This is an updated read on the Puell Multiple as of April 21, 2025, following my earlier breakdown last week. While Bitcoin has continued to climb, breaking above $88,000, miner behaviour remains unchanged — and that’s exactly what matters.

The Puell Multiple currently sits at 0.99. No stress. No spike. No miner exit pressure. This latest reading confirms that the most structurally significant supply-side group in the market — miners — are not behaving like this is a cycle top.