Dashboard/Lab/Puell Multiple (real)

Puell Multiple (real)

Name: Bitcoin Puell Multiple (real) (daily)
Creator: OnChainLab

Valuation Models

Puell Multiple computed from real miner revenue (subsidy + fees) rather than a proxy. Below 0.5 = miner capitulation, above 4 = overheated.

Current Value

1.0663

As of

2026-10-16

Z-Score

—

Signal

No threshold

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Methodology

Open, reproducible — computed from our own archive node

Definition

Puell Multiple (real) — Puell computed from actual coinbase issuance revenue (subsidy + fees) extracted from blocks, rather than a supply-diff proxy.

Formula

puell_multiple_real = miner_issuance_usd / rolling₃₆₅_mean(miner_issuance_usd)

How we compute it

Consumes true daily coinbase issuance value (coinbase BTC × price) from the miner-extraction stage, divided by its 365-day mean (min 30 days). 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

Same bands as the standard Puell, but grounded in real per-block miner revenue.

< 0.5Miner capitulation

0.5 – 4Normal

> 4Overheated

Caveats & limitations

·Requires the miner-extraction stage.

Data points: 5,875 rows, 2010-09-16 to 2026-10-16Open in Lab →

Current Puell Multiple (real) reading

As of 2026-10-16, Bitcoin’s Puell Multiple (real) is 1.066, compared with 1.123 one year earlier (2025-10-16). The series has 5,875 daily readings from 2010-09-16 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest Puell Multiple (real) on record is 20.45 on 2011-06-10; the lowest is 0.283 on 2011-11-24. 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.