BTC Puell Multiple

Locked

Daily miner issuance (USD) divided by its 365-day moving average.

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What this chart shows
Methodology

issuance_usd_t = (supply_t − supply_{t-1}) × close_t. puell_t = issuance_usd_t / SMA(issuance_usd, 365). Captures whether miners are getting paid much more — or much less — than their recent baseline. Coined by David Puell.