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© 2026 The Markets Unplugged - Published with Ghost & Aspect

Bitcoin Puell Multiple Update: Why This Silent Miner Phase Could Define the Next Expansion

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    Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar. Covers how on-chain signals map to cycle phases.
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  • May 7, 2025
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Bitcoin Puell Multiple Update: Why This Silent Miner Phase Could Define the Next Expansion
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Bitcoin remains steady around $97,000, yet the noise around cycle tops grows louder. In contrast, the data from the Puell Multiple suggests quite the opposite — miner flows remain restrained, hinting at a far more structured market phase.

In my view, this is precisely where significant cycle expansions tend to take root. Calm, not chaos, is the signal.


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Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar. Covers how on-chain signals map to cycle phases.
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