Crypto Instinct
@cryptoinstinct
Puell Multiple Red zone (> 4) Miner revenues are 4-10× their norm → they start selling heavily → every major cycle peak (2011, 2013, 2017, 2021) happened up here. Current Puell Multiple ≈ 2 — miners earn 2× their 365-day avg, nowhere near euphoric territory🔔
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