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Puell Multiple, Coinbase Issuance

Definition

The ratio of the USD value of new issuance during the period to the 365-day moving average of the USD value of new issuance. Only those native units that are issued by a protocol-mandated continuous emission schedule are included (i.e., units manually released from escrow or otherwise disbursed are not included).
Name
MetricID
Category
Subcategory
Type
Unit
Interval
Puell Multiple, Coinbase Issuance
PuellMulCont
Supply
Issuance
Ratio
Dimensionless
365 days

Details

  • Computed as IssContUSD/ma365(IssContUSD)

Release History

  • Release Version: NDP-EOD 4.8 (Nov, 2020)

Interpretation

The Puell Multiple provides insight into market cycles from a mining revenue perspective. Because miners are sometimes considered compulsory sellers given their fixed costs (e.g., equipment, electricity), metric provides insight into the supply side of a cryptoasset's economy. The idea being, that periods where the Puell Multiple is extremely low could be buying opportunities for investors, and periods where it is extremely high could indicate a profit-taking/selling opportunities.

See Also

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