Mining
Puell Multiple, Hash Ribbons, and Hashprice track miner revenue pressure — a key macro bottom indicator when miners capitulate.
Puell Multiple
Daily issuance value (USD) divided by the 365-day moving average. Low values (<0.5) indicate miner stress and historically coincide with cycle bottoms; high values (>2-3) signal overheated markets.
Hash Ribbons
When the 30-day hash rate MA crosses below the 60-day MA, miners are capitulating (hash rate dropping). The cross back above signals miner recovery — historically a strong buy signal.
Hashprice (USD/TH/day)
Revenue per terahash per day. When hashprice collapses, miners face severe margin pressure and may be forced to sell — often preceding or coinciding with macro price bottoms.