Puell Multiple
Daily USD value of miner issuance divided by its 365-day MA. Reads miner revenue pressure relative to recent history.
Cycle 5 · with zones
Current cycle since the 2024 halving — use the range buttons to zoom in.
halvinglens.com · puell
Current reading
1.05x
Normal
Miner capitulation ·Normal· Top zone
What it's telling us today
Puell currently reads 1.05× — Normal. A middle-of-the-road range — neither cheap nor stretched.
Why this matters
Spikes >4× have only happened at cycle tops. Sub-0.5× has historically marked the right zone to buy.
Zones
- Miner capitulation— → 0.50
- Suppressed0.50 → 1.00
- Normal1.00 → 2.00
- Elevated2.00 → 4.00
- Top zone4.00 → —
4-cycle overlay
Puell Multiple across every halving cycle
Aligned to day zero of each halving. The dashed line is today, day 908.
Cycle 2 — first halving
Cycle 3 — second halving
Cycle 4 — third halving
Cycle 5 — fourth halvingcurrent
halvinglens.com · puell · overlay
Where each cycle sat at day 908
Cycle 2 — first halving
0.62x
Suppressed
Miner capitulation ·Suppressed· Top zone
Cycle 3 — second halving
0.52x
Suppressed
Miner capitulation ·Suppressed· Top zone
Cycle 4 — third halving
0.61x
Suppressed
Miner capitulation ·Suppressed· Top zone
Today · cycle 5
1.05x
Miner capitulation ·Normal· Top zone
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