Bitcoin Puell Multiple Signals Potential Bottom, But Recovery Stalls

CryptoQuant analyst ‘Gaah’ has observed a significant drop of the Bitcoin Puell Multiple into the historical “discount zone.” This indicator, which compares miners’ daily revenue to their annual average, suggests potential financial pressure and market capitulation. It last reached this level in March 2025 when Bitcoin was trading close to $75,000. The Puell Multiple historically signals market tops and bottoms, offering opportunities for upside as the price corrects.