CG Cycle Watch #13
Puell Multiple: 0.54 - miner revenue well below the 365-day average, in the historical stress zone.
Data → Miners earning significantly less relative to their own trailing average.
Interpretation → Historically correlates with periods of miner capitulation and weak-hand flushouts.
Lesson → On-chain stress metrics like this are best used as context for systematic strategy design, not as standalone entry signals.
Stress-test how your positioning would've performed across similar historical zones
#OnChain #PuellMultiple #CryptoStrategy
Puell Multiple: 0.54 - miner revenue well below the 365-day average, in the historical stress zone.
Data → Miners earning significantly less relative to their own trailing average.
Interpretation → Historically correlates with periods of miner capitulation and weak-hand flushouts.
Lesson → On-chain stress metrics like this are best used as context for systematic strategy design, not as standalone entry signals.
Stress-test how your positioning would've performed across similar historical zones
#OnChain #PuellMultiple #CryptoStrategy