CryptoQuant reported that Bitcoin's Puell Multiple has remained above 1, reaching its highest level in 11 months. According to the company, this indicates BTC is moving out of the accumulation zone. The company considers this metric one of the key indicators for miners.

The indicator compares current miner revenue to the annual average

The Puell Multiple compares the current value of BTC mined by miners to the average over the past year. A value below 1 means mining revenues are below the yearly average; historically, such periods have often coincided with BTC accumulation phases.

A value above 1 signals miner revenue recovery

The indicator rising above 1 shows a recovery in miner revenues and, according to the company, may signal the market is entering a stronger growth phase. The next key level for the metric is 2, which is typical for stronger bull market phases.