Bitcoin Puell Multiple Hits 0.96, Biggest 3-Month Surge

The Puell Multiple's move to 0.96 matters less as a directional signal than as evidence that miner stress is easing after a period of compression. Since the metric relates miner revenue to its historical average, the rapid three-month climb implies the weakest operators are no longer forced sellers, which can quietly tighten available supply. Whether that improvement persists depends on whether it reflects genuinely better network economics or merely a rebound from an oversold base — the distinction that separates a durable shift from a temporary one.