What is the Puell Multiple:Daily issuance value of Bitcoins (nominated in USD) devided by the 365-day moving average of the daily issuance.The Puell Multiple is calculated by dividing the daily issuance value of Bitcoins (nominated in USD) by the 365-day moving average of the daily issuance. The metric was created byDavid Puell.What does it show:Puell Multiple can be interpreted as "If all mined Bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?". It compares 365 days average estimated revenue with short-term revenue of miners.Miners are the only entity that requires constant cost such as running electricity. Thus, miners' behaviors are always linked to price to certain degree. If Puell multiple rises, it indicates that Miner's revenue is increasing significantly compared to the cost they put in. If Puell multiple decreases, it indicates that Miner's revenue is decreasing significantly compared to the cost they put in. When the price of Bitcoin falls to the point where miners can't handle the cost of electricity, some misers will be forced to stop their mining action.How can it be used:Historically the Puell Multiple has good record in calling price bottoms and tops. Values above 4 could indicate that the price is overvalued which goes along with an increasing miner's motive to sell. Values below 0.5 could indicate that price is undervalued which goes along with an increasing miner's motive to hold their Bitcoin reserve.Further reading:Understanding the Puell Multiple: A Key Bitcoin Indicator