Is This The Most Reliable BTC Bottom Signal?

🚨 In Case You Missed It

Acala Network suffered an exploit where hackers minted over 1.2 billion aUSD tokens, leading to a 99% collapse in price.
Venture capital firm Dragonfly acquired MetaStable Capital, hedge fund with $400 million under management.
Aave began blocking addresses that have previously received ETH withdrawals from Tornado Cash.
Galaxy Digital terminated its acquisition of crypto custodian BitGo, citing a failure to deliver audited financial statements.

📊 Is This The Most Reliable BTC Bottom Signal?

In July 2022, the Puell multiple, one of the most reliable bottom signals for BTC, fell to 0.34. This is the lowest the indicator has gone since 2019.
Even as the indicator currently sits at 0.54, values under 0.50 have historically marked price bottoms and are considered as good accumulation zones.
So, what exactly is the Puell multiple? Well, it’s 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, it compares the short-term revenue of BTC miners to its longer term trend. A lower score equates to lower revenue for miners.
Since 2014, the Puell multiple has gone below 0.50 only 4 times: during the previous market bottoms of 2015 and 2019, the Covid-induced crash of Spring 2020, and most recently in July 2022.
Although the indicator is not great for smaller time frames, it does specify a good accumulation range for long-term investors.
Even as the Puell multiple seems to indicate a market bottom, other indicators must be used in tandem to conduct a meaningful analysis.
For more on market updates, Delphi members can read our latest Market Insights report here.

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🐣 Notable Tweets

Bitcoin Risk Assessment

Welcome to your weekly quantitative edge in the #Bitcoin market.

As on every Monday, we are going to look at the lite version of the #Bitcoin Aggregate Risk Model.

1/🧵

— Mikołaj Zakrzowski (@StackSmartly) Aug 15, 2022

Michael Burry, Infamous ‘Big Short’ Investor, Sells Nearly Everything

Michael Burry’s latest 13-F is out and he sold NEARLY EVERYTHING HE OWNS

His only reported investment is LONG GEO Group $GEO

Looks like @michaeljburry thinks we’re headed lower.

— Brandon Beylo (@marketplunger1) Aug 15, 2022

Uniswap Labs NFT Head on Sudoswap

at the moment @sudoswap is the leading nft hyper-structure imo

any nft owner can now become their own marketplace. just deposit nfts and eth and set your fee on-top of the 0.5% protocol fee

adoption is a lot easier by focusing on b2c

— Scott 🦄 (@Scott_eth) Aug 14, 2022

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