G a a h2023-02-19

Puell Multiple with MA7d reaches 14-month high

The last time values above 1.00 were quoted, Bitcoin cost about $48,000 Historically this metric accurately pinpoints Bitcoin's bear market moments, as miners are the only entity that requires a constant cost, such as running electricity. Thus, miners' behaviors are always tied to price, to some extent. Puell Multiple compares the estimated 365-day average revenue to the miners' short-term revenue. Since the last local price fund in November 2022 the average miners' revenue has doubled compared to the last year. Therefore, in the short term values above 1.00 are important to measure the possible future behavior of miners. If the average revenue continues to increase this should cover the mining costs, so no need to sell BTC to cover the mining costs, in other words, less selling pressure from these entities.