottom indicator.
Puell Multiple compares daily miner revenue to its 365-day average. >4 = cycle top (miners earning historically high, selling), <0.5 = bottom (miners barely surviving, capitulating). Created by David Puell in 2019; accurately marked 2017 and 2021 tops and 2018, 2022 bottoms.
In plain words
Tells you how much Bitcoin miners are earning today vs the past-year average. Above 4 is an alarm: miners euphoric, dumping - top near.
Example
Nov 2021: Puell 4.5 = BTC cycle top 69k. Nov 2022: Puell 0.4 = BTC bottom 15.5k.
Also known as: puell