Puell Multiple at 0.54 (Patreon)

Buying Bitcoin when the Puell Multiple is in the "zone" (below 0.5) has historically produced outsized returns for investors. This pattern has been observed across multiple market cycles, making it a valuable tool for identifying macro bottoms.

Currently we are at 0.54 which is super close to the kill zone which we normally only hit in a bear market bottom - see chart here

 A low Puell Multiple means Bitcoin miners are facing tough times:

• Lower earnings: Miners are making less money than usual, which can lead to financial pressure.

• Adjusting operations: Some miners might need to cut back or turn off their less efficient machines.

• Fewer coins sold: The miners still operating get a bigger share of the network and can afford to sell fewer coins to cover their costs.

• Buying near this level normally produces outsized returns.

H/T to Sanjay for bringing this to my attention.