Bitcoin Puell Multiple Drops to 0.67 as Miner Revenue Falls Below Historical Average

The Bitcoin Puell Multiple has fallen to 0.67, indicating miners are earning 67% of their typical yearly income from block subsidies, according to analyst Ali Martinez. The decline follows recent price weakness, though the metric remains above the sub-0.50 levels historically associated with major market bottoms since 2015. Bitcoin currently trades around $91,600 as miner profitability remains compressed.