> For the complete documentation index, see [llms.txt](https://userguide.cryptoquant.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://userguide.cryptoquant.com/ja/nettowku/puell-multiple.md).

# Puell Multiple

## 定義

Puell Multipleとは、発行されたコインの米ドル建ての日次での価値を、その365日移動平均で割った比率と定義されます。

$$
\text{Puell Multiple} = \frac{\text{発行されたコインの日次価値（USD）}}{\text{発行されたコインの日次価値（365日移動平均, USD）}}
$$

## 解釈

Puell Multipleは、「採掘されたビットコインがすべて市場ですぐに売却された場合、マイニングプールは過去1年間と比較してどれだけ利益を上げているか」と解釈することができます。この指標は、トレーダーがグローバルな視点から市場のサイクルを測るのに役立ちます。

## 使用例

上限の閾値を4、下限の閾値を0.5（対数化後）とし、マーケットのトップとボトムを見極めます。下図のように、Puell Multipleは、市場の局所におけるトップやボトムをよく見つけるために役立ちます。

![](/files/-Mi0sVxiAupGDCZak7P4)

## データへのリンク

* [CryptoQuantライブチャートのPuell Multiple](https://cryptoquant.com/overview/full/393?window=day)
* [CryptoQuant データAPIドキュメントのPuell Multiple](https://cryptoquant.com/docs/#operation/getPuellIndex)


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