The Puell Multiple, a metric tracking Bitcoin miner revenue, has climbed back above the 1.00 threshold as of October 4, 2026. This 7-day moving average reading represents an 11-month high for the indicator, which had remained below 1.00 since November 2025.
Data from CryptoQuant indicates the metric reached approximately 1.07 on October 4 and 5, 2026. This follows a recent peak of 1.08 recorded on September 22, 2026, and a subsequent dip to 1.05 by the end of September.
The indicator began 2026 at 0.86 and reached a low of 0.64 on February 24, 2026. Analysts at CryptoQuant now view 2.00 as the next primary benchmark for the metric, suggesting a potential transition out of the market's previous discount phase.
Created by David Puell in 2019, the formula calculates the ratio of the daily value of newly issued Bitcoin to its 365-day average. A sustained position above 1.00 indicates that daily issuance revenue is exceeding the trailing yearly average, reducing pressure on miners.
