Puell Multiple
Daily Bitcoin issuance value (in USD) divided by its 365-day moving average. Below 0.5 = miner capitulation · every major cycle bottom landed in this zone. Above 4.0 = miners are over-earning, top territory.
How to read it
Puell measures miner income against its own yearly average. Below 0.5 means miners are earning half their normal take, the zone where weak miners shut off machines and forced selling exhausts itself. Above 4.0 means miners are over-earning, which historically coincides with price tops. Between those bands it says little. Note that halvings mechanically cut the numerator, so readings straddling a halving need care.
On Galaxy Mind
Puell carries 13% of the Buying Gauge. The /stack cockpit computes it from Coinmetrics daily issuance value against the 365-day average, and the methodology page documents the exact construction so the number is reproducible.
Context
Every major bottom since 2012 has landed in the sub-0.5 zone, including the post-FTX November 2022 low. The signal is one of the few that reads the supply side directly: it tracks the people who must sell bitcoin to pay power bills, which is why capitulation there has been such a reliable floor marker.