My "comeback" post: I've seen many opining that the Puell Multiple is "overheated" and therefore we are likely to get a correction. I will now present to you the reason why I think that is likely an incorrect assesment (and for the very same reason my own unique approach to the Puell Multiple in terms of very simplified, yet (so far) very effective technicals, is likely not going to be working so smoothly and easily going forward, if at all.) First of all, what's Puell Multiple? In very simplified terms, Puell Multiple literally is the answer to the following question: "If all mined bitcoins were immediately sold on the market, how profitable are mining pools compared to the last historical year?" Or if you so prefer - (the "official" dataguide definition): "Puell Multiple is defined as the ratio of the daily value of the issued coin in USD divided by 365 days moving average of the daily value of issued coins in USD" What does that mean vs. the "ordinals drama" - that means that the recent "ordinals" flood causing the fees spike brought A LOT of revenue to the miners - let's not forget about the fact that some blocks' fees have actually exceeded the base block reward ("block subsidy"). Unaware of either the very Puell Multiple definition OR of the implications it may have had on the indicator, ESPECIALLY if one looks at the fees alone spiking, many may have come to the conclusion that 30keks must have been it - the toughest resistance of them all, right? But if you have a look at the rest of them long-term bottom fishing indicators, such as Realized price or LTH SOPR structure - absent some REAL BAD Bitcoin-native black swan (no, USG weren't selling BTC, as the CQ team has quickly established), nothing could be further from the actual current on-chain evidence. It's a bull market! And the power players are figuring out the hard way that the days of unbridled "inexplicable" market manipulation are over. Time has come for us, the on-chain wizards, to shine!

Written by Tomáš Hančar