CryptoQuant: BTC Puell Multiple has dropped into the discount zone, a historical signal that may indicate the formation of a market bottom

CryptoQuant's analysis indicates that the Bitcoin Puell Multiple metric has fallen into the discount zone, a level last seen in March 2025, when the Bitcoin price was around $75,000.

This metric reflects the market valuation status by comparing miners' daily income to the annual average income. The current metric is below 1, indicating that miners' income is below normal levels and may face financial pressure. Historical data shows that all major market correction reversals began in these discount zones, and while it does not guarantee an immediate bottom, it statistically suggests a major bottom in the Bitcoin bull market cycle.

Analysts believe that the current market is entering a phase of reduced risk and increased upside potential, where this pessimistic sentiment often nurtures a new upward trend.