Bitcoin Puell Multiple don drop reach 0.74 as miner revenue don fall
On-chain data wey CryptoQuant author Axel Adler Jr highlight show say Bitcoin Puell Multiple don drop to 0.74. Puell Multiple dey compare the daily USD value of newly minted BTC (from block rewards) to the 365-day moving average. Values wey dey under 1 mean miners dey earn less than their normal level.
The Puell Multiple slipping mean say miner revenue don weak because block subsidy issuance dey mostly fixed for BTC terms, while USD revenue depend gbege on BTC price. The article talk say the metric bin higher in mid-2025 but e trend down during the recent drawdown. At 0.74, miners dey make under 75% of wetin dem make compared to last year.
Historically, drops for Puell Multiple often align with more stress for miners near cycle bottoms. But the article argue say 0.74 no too extreme like previous bear-market lows, so BTC fit still need more downside before e get durable bottom.
E also note one recurring pattern: Puell Multiple fit fall sharply around halvings, when block subsidy dey permanently cut in half. Meanwhile, BTC dey range around $62,800 short-term, suggesting the market still dey digest the latest weakness.
Bearish
Di main tin tok say di Bitcoin Puell Multiple don drop go 0.74, we mean say miners dey earn well below dia 365-day norm. When miner revenue dey weak, e dey often correlate wit rising miner stress and less willingness (or ability) to absorb volatility — conditions wey historically dey show near bottoms only after capitulation-like phases. But because 0.74 no be like di extreme lows wey dem see for past bear markets, e mean say dis fit be mid-stress rather than "don reach di bottom" yet, so fit still get more downside. For short term, traders fit treat dis as continuation risk: lower miner income fit come with weaker network economics and increased sell pressure when price dey weak. For long term, Puell Multiple downturns fit still turn to contrarian tailwind if/when miners stabilize after capitulation, especially around structural events like halvings. Still, if no evidence say miners don reach historical stress extremes, di more actionable expectation for trading na bearish-to-risk-off until revenue metrics stabilize or BTC price reclaim stronger support levels.