> 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/zh/network-indicators/pu-er-bei-shu.md).

# 普尔倍数

普尔倍数是指所发行代币的每日价值（以美元计）与该值365日移动平均值的比值。

## 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.

![](https://2200722702-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MBHQ44vVRUAbLIaMwGN%2F-MCq02Knfkg78gNzBJFX%2F-MCvR389AAq94fBXwq0z%2Fimage.png?alt=media\&token=b2326a47-ea0e-4bbc-a5b9-aa26b0433ede)

## 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)


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