The Puell Multiple indicator shows that miner income has not grown in sync, and the market may have only completed half of its upward cycle.

According to a report by Shenchao TechFlow, on June 13, CryptoQuant data showed that the Puell Multiple indicator, which measures the ratio of daily miner revenue to annual average revenue, remains close to the discount zone, below 1.40. Analysis indicates that despite the price increase, miner income has not grown in sync, possibly driven by factors such as institutional demand, ETFs, or tightening circulating supply. The halving event in April 2024 further reduces miner 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. If miner income and demand grow in sync in the coming months, Bitcoin prices are likely to reach new highs.