Puell Multiple
Valuation
Daily miner revenue divided by its 365-day average — a miner-economics valuation gauge. <0.5 historically marks cycle bottoms, >4 marks tops.
Calculation
daily issuance × price / 365d-MA(daily issuance × price). Zones: <0.5 −2, <1 −1, <2 0, <4 +1, else +2.
Unit & source
multiple · tradingstrategies.work On-Chain Valuation gauge methodology
Related terms
Definitions are for research and education. Metrics describe market conditions — not financial advice or a buy/sell signal.