# 普尔倍数

## Definition

Puell Multiple is defined as the ratio of the daily value of the issued coin in USD divided by 365 days moving average of the daily value of issued coins in USD.

$$
\text{Puell Multiple} = \frac{\text{Daily Issued Coin Value in USD}}{\text{Daily Issued Coin Value in USD (365 days moving average)}}
$$

## Interpretation

Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?". This metric helps traders gauge the market cycles from the global view.

## Use Case

We set the upper threshold as 4 and the lower threshold as 0.5 (after logarithmized) for spotting market tops and bottoms. As you can see below, Puell Multiple locates its local tops or bottoms well to the market's local tops or bottoms.

![](/files/-MCvR389AAq94fBXwq0z)

## Link to Our Data

* [Puell Multiple in CryptoQuant Live Chart](https://cryptoquant.com/overview/full/393?window=day)
* [Puell Multiple in CryptoQuant Data API Docs](https://cryptoquant.com/docs/#operation/getPuellIndex)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://userguide.cryptoquant.com/zh/network-indicators/pu-er-bei-shu.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.