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The BTC Puell Multiple is showing a downward trend
As at press time, the BTC Puell Multiple has a value of 0.56, per data from a CryptoQuant chart, indicating moderate miner revenue. The BTC Puell Multiple, which is basically the ratio of the daily issuance of BTC to the asset’s yearly average, saw a value close to 1 two months ago when the asset was trading in the $38k zone.
With a value of 0.92 in early May, the Puell Multiple indicated that miners’ revenue was accelerating compared to the cost of mining. The value has since then been dropping as the bear market persists, with miners’ revenue plunging below expected standards. The lowest the metric reached since then was 0.34 on July 13 when BTC dipped below $20,500.
With a current value of 0.56, miners’ revenue is still looking neutral, but considering recent trends, it would not be surprising to witness a significant drop soon, as BTC keeps shedding the gains of the past two weeks. However, historical data indicates that a surging momentum has been repeatedly recorded following a breakout from this territory, as noted by a CryptoQuant analyst.
BTC MPI is currently 0.4, indicating a bullish trend
Additionally, the BTC Miners’ Position Index appears to be following a decreasing trend which shows a bullish outlook. The BTC MPI which rose to a disturbing 7.4 value on July 15 as BTC touched $20,824, has cooled off to a current value of 0.4 as at press time – the lower value indicates that miner outflow is decreasing which shows a bullish trend.
 
 
Bitcoin miners have been affected majorly by the current market conditions and other unique issues in the mining space such as increasing electricity costs. Despite the troubling trends, miner outflows metrics appear to be at neutral levels. Just last week, data revealed that BTC mining difficulty dropped by about 5% to levels seen in March.
Senior analyst at Arcane Research, Jason Mellerud noted that the drop in difficulty can be attributed to the persistent heatwave experienced in the US, especially Texas, which has pressured a lot of American miners to turn off their machines. BTC currently trades at $23,523, with a 7-day decrease of 0.54% in what appears to be a concerning declining pattern.
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