⛏️ THE MINERS' THERMOMETER: What does the Puell Multiple tell us about $BTC ?
To understand where the price is heading, we need to look at those who maintain the network: the miners. Today we analyze the Puell Multiple, an indicator that measures the value of Bitcoin's daily issuance relative to its annual average.
🧠 How to read this chart? (Quick Guide)
🟩 Green Zone (Floor): When the orange line touches or falls below the dotted green line, miners barely cover costs. Historically, these have been the best moments to accumulate ("Capitulation" points).
🟥 Red Zone (Ceiling): When the orange line rises towards the top, miners have massive profits and often sell to take profits, marking market tops.
📍 What situation are we in today? (February 2026)
Looking at the end of our chart:
Total cooling: After the profitability peaks we saw in 2024 and 2025, the Puell Multiple has fallen significantly into the mid-low zone.
No signs of Euphoria: We are not even close to the "Top" zone (ceiling). This tells us that, although the price has retraced, there is no massive selling pressure from miners at this moment.
Verdict: We are in a "Reset" phase. Miners are holding on and profitability has normalized. Historically, being at these mid-levels after a correction is a sign of healthy consolidation before the next impulse.
Do you think miners will see record profits again this year or do we still have another scare towards the green zone? 👇
#bitcoin #BTC #MiningCrypto #CryptoStrategy
$BTC $BNB
To understand where the price is heading, we need to look at those who maintain the network: the miners. Today we analyze the Puell Multiple, an indicator that measures the value of Bitcoin's daily issuance relative to its annual average.
🧠 How to read this chart? (Quick Guide)
🟩 Green Zone (Floor): When the orange line touches or falls below the dotted green line, miners barely cover costs. Historically, these have been the best moments to accumulate ("Capitulation" points).
🟥 Red Zone (Ceiling): When the orange line rises towards the top, miners have massive profits and often sell to take profits, marking market tops.
📍 What situation are we in today? (February 2026)
Looking at the end of our chart:
Total cooling: After the profitability peaks we saw in 2024 and 2025, the Puell Multiple has fallen significantly into the mid-low zone.
No signs of Euphoria: We are not even close to the "Top" zone (ceiling). This tells us that, although the price has retraced, there is no massive selling pressure from miners at this moment.
Verdict: We are in a "Reset" phase. Miners are holding on and profitability has normalized. Historically, being at these mid-levels after a correction is a sign of healthy consolidation before the next impulse.
Do you think miners will see record profits again this year or do we still have another scare towards the green zone? 👇
#bitcoin #BTC #MiningCrypto #CryptoStrategy
$BTC $BNB