Bitcoin on-chain data shows the Puell Multiple indicator has observed a decline recently. Here’s what this could imply for the network.
Bitcoin Puell Multiple Has Dropped To The 0.74 MarkSupply is “minted” on the blockchain when miners add a block and claim the corresponding block reward. This newly issued supply makes up for the majority of the BTC miner revenue, so the Puell Multiple is closely related to the income level of these chain validators.
When the value of the indicator is above 1, it means miners today are earning a higher amount of block subsidy revenue as compared to the average for the past year. On the other hand, the metric’s value being below the threshold suggests the validators are earning less than the norm.
Now, here is the chart shared by Adler Jr that shows the trend in the 30-day MA of the Bitcoin Puell Multiple over the past decade:
As displayed in the above graph, the Bitcoin Puell Multiple shot up to a high in mid-2025, but the metric has been going down. This suggests that miner income has been on the decline.
After the latest market drawdown, the Puell Multiple has dropped to a value of 0.74. This means that miners today are making less than 75% of their normal income level for the last 365 days.
An interesting feature in the chart is that the Puell Multiple abruptly drops off on a few occasions despite the price moving flat or even rising. These points correspond to the Bitcoin Halving, a periodic event that happens about every four years and permanently slashes the block subsidy exactly in half, serving as the sole moment where the block subsidy doesn’t have a fixed value.
BTC PriceBitcoin has been stuck in sideways movement recently as its price is still trading around $62,800.
