The Puell Multiple is one of the most reliable on-chain indicators for identifying Bitcoin market cycle bottoms. If you've ever wondered when is the best time to buy BTC, this metric deserves your attention.

What is the Puell Multiple?

The Puell Multiple measures the ratio of daily miner revenue (in USD) to the 365-day moving average of daily miner revenue.

Puell Multiple = Daily Miner Revenue / 365-Day MA of Miner Revenue

Why Does It Work?

Miners are the backbone of Bitcoin's security. They have real costs — electricity, hardware, operations — and they regularly sell BTC to cover expenses. When miner revenue drops significantly below its yearly average, it signals:

Miners are under stress — potentially selling at a loss

Weak hands are being flushed out — creating selling exhaustion

The market is likely near a bottom — historically the best buying zones

Historical Performance

The Puell Multiple has identified every major Bitcoin bottom:

Date	BTC Price	Puell Multiple	What Happened Next
Dec 2018	$3,200	0.31	Rose to $14,000 (+337%)
Mar 2020	$4,800	0.35	Rose to $64,000 (+1,233%)
Nov 2022	$15,500	0.40	Rose to $73,000 (+371%)

Every time the Puell Multiple dropped below 0.5, it marked a generational buying opportunity.

How to Read It

Puell Multiple	Signal	Action
< 0.5	🟢 Extreme undervaluation	Strong buy zone
0.5 - 1.0	🟡 Below average	Accumulation zone
1.0 - 4.0	⚪ Normal range	Hold / neutral
> 4.0	🔴 Extreme overvaluation	Consider taking profits

Current Reading

As of March 2026, the Puell Multiple sits at approximately 0.94 — in the accumulation zone. Miner revenue is slightly below its yearly average, suggesting the market is not overheated.

Combined with other indicators like the Fear & Greed Index and BTC Risk levels, this paints a cautious but opportunistic picture.

How to Track the Puell Multiple

You can monitor the Puell Multiple in real-time on our Market Dashboard, alongside 15+ other risk indicators including:

• BTC Risk — Price-based long-cycle risk

• Logarithmic Regression — Fair value model

• Cowen Corridor — Log growth channel position

• Fear & Greed Index — Market sentiment

All data is sourced from real APIs — no simulated or fake data.

Key Takeaways

The Puell Multiple below 0.5 has historically been the best time to buy Bitcoin

It works because it tracks real economic stress on miners — not just price action

Always combine it with other indicators — no single metric tells the whole story

Track it for free on our Dashboard

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How to Use the Puell Multiple to Identify Bitcoin Bottoms