Bitcoin Puell Multiple Plunges, But Not Inside Bottom Zone Yet

On-chain data shows the Bitcoin Puell Multiple has gone through a decline recently, a sign that miner revenue has gone down relative to its baseline.
Bitcoin Puell Multiple Has Dropped To 0.67
In a new post on X, analyst Ali Martinez has talked about the latest trend in the Bitcoin Puell Multiple. The “Puell Multiple” refers to a popular on-chain indicator that keeps track of the ratio between the daily BTC mining revenue (in USD) and 365-day moving average (MA) of the same.Miners ea