Bitcoin Puell Multiple Falls To 0.74 As Miner Revenue Slides

Crypto Insight Summary:  · Posted in[Bitcoin News](https://bitcoinist.com/category/bitcoin-news/) Bitcoin on-chain data shows the Puell Multiple indicator has observed a decline recently. Here’s what this could imply for the network. As highlighted by CryptoQuant author Axel Adler Jr in an X [post](https://x.com/AxelAdlerJr/status/2064974175458959660), the Bitcoin Puell Multiple has gone down recently. The “[Puell Multiple](https://bitcoinist.com/bitcoin-rally-not-yet-euphoric-puell-multiple-suggests-more-upside/)” is a popular on-chain indicator that measures the ratio between the daily USD value of newly minted tokens and the 365-day moving average (MA) of the same. Supply 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. 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: [BitStarz Player Lands $2,459,124 Record Win! 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. Crypto Insight Analysis: Direction: Bearish BTC Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Miner revenue decline pressures BTC selling pressure in the short term.