L2 · Cycle Position
Puell Multiple
Daily miner issuance revenue ÷ its 365-day average.
Source：CoinMetrics（自算）Level：aux
Current reading · as of 2026-10-01
1.01
Fairlevel 1.01
Zones: rules and how often each occurred
| Zone | Rule | Share of history in this zone |
|---|---|---|
| Miner capitulation | < 0.50 | 4.8% |
| Low | 0.50 ~ 1.00 | 39.9% |
| Fair ◀ now | 1.00 ~ 2.00 | 40.9% |
| Warm | 2.00 ~ 3.50 | 11.2% |
| Overheated | ≥ 3.50 | 3.2% |
Normal range
Current
1.01
Percentile 46
Normal range (p10–p90)
0.56 ~ 2.35
80% of history
Typical (p25–p75)
0.75 ~ 1.52
median 1.09
Extremes
0.29 ~ 10.49
2011-07-17 – 2026-10-01, 5556 daily observations
p5 0.50median 1.09p95 3.07
Window: 2011-07-17 – 2026-10-01, 5556 daily observations. L1 macro gauges use post-2018 data only (macro had no explanatory power over BTC in 2010–2017); on-chain cycle gauges use full history. Percentiles describe position in history — not trade signals.
Judged series · full history level · dashed = zone boundaries; blue band = normal range (light p10–p90, dark p25–p75)
For reference: BTC price (log) same time axis, linked hover
Rules and evidence grades: Methodology; rule changes are logged in Corrections.