The Bitcoin Puell Multiple has fallen back into the discount zone, a level historically associated with market bottoms and buying opportunities, according to CryptoQuant analyst 'Gaah'. The last time this indicator was this low was in March 2025, when Bitcoin traded near $75,000.
The Puell Multiple compares Bitcoin miners' daily revenue to their 365-day moving average. When it drops below 1, it indicates miners are earning less than usual, pointing to financial stress and potential capitulation. These moments often mark periods of opportunity, where the market prices Bitcoin below its fair value, Gaah stated, adding that price zones where risk decreases and upside potential increase often precede new uptrends.
Supporting this, the Bitcoin miner hash price has slumped 43% over the past four months, hitting a record low of $0.036 per terahash per second per day, as reported by Hashrate Index. Additionally, the Sharpe ratio has entered opportune risk/reward territory, signaling maximum uncertainty and the early stages of risk repricing.
Despite these signals, Bitcoin's price recovery has stalled. BTC briefly touched $88,000 twice in the past 12 hours but failed to sustain gains, now consolidating around $87,600. Santiment noted that crypto markets still show significant short and mid-term losses among average wallet investments, highlighting ongoing pressure.
