Bitcoin is currently trading near its all-time high, hovering around the $108,000 mark—a level that underscores strong bullish momentum and renewed optimism across the market.
Yet, despite the impressive price action, data from CryptoQuant reveals a notable disconnect: miner revenues remain subdued.
Puell Multiple Stays Low Despite Price Strength
The Puell Multiple, a metric that compares miners’ daily revenue to the annual average, remains below 1.40—close to the so-called “discount zone.” Historically, values under 1.0 indicate periods of accumulation and potential undervaluation, where the market price hasn’t yet caught up with long-term value.
Seeing the Puell Multiple remain low while BTC trades near its peak is unusual. It suggests that miners are not yet reaping proportional rewards from the price rally, a sign that external forces may be driving the current momentum.
Institutional Demand and Supply Constraints Take the Lead
The divergence could be attributed to growing institutional demand, particularly from spot Bitcoin ETFs launched earlier this year. In addition, the post-halving reduction in block rewards has squeezed miner income even as prices climb, tightening supply and potentially amplifying upward pressure on Bitcoin’s price.
These factors point to a market fueled by structural demand rather than speculative hype—a setup that could extend the rally further.
Cycle May Still Be Midway
CryptoQuant’s analysis indicates that the current cycle may only be halfway through. The rare combination of near-record prices and subdued miner fundamentals suggests room for further expansion. If miner revenues begin to rise alongside market demand, Bitcoin could break into new highs in the months ahead.
For now, Bitcoin’s position near its all-time high reflects strong momentum—but the underlying fundamentals hint that the best may still be to come.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-trades-around-all-time-highs-while-miner-revenues-lag-behind/