When assessing Bitcoin’s cyclical behaviour, on-chain data offers a window into capital flows and stress points. One of the most overlooked but historically effective indicators in this toolkit is the Puell Multiple — a metric that reflects miner profitability and, by extension, their likely behaviour under economic strain or excess.

Unlike sentiment-based indicators or momentum models, the Puell Multiple grounds itself in mining economics. When miner revenue extremes align with price action, the signal tends to pre-empt both euphoric tops and distressed bottoms.