The ratio of the USD value of new issuance during the period to the 365-day moving average of the USD value of new issuance. Only those native units that are issued by a protocol-mandated continuous emission schedule are included (i.e., units manually released from escrow or otherwise disbursed are not included).
| Name | MetricID | Category | Subcategory | Type | Unit | Interval |
|---|---|---|---|---|---|---|
| Puell Multiple, Coinbase Issuance | PuellMulCont | Supply | Issuance | Ratio | Dimensionless | 365 days |
- Computed as IssContUSD/ma365(IssContUSD)
- Release Version: NDP-EOD 4.8 (Nov, 2020)
The Puell Multiple provides insight into market cycles from a mining revenue perspective. Because miners are sometimes considered compulsory sellers given their fixed costs (e.g., equipment, electricity), metric provides insight into the supply side of a cryptoasset's economy. The idea being, that periods where the Puell Multiple is extremely low could be buying opportunities for investors, and periods where it is extremely high could indicate a profit-taking/selling opportunities.
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