$ETH 【CryptoQuant: The Puell Multiple indicator remains low, indicating that the market is primarily driven by institutional demand and other external factors】Golden Finance reports that the Puell Multiple indicator, which measures the ratio of miners' daily income to their annual average income, is still close to the discount zone, currently below 1.40. Analysis shows that despite a significant price increase, the growth of miners' income has not synchronized, which may indicate that the current market is mainly driven by institutional demand, ETFs, or tightening supply. The halving event in April 2024 further reduces miners' earnings. Experts believe that this rare 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 synchronize in the coming months, Bitcoin prices are expected to reach new highs.