What Does Puell Multiple Say About Current Bitcoin Bear?

Puell multiple is an indicator that has historically given hints about previous Bitcoin cycles, here’s what it says about the current bear market.
Bitcoin Puell Multiple Has Been Going Up During The Last Couple Of Months
According to the latest weekly report from Glassnode, miners are currently raking in just 63% of the revenues of last year.
The “puell multiple” is a metric that measures the ratio between the current Bitcoin miner revenues, and the 365-day moving average of th