TechFlow, June 13 — According to CryptoQuant, the Puell Multiple indicator, which measures the ratio of miners' daily earnings to their annual average income, remains close to the discount zone, currently below 1.40. Analysis shows that despite significant price increases, miner revenue growth has not kept pace, suggesting that the current market may primarily be driven by external factors such as institutional demand, ETFs, or tightening circulating supply. The April 2024 halving event further reduced miner revenues. Experts believe this rare combination of high prices and low indicator levels indicates the market may have completed only half of its upward cycle, and if miner income grows in tandem with demand over the coming months, Bitcoin's price could reach new highs.
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