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:
- brk_puell_multiple (Bitcoin Research Kit, ab 2011-08-16 nach 365d-MA-Warmup). Chart + API lesen seit 2026-05-30 DIREKT die BRK-Serie (konsistente Single-Methodik). Die bgeo-gespeiste Spalte puell_multiple (Cron btc-metrics-onchain) war ab 2022-05-29 ~5,5× rauer als BRK (Stitch-Bruch) und bleibt nur noch als Vergleichs-Input für den brk-drift-Monitor.
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
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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.