Bitcoin Puell Multiple: what it is and today's value
The Puell Multiple is the USD value of Bitcoin's daily coin issuance divided by its 365-day moving average. It gauges miner stress: below 0.5 is capitulation (historic bottoms); above 4 the market has topped.
Formula: USD value of the day's issuance ÷ its 365-day moving average.
Full history 2011→today, weekly points, computed by us from price + emission.
How to read it
Below 0.5 miners earn far under their annual average (capitulation, cycle bottoms); above 4 revenue is extreme (tops).
| Range | Zone |
|---|---|
| < 0.5 | miner capitulation |
| 0.5 – 1 | undervalued |
| 1 – 2 | neutral |
| 2 – 4 | elevated |
| ≥ 4 | overvalued (top) |
At past tops and bottoms
The Puell Multiple at the major cycle turning points, read from our own historical series — at tops it moved into the red zone, at bottoms into the green.
| Turning point | Puell Multiple |
|---|---|
| Top · Dec 2013 | 8.08 |
| Top · Dec 2017 | 4.65 |
| Top · Apr 2021 | 2.75 |
| Bottom · Jan 2015 | 0.62 |
| Bottom · Dec 2018 | 0.39 |
| Bottom · Nov 2022 | 0.66 |
See all indicators side by side in the cycle turning points table.
See the full dashboard → Cycle overviewMethodology
Computed by ABYSS Index from our own Bitcoin node and reference price — freely redistributable. For educational purposes only. Not financial advice. Español