Issuance USD ÷ 365d MA — Daily issuance (USD) ÷ its 365-day average — <0.5 miner capitulation, >4 cycle-top distribution
Puell Multiple is a Bitcoin valuation indicator: Issuance USD ÷ 365d MA. It compares market conditions with a long-term benchmark, network activity or available liquidity.
Above ~4, miners are earning wildly more than normal — historically near tops. Below ~0.5, miner income is squeezed — historically near bottoms.
A valuation metric can stay elevated or depressed for months. Confirm it with price, holder behaviour and liquidity rather than treating it as a timing tool.