The Puell Multiple examines the fundamentals of mining profitability and the way they shape market cycles. It is a ratio of daily coin issuance (in USD) and the 365 moving average of daily coin issuance.
This metric helps to gauge the market cycles from a mining profitability/compulsory sellers’ perspective.
The Puell Multiple is calculated by dividing the daily USD value of coin issuance by its 365 day moving average.
cryptopoiesis - The Puell Multiple: A New Barometer of Bitcoin’s Market Cycles