Puell Multiple below the Discount zone

Puell-Multiple-below-the-Discount-zone

Puell Multiple has returned to the Discount zone, a point historically associated with Bitcoin market funds. The last time the indicator was this low was in March 2025, when the price was trading close to $75,000.

Puell Multiple compares miners' daily revenue to their annual average. When the value falls below 1, it means that miners are receiving less than normal, indicating financial pressure and potential capitulation. These moments often mark periods of opportunity, where the market prices Bitcoin below its fair value.

Historically, all major correction reversals have started in precisely these discount regions. It is not a guarantee of immediate bottoming, but statistically it has signaled major bottoms during the current BTC bull cycle.

With the Puell Multiple again below this range, the market signals that we are entering an opportune moment. Price zones where risk decreases and upside potential increases. It is precisely in these moments of pessimism that a new uptrend begins to form.