Puell Multiple Indicator Shows Miners' Income Not Growing in Sync, Market May Have Only Completed Half of Upward Cycle

According to TechFlow report by Deep Tide, on June 13, CryptoQuant data shows that the Puell Multiple indicator, which measures the ratio of miners' daily income to annual average income, remains close to the discount zone, below 1.40. Analysis indicates that despite the price increase, miners' income has not grown in sync, possibly driven by institutional demand, ETFs, or a tightening supply. The halving event in April 2024 will further reduce miners' earnings. Experts believe that this combination of high prices and low indicators suggests that the market may have only completed half of its upward cycle, and if miners' income and demand increase in sync over the next few months, Bitcoin prices are expected to reach new highs.