Crypto HeadlinesBitcoin Puell Multiple Exceeds 1: End of Accumulation Phase
Bitcoin is exiting the accumulation zone as one of the key miner indicators has reached an 11-month high. According to CryptoQuant, the Puell Multiple metric has settled above the level of 1, which serves as a potential signal for the market to transition into a stronger growth phase.
Indicator Value and Its Interpretation
The Puell Multiple compares the current value of BTC mined by miners with the average level over the past year. A value below 1 indicates that mining revenues are below the annual average—such periods have historically often coincided with asset accumulation phases.
A return of the indicator above 1 shows a recovery in miner revenues. The next target for the indicator is a value of 2: such figures are characteristic of stronger bullish market phases in the cryptocurrency market.
Historically low values of the Puell Multiple indicated accumulation phases, while high values signal overheating or active growth.
17K views
