Puell Multiple
Puell Multiple puts miner profitability centre-stage: daily USD issuance ÷ 365-day MA. Values above 4 mark Bitcoin cycle tops (2013, 2017, 2021), below 0.5 historical bottoms (2015, 2018, 2022). David Puell created the indicator in 2019.
- Formula:
- Daily USD Issuance ÷ MA(365) of Daily USD Issuance
- Originator:
- David Puell (2019)
- Data source:
- Coinmetrics-Community (Historie 2011 → April 2022) + bgeometrics (April 2022 → heute)
Strategies to backtest
Thematically related strategies from our library — try them in the backtest engine or read up on the methodology.
The benchmark for everything else — buy on day one, hold forever. The reference every strategy is measured against.
Open strategy →Buy a fixed amount on a fixed schedule — week after week, regardless of price. Smooths volatility, removes timing decisions.
Open strategy →More Bitcoin indicators
30-day hashrate MA vs 60-day hashrate MA. When the 30d falls below the 60d = miner capitulation. Recovery cross back up = classic buy signal.
Estimated mining floor: average electricity cost + 30% operational overhead per BTC produced. Cambridge CBECI as data source.
111-day SMA vs. 350-day SMA × 2. Classic top signal by Philip Swift — historical crossovers nailed every BTC bull-run top to within days.