The Puell Multiple, a key indicator in the Bitcoin 
$91,081 market signaling miner profitability, has once again entered the discount region. According to CryptoQuant analyst Gaah, the indicator last reached this level in March 2025 when Bitcoin was trading at around $75,000. Gaah suggests the current value is reminiscent of historical periods when Bitcoin was undervalued in the market.
Miners Identify Opportunities Under Pressure
The Puell Multiple is used to compare miners’ daily revenue to the annual average. When the value drops below 1, it indicates that miners are earning less compared to the average, thus experiencing financial stress. Historically, this scenario has often marked the end of weak market periods and the beginning of new uptrends. The analyst highlights that “areas where risk decreases and upward potential increases are typically seen during moments of prevailing pessimism,” suggesting a window of opportunity for long-term investors.
The steep decline in miner revenues emerges as one of the most significant data supporting this view. According to Hashrate Index data, the “hash price,” which measures miner profitability, has plummeted by 43% over the past four months to $0.036 per terahash daily. This marks one of the lowest levels in Bitcoin mining history.
Sharpe Ratio Signals Opportunity
The Sharpe ratio, measuring the return-risk balance of investments, has also descended into historical opportunity ranges. According to a report by CryptoQuant released at the beginning of the week, the ratio has dropped to levels where uncertainty has peaked and risk pricing has recommenced. Traditionally, when the Sharpe ratio approaches zero, it signals a more attractive investment environment in the medium term due to low returns.
However, Bitcoin’s short-term recovery has stalled. The largest cryptocurrency tested the $88,000 level twice in the past 24 hours but failed to break through this resistance, stabilizing at $87,600. Despite a strong start to the week, Santiment data reveals that average investor wallets remain at a short- and medium-term loss.
