CryptoQuant: BTC Puell Multiple Drops into Discount Zone, Historic Signal May Indicate Market Bottom Formation

ChainCatcher News, CryptoQuant published an analysis stating that the bitcoin Puell Multiple indicator has fallen into the discount zone, a level last seen in March 2025, when the bitcoin price was around $75,000.

This indicator reflects the market valuation status by comparing miners' daily revenue with the annual average revenue. The current indicator is below 1, indicating that miners' income is below normal levels and they may be facing financial pressure. Historical data shows that all major market correction reversals began in these discount zones. Although this does not guarantee an immediate bottom, statistically it signals a major bottom during bitcoin bull market cycles.

Analysts believe that the current market is entering a stage of reduced risk and increased upside potential. Such pessimism often breeds a new round of upward trends.