The Bitcoin Puell Multiple has returned to the “discount zone,” a point historically associated with Bitcoin market funds, according to CryptoQuant analyst ‘Gaah’ on Tuesday. The last time this indicator was observed at such a low level was in March 2025, when Bitcoin’s price was trading close to $75,000.
The Puell Multiple is a metric that compares the daily revenue of Bitcoin miners to their annual average. When the indicator falls below 1, it signifies that miners are receiving less revenue than their historical average, which can indicate financial pressure and a potential for capitulation among miners.
This indicator is used to measure miner profitability and has historically been effective in signaling potential market tops and bottoms. The analyst noted that these moments often represent periods of opportunity, where the market may be pricing Bitcoin below its perceived fair value.
Markets at an Opportune Moment
The market is currently signaling that it is entering an opportune moment, the analyst stated. He further elaborated on this by saying:
Price zones where risk decreases and upside potential increases. It is precisely in these moments of pessimism that a new uptrend begins to form.
Puell Multiple Below the Discount Zone
“Historically, all major correction reversals have started in precisely these discount regions. It is not a guarantee of immediate bottoming, but statistically it has signaled major bottoms” – By @gaah_impic.twitter.com/NTIZCocSfK
— CryptoQuant.com (@cryptoquant_com) November 25, 2025
The Bitcoin miner hash price has also experienced a significant decline, slumping 43% over the past four months as miner profitability has dwindled. This metric, currently at $0.036 per terahash per second per day, quantifies the expected earnings for miners based on a given amount of hashrate. According to Hashrate Index, the hash price is now at a historical low.
Another relevant metric, the Sharpe ratio, has also fallen into territory associated with opportune risk/reward. CryptoQuant reported earlier this week that the indicator is at “a level historically associated with moments of maximum uncertainty and the early stages of risk repricing.”
The Sharpe ratio measures an asset's return in relation to its risk. When this ratio is near zero, it suggests that Bitcoin has delivered poor returns, which can create a more favorable investment setup.
Bitcoin Recovery Stalls
The recovery of Bitcoin has recently stalled, with the asset trading sideways over the past 24 hours. Bitcoin reached the $88,000 level twice in the last 12 hours but failed to overcome this resistance and subsequently fell back. It is currently trading around $87,600 and beginning to consolidate in this range.
Santiment commented on the market sentiment, stating, "Despite a decent rebound to start the week, crypto markets still show significant short and mid-term losses among average wallet investments."