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
0.78x
Suppressed
Miner capitulation ·Suppressed· Top zone
What it's telling us today
Puell currently reads 0.78× — Suppressed. Historically an accumulation range, where longer-term value has tended to build.
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 772.
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 772
Cycle 2 — first halving
0.58x
Suppressed
Miner capitulation ·Suppressed· Top zone
Cycle 3 — second halving
0.77x
Suppressed
Miner capitulation ·Suppressed· Top zone
Cycle 4 — third halving
0.47x
Miner capitulation
Miner capitulation ·Miner capitulation· Top zone
Today · cycle 5
0.78x
Miner capitulation ·Suppressed· Top zone