The Puell Multiple is defined as the ratio between the daily issuance of BTC (in USD) divided by the 365-day moving average of the daily issuance of BTC (in USD). In other words, the Puell Multiple compares the difference between short-term BTC miner revenue to that of the longer-term revenue trend. A lower score equates to lower profit for miners and vice versa. This indicator has proven itself to be one of the most reliable macro-bottoming signals for BTC. Historically, values under that of .50 are considered to be indications that a bottom is in/near.