Recent analysis of Bitcoin’s on-chain data reveals a notable decline in the Puell Multiple indicator. This trend may have significant implications for the Bitcoin network and its miners.
Puell Multiple Has Declined to 0.74
According to insights from CryptoQuant analyst Axel Adler Jr, the Puell Multiple has seen a decrease, currently resting at the 0.74 mark. This indicator is an essential on-chain metric that reflects the ratio of the daily USD value of newly minted Bitcoin to the 365-day moving average (MA) of that same value.
The process of “minting” Bitcoin occurs when miners validate and add a new block to the blockchain, earning a corresponding block reward. This newly issued Bitcoin constitutes a primary source of revenue for miners, establishing a direct connection between the Puell Multiple and miner income levels.
A Puell Multiple value above 1 indicates that miners are currently earning more in block subsidy revenue compared to their average earnings over the past year. Conversely, a value below 1 signifies that miners are earning less than usual.
Below is a chart presented by Axel Adler Jr, illustrating the 30-day moving average of the Bitcoin Puell Multiple over the last decade:
As depicted in the graph, the Puell Multiple reached a peak in mid-2025 but has since experienced a downward trend. This decline indicates a reduction in miner income.
The underlying reason for this trend can be traced back to a bearish shift in Bitcoin’s price. The block subsidy, which maintains a fixed BTC value, is distributed steadily over time. Therefore, the primary variable impacting earnings is the USD price of Bitcoin.
Currently, with the Puell Multiple at 0.74, it suggests that miners are earning less than 75% of their normal income based on the past year’s performance.
Historically, Bitcoin has often approached market lows when miners face considerable strain. However, it is important to note that the current Puell Multiple value is not as low as those recorded during previous market downturns. This observation raises questions regarding whether Bitcoin may require further decline before a market bottom is established, should past patterns hold true.
A noteworthy aspect in the chart is the abrupt drops in the Puell Multiple, which occur even when prices are relatively stable or rising. These dips often align with Bitcoin’s halving events, which occur approximately every four years. Halving events cut the block subsidy in half, marking changes in miner revenue potential.
Current BTC Price Trends
As of now, Bitcoin has experienced a phase of sideways movement, with its price hovering around $62,800.
