Puell Multiple
The Puell Multiple measures daily issuance value against its yearly average — a proxy for miner-revenue pressure.
Daily issuance value is 0.81× its 365-day average (Puell Multiple). Readings below ~0.5× have marked miner-capitulation lows, above ~4× cycle tops.
Backtest a DCA strategy →History
Off daily close through 2026-05-24 (btc-history.json). Price lags ~30d; live tail is a Phase 2 stitch. Issuance from the analytic subsidy schedule.
How it's computed
For each day, multiply the protocol block subsidy in effect (from the analytic halving schedule) by the daily close to get issuance value, then divide by its trailing 365-day average. The constant 144 blocks/day cancels in the ratio. Computed off the daily close through the latest available row in btc-history.json (a price-only community feed that trails the live market by roughly 30 days); the tail therefore lags today by about a month.