Bitcoin Surpassed $108,000, But the Puell Multiple is Still Hovering in the 'Cheap Zone'

Bitcoin (BTC) reached a new all-time high by surpassing the $108,000 level, while one of the important on-chain indicators, the Puell Multiple, is still hovering around levels considered 'discount territory'. This situation indicates that market enthusiasm may not have fully started yet.

In the analysis published by CryptoQuant, it was stated that the Puell Multiple, which shows the ratio of miners' daily revenues to the annual average, continues to remain below the level of 1.40. The fact that this indicator is at low levels shows that miner revenues have not increased in proportion to the sharp rise in BTC prices.

Miner Revenues and Market Balance

There may be several important reasons behind the still relatively low levels of the Puell Multiple. The halving that took place in April 2024, which halves the block reward, stands out as one of the fundamental factors that directly affect miner earnings. On the other hand, institutional purchases, increased demand due to ETFs, and supply constraints in the market are among the factors that limit miner profitability while pushing prices higher.

Historical Perspective: Opportunity Period?

Historical data shows that periods when the Puell Multiple is below 1.0 are generally accumulation and undervaluation phases. It is quite rare for the Puell Multiple to remain low while prices reach all-time highs, as is the case now.

According to experts, this situation indicates that the market has not yet fallen into excessive enthusiasm and that Bitcoin still has more potential in its upward trend. The continued stay of indicators in conservative regions suggests that current levels may still be attractive for long-term investors.

Conclusion: Are New Peaks Possible?

If an increase in miner revenues is observed in the upcoming period, this could trigger an upward movement in the Puell Multiple indicator and push the Bitcoin price even higher. The current structure indicates a phase of opportunity that requires careful and strategic behavior from investors.


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