That may have some investors, particularly those who haven't seen the previous crypto bull runs and are "anchored" to the brutal bear market of 2022, intuitively view the cryptocurrency as being overvalued and anticipate a price slide in the coming months.
The Puell Multiple measures the U.S. dollar value of the daily bitcoin issued relative to the 365-day moving average of the dollar value of the issuance. The issuance here refers to the current supply, i.e., minted or new coins released to the network.
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