비트코인 Puell 다중 급락, 그러나 아직 하단 영역 내부는 아님

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. Related Reading: Bitcoin Could Be At Risk Of A Deeper Bear If This Ratio Compresses, Says Glassnode 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