The Puell Multiple is an indicator comparing Bitcoin miners' daily revenue to its long-term average, providing insights on potential undervaluation or overvaluation in Bitcoin's pricing.
When the Puell Multiple enters the red zone (above 3.4), it indicates miner revenues are significantly higher than usual, historically aligning with Bitcoin price peaks.
Conversely, a drop into the green zone (below 0.5) suggests miner revenues are unusually low, which historically coincides with Bitcoin market bottoms.
By assessing miner profits through the Puell Multiple, investors can better identify buying opportunities during market lows and potential sell signals during highs.
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