Bitcoin 
$87,626.61 marketPuell Multiple, known as the profit indicator of miners in 2017, fell into the discount zone again. CryptoQuant analyst gaahthe last time the indicator fell to this level was in March 2025, and the price was traded around $75,000 at that time. quoted. According to the analyst, the current value is similar to the periods when Bitcoin was historically priced below the market.
Miners Under Pressure, Opportunities Appear
Puell Multiple The indicator is used as a benchmark that compares the daily income of miners with their annual average. When the value drops below 1, it is understood that miners earn less income than the average and therefore remain under financial pressure. In the past, this has often signaled the end of weak periods in the market and the beginning of new uptrends. The analyst emphasized that a window of opportunity has opened for long-term investors by stating, “Price zones where the risk decreases and the upside potential increases are generally seen in moments when pessimism prevails.”
Miner revenuesThe sharp decline in TL stands out as one of the most important data supporting this view. According to Hashrate Index data, the “hash price”, which measures miner profitability, dropped by 43 percent in the last four months to $0.036 per terahash per day. This, Bitcoin mining It was recorded as one of the lowest levels in history.
Sharpe Ratio is also in the Opportunity Zone
Measures the return-risk balance of investment Sharpe The rate has historically fallen within opportunity ranges. According to the evaluation published by CryptoQuant at the beginning of the week, the rate decreased to the levels where uncertainty reached its maximum and risk began to be repriced. Traditionally, the Sharpe ratio approaching zero indicates a more attractive investment environment in the medium term due to low returns.
However, Bitcoin’s short-term recovery has stalled. The biggest to test $88,000 twice in the last 24 hours cryptocurrencycould not overcome this resistance and started to trend horizontally at the level of $ 87,600. Santiment data shows that despite the strong opening of the week, average investor wallets are still in short- and medium-term losses.
