Decoding the Bitcoin Puell Multiple

The Bitcoin Puell Multiple, named after analyst David Puell, measures the ratio between miners’ daily revenue and the 365-day moving average. At its core, the Puell Multiple provides a snap shot of miner profitability relative to historical averages. When the Puell Multiple exceeds 1, it suggests that miners are earning more than the average revenue over the past year, indicating a potentially overvalued market.&middot

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