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Bitcoin Puell Multiple Drops Below Discount Zone But Recovery Stalls

Bitcoin Mining

Nov, 26, 2025

< 1 min read

by Martin Young

for CryptoPotato

Bitcoin Puell Multiple Drops Below Discount Zone But Recovery Stalls

The Bitcoin Puell Multiple has returned to the “discount zone,” a point historically associated with Bitcoin market funds, said CryptoQuant analyst ‘Gaah’ on Tuesday. The last time the indicator was this low was in March 2025, when the price was trading close to $75,000.

The Puell Multiple compares BTC miners’ daily revenue to their annual average. When it falls below 1, miners are receiving less than normal, indicating financial pressure and potential capitulation.

Read the article at CryptoPotato