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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Puell Multiple Plunges, But Not Inside Bottom Zone Yet

Keshav Verma
Keshav Verma
Last Updated: November 28, 2025 8:00 am
2 mins read
Bitcoin

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On-chain data shows the Bitcoin Puell Multiple has gone through a decline recently, a sign that miner revenue has gone down relative to its baseline.

Bitcoin Puell Multiple Has Dropped To 0.67

In a new post on X, analyst Ali Martinez has talked about the latest trend in the Bitcoin Puell Multiple. The “Puell Multiple” refers to a popular on-chain indicator that keeps track of the ratio between the daily BTC mining revenue (in USD) and 365-day moving average (MA) of the same.

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Miners earn their income through two sources: block subsidy and transaction fees. In the context of the metric, however, only the former part of their revenue is relevant.

Block subsidy is a fixed BTC-denominated reward that miners receive when they add the next block to the chain. Usually, it makes up for the dominant and stable part of miner income.

When the value of the Puell Multiple is greater than 1, it means that the network validators are earning a higher revenue from block subsidy than the average for the past year. On the other hand, the metric being under the mark implies miners are making less than usual.

Now, here is the chart shared by Martinez that shows the trend in the Bitcoin Puell Multiple over the past decade:

Bitcoin Puell Multiple
The value of the metric seems to have sharply gone down in recent weeks | Source: @ali_charts on X

As displayed in the above graph, the Bitcoin Puell Multiple has witnessed a rapid decline recently that has taken its value below the 1 level. This drop in the metric is a result of the bearish price action that the cryptocurrency has faced.

The block subsidy is fixed in BTC value and is more-or-less also fixed in rate of time, so the daily BTC income from it is about constant for miners. The USD value of the reward, however, is dependent on the asset’s spot price, which is indeed variable.

The earlier bull run resulted in the Puell Multiple rising above the 1 mark as miner revenue from block subsidy surged. Similarly, the market downturn has led to a decline in the USD miner income.

Today, the metric’s value is 0.67, meaning that the chain validators are making just 67% of the average revenue from the last 365 days. Historically, miners being under a high amount of pressure has made bottoms more probable for Bitcoin.

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As the analyst has highlighted in the chart, the major bottoms since 2015 have generally formed when the Puell Multiple has dipped below 0.50. If the current cycle is also going to follow a similar pattern, then miner pain may not be enough for a bottom yet.

BTC Price

The latest rebound in the Bitcoin price has sustained for now as its price is still trading around $91,600.

Bitcoin Price Chart
Looks like the price of the coin has been climbing over the last few days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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