Bitcoin Puell Multiple
The Puell Multiple compares the dollar value of the bitcoins issued to miners today with its 365-day average. Readings under 0.5 came when mining income was squeezed, near bear-market lows; readings over 4 in overheated tops. This version is issuance only: block subsidy × daily close, without transaction fees, as we have no on-chain feed.
On 3 Oct 2026 about 450.0 new bitcoins worth $38,086,844 were issued to miners, 1.06× the 365-day average of $35,799,778: an issuance-only Puell Multiple of 1.06. Since 16 Aug 2018 it was below 0.5 on 3% of days and above 4 on 0%; its lowest reading was 0.40 on 14 Dec 2018 and its highest 3.36 on 21 Feb 2021. Fees are excluded, so between halvings this is close to the price over its 365-day average; in the year after a halving the halved subsidy pulls it down.
Puell Multiple history
17 Aug 2017 – 3 Oct 2026 · log scale · CSVPuell Multiple (issuance only) below 0.5 above 4
Issuance only: the block subsidy (estimated from the halving schedule) times the daily close; transaction fees are not included because we have no on-chain feed. The indicator starts on 16 Aug 2018, 365 days into the price history. The chart plots every 7th day to stay light; the CSV has every day. Not financial advice: these pages describe what each indicator showed in past cycles and predict nothing.
Puell Multiple FAQ
How is this Puell Multiple calculated?
Each day: the bitcoins issued that UTC day (block subsidy × estimated blocks, from the halving schedule) × the daily close, divided by the 365-day average of that same dollar value. The original by David Puell uses miners' full revenue from on-chain data, subsidy plus fees.
Why are fees excluded?
We have no on-chain data feed, and fees have usually been a few percent of miner revenue, so leaving them out changes the reading little except in fee spikes. Because issuance per day is almost constant between halvings, this version is close to the price ÷ its 365-day average, cut in half for a year after each halving.
What do the 0.5 and 4 lines mean?
Readings below 0.5 have come when the value of new coins was well under its yearly average, around bear-market lows; readings above 4 in overheated rallies, mostly before 2018. They are rules of thumb from past cycles, not tested signals.
Where does the price data come from?
Daily closing prices (00:00 UTC) of Bitcoin from exchange public APIs: Binance spot BTCUSDT from 17 Aug 2017. Moving averages start once enough days of history have passed. The data refreshes every few hours, and today's close is the latest price so far. Each chart's data is free to download as CSV.
Is this a buy or sell signal?
No. These indicators describe how the price moved against its own averages in past cycles, and Bitcoin has had only a handful of cycles, so any pattern rests on very few examples. Nothing here is financial advice.