普尔倍数
普尔倍数是指所发行代币的每日价值（以美元计）与该值365日移动平均值的比值。
Definition
Puell Multiple is defined as the ratio of the daily value of the issued coin in USD divided by 365 days moving average of the daily value of issued coins in USD.
Interpretation
Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?". This metric helps traders gauge the market cycles from the global view.
Use Case
We set the upper threshold as 4 and the lower threshold as 0.5 (after logarithmized) for spotting market tops and bottoms. As you can see below, Puell Multiple locates its local tops or bottoms well to the market's local tops or bottoms.
Link to Our Data
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