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Puell Multiple indicates reduced mining sell pressure
The Bitcoin Puell Multiple is currently 0.68. This level (yellow horizontal line) is previously served as areas of price stability/recovery. Low Puell Multiple values indicate miner profitability is low compared to yearly averages. This means some miners will reduce hash power, difficulty will reduce allowing further decentralization, and less sell pressure/impact on liquid supply from miners. This may indicate we have reached a bottom for this consolidation and are on the path to recovery.