The indicator has been in this range for least three months, since November 2025.
Whenever Puell Multiple reaches Discount zone, it represents a good time to accumulate Bitcoin.
In average indicator remains in this region for about 200 days, therefore, we are still halfway in period, indicating continuation bearish trend in price BTC.
Bitcoin miners are under pressure short term, with lower revenues and lower prices being perfect fuel for small entrepreneurs in sector to shut down machines and capitulate to cover expenses.
If price continues decline, this effect intensifies, increasing pressure to sell miners' reserves, which today stand at around 1.8 million BTC and have been declining over last four years.
Written by G a a h
