Bitcoin Puell Multiple at 0.67 Signals Caution Above 0.50 Cycle-Floor
The Puell Multiple for Bitcoin currently reads 0.67, a level flagged by on-chain analyst @ali_charts and derived from Glassnode as remaining above the historically observed 0.50 cycle-bottom threshold. The indicator divides daily Bitcoin miner issuance by its 365-day moving average to gauge market-wide miner-driven selling pressure and on-chain sentiment. Readings below ~0.50 have correlated with past cycle troughs since 2015; the latest 0.67 suggests conditions are not yet at those historic bottoms. Traders and institutions use the Puell Multiple as a reference for on-chain strength, but the article stresses no single metric guarantees price direction and recommends monitoring the Puell Multiple alongside broader on-chain signals. Key items: Puell Multiple = 0.67; historical bottom signal ≈ 0.50; source framework = Glassnode; commentator = @ali_charts. Implication: continued cautious monitoring for signs of further downside or confirmation before treating a cycle bottom as established.
Neutral
The news reports an on-chain metric reading (Puell Multiple = 0.67) that remains above the historically observed 0.50 level linked to prior cycle lows. This is primarily informational: it signals that miner issuance and on-chain selling pressure are not yet at historically extreme low levels that have coincided with past bottoms. For traders, this is neither a clear buy nor sell signal on its own. Short-term impact: likely limited — the metric may sustain caution among momentum traders and reduce conviction for aggressive bottom-fishing, potentially damping sharp bullish moves until readings decline or other confirming signals appear. Long-term impact: modest — if the Puell Multiple drifts lower toward or below 0.50, it could reinforce a narrative of capitulation and a stronger buying opportunity; if it remains elevated or rises, it may indicate continued resilience or renewed miner activity. Historical context: prior cycles saw sub-0.50 readings align with lasting lows, but those occurrences were confirmed with other metrics (price action, exchange flows, funding rates). Therefore, traders should combine this indicator with volume, price structure, funding/futures positioning and broader macro cues before making directional decisions.