Puell Multiple

The Puell Multiple is a ratio of daily coin issuance (in USD) and the 365 moving average of daily coin issuance.

Indicator Overview
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.
​View Puell Multiple in Glassnode Studio​
​View Puell Multiple in Glassnode API Docs​
How is it measured?
The Puell Multiple is calculated by dividing the daily USD value of coin issuance by its 365 day moving average.
Puell Multiple=Daily Coin Issuance (USD)MA365 (Daily Coin Issuance (USD))\textrm{Puell Multiple} = \frac{\textrm{Daily Coin Issuance}~{\color{gray}{\textrm{(USD)}}}}{\textrm{MA}_{365}~{\color{gray}{\textrm{(Daily Coin Issuance (USD))}}}}Puell Multiple=MA365​ (Daily Coin Issuance (USD))Daily Coin Issuance (USD)​
About
Coined By
​David Puell​
Date Created
March 2019
Further Resources
cryptopoiesis - The Puell Multiple: A New Barometer of Bitcoin’s Market Cycles​

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