The Puell Multiple focuses on the supply side of the Bitcoin economy, mainly Bitcoin miners and their revenue, and explores market cycles from a mining revenue perspective.
It is calculated by dividing the daily issuance value of BTC (in United States dollars) by the 365-day moving average of daily issuance value.
As seen in the chart above, the indicator measures periods where the daily value of the Bitcoin issued reaches historic lows, represented by the green box, or historically high values, which are seen when the indicator climbs into the red box.
Past instances when the Puell Multiple has indicated good buying opportunities include mid-2018, when the price of BTC crashed below $4,000 amid the crypto winter and again in March 2020 when prices collapsed as a result of the COVID-19 pandemic.
It also provided traders with a sell signal in late 2017 as the price of BTC topped out at that cycle’s high point, as well during the Bitcoin bull market of 2013.
https://cointelegraph.com/news/key-b...in-btc-history
Коментар