Puell Multiple
The ratio of daily miner revenue in dollar terms to its 365-day moving average. The Puell Multiple identifies periods of unusual miner profitability (cycle tops) and unusual miner stress (cycle bottoms). Used as a bottom-finding and top-finding indicator inside the TBL Master Valuation composite.
What Puell Multiple Is
The ratio of daily miner revenue in dollar terms to its 365-day moving average. The Puell Multiple identifies periods of unusual miner profitability (cycle tops) and unusual miner stress (cycle bottoms). Used as a bottom-finding and top-finding indicator inside the TBL Master Valuation composite.
Where Puell Multiple Appears in TBL Research
Puell Multiple is one of the on-chain bitcoin indicators that TBL tracks. For how it fits the broader framework, see TBL Guide to On-Chain Bitcoin Signals.
Related TBL Resources
TBL Guide to On-Chain Bitcoin Signals
On-chain data lets you read what Bitcoin holders are actually doing rather than what they say. TBL combines seven cost-basis and cycle valuation models into a single Master Valuation score from 0 to 100, and reads cohort behavior through short-term-holder MVRV, SOPR, the long-term-holder cost basis spread, and the URPD distribution.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.