Bitcoin’s price hit a fresh high above $108,000, but miner revenues remain suppressed, keeping the Puell Multiple near the discount zone.
The Puell Multiple at 1.40 reflects a disconnect between market price and mining income following April’s post-halving reward reduction.
CryptoQuant notes the rare scenario of high prices with low miner profitability may indicate continued room for bullish expansion in the coming months.
The Puell Multiple is hovering near a historically low zone, despite Bitcoin crossing the $108,000 mark. According to CryptoQuant, this trend could point to a mismatch between price action and miner profitability. The metric currently stands at 1.40—still above the classic discount threshold of 1.0, but below levels that typically signal overvaluation.
CryptoQuant.com shared that “when Puell Multiple is below 1.0, we associate periods of accumulation or undervaluation,” via a post by analyst @gaah_im. The Puell Multiple gauges daily miner revenue against its 365-day average. A low reading often indicates that prices are high while miners are earning less, usually due to recent structural changes like halving events.
https://twitter.com/cryptoquant_com/status/1933518881685188924
Miner Revenues Lag Behind Market Growth
Despite Bitcoin’s bullish momentum and renewed all-time highs, miner earnings have not kept pace. This lag is partly attributed to the reduction in block rewards following the April 2024 Halving. With fewer new coins being issued and circulating supply tightening, market momentum may now be driven more by institutional buying or demand from spot ETFs.
While retail enthusiasm plays a role, indicators such as the Puell Multiple reveal a deeper imbalance. The subdued reading suggests that although Bitcoin is gaining in price, the fundamentals behind miner incentives remain compressed. This scenario sets the stage for a delayed revenue recovery—one that could materialize if prices continue to rise or transaction volumes increase.
Room for Market Expansion Remains
Historical trends show that a Puell Multiple under 1.0 often coincides with accumulation periods. At 1.40, the metric still reflects relatively conservative miner returns during a bullish cycle. Seeing such low figures at new price peaks is uncommon and hints at a maturing rally, possibly not yet in its euphoric phase.
CryptoQuant emphasizes that this rare convergence of high prices and low miner revenue could signal that the current cycle has more room to grow. Should miner income begin to recover in tandem with ongoing demand, there may be a continued push toward higher valuation levels in the coming months.
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