Mayer Multiple

Name: Bitcoin Mayer Multiple (daily)
Creator: OnChainLab

Valuation Models

Price divided by its 200-day moving average. Above 2.4 has historically marked cycle tops, below 1 marks discounted accumulation zones.

Current Value

1.1273

As of

2026-10-16

Z-Score

—

Signal

Yellow

Loading chart…

Methodology

Open, reproducible — computed from our own archive node

Definition

Mayer Multiple — spot price divided by its 200-day moving average. A simple, robust cycle gauge.

Formula

mayer_multiple = price / SMA₂₀₀(price)

How we compute it

200-day simple moving average of price (min 1 period), divided into spot price. NaN-safe.

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Above ~2.4 has historically marked cycle tops; below 1 marks discounted accumulation zones.

< 1Discount (below 200DMA)

1 – 2.4Normal

> 2.4Historical top zone

Caveats & limitations

·A pure price metric — no on-chain inputs. Included for cross-confirmation with on-chain valuation.

References

Trace Mayer, "Mayer Multiple"

Data points: 5,904 rows, 2010-08-18 to 2026-10-16Open in Lab →

Current Mayer Multiple reading

As of 2026-10-16, Bitcoin’s Mayer Multiple is 1.127, compared with 1.008 one year earlier (2025-10-16). The series has 5,904 daily readings from 2010-08-18 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest Mayer Multiple on record is 12.90 on 2011-06-10; the lowest is 0.252 on 2011-11-21. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

Realized Cap (true cost basis) — Realized cap computed coin by coin: every unspent output valued at the price on the day it was created, from our own node.
Realized Cap (legacy seeded estimate) — The realized-cap estimate published until 2026-10-12: anchored to hand-entered reference values, with daily changes filled in between.
Realized Price (true cost basis) — True cost-basis realized cap divided by live supply — the average price at which every coin last moved.
Puell Multiple — Daily miner revenue divided by 365-day average.
Stock-to-Flow — Existing supply divided by annual new issuance.

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: Valuation Models. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.