Bitcoin’s Puell Multiple climbs back above 1.00, per CryptoQuant

Bitcoin miners finally have something to smile about. The Puell Multiple, a closely watched gauge of miner revenue, has pushed back above 1.00, according to CryptoQuant. The 7-day moving average of the metric crossed that line around October 4, 2026. That reading marks an 11-month high, and CryptoQuant framed it as a possible reversal that could carry the metric toward 2.00. The numbers behind the move CryptoQuant first flagged the crossover on October 4, 2026. Data from October 4 and 5 put the Puell Multiple at approximately 1.07. That figure sits just under a recent peak. The metric touched 1.08 on September 22, 2026, then settled at 1.05 by the end of that month before edging back up. The path to get here was not pretty. The Puell Multiple opened 2026 at 0.86 and kept sliding. It bottomed at 0.64 on February 24, a level associated with real strain on mining operations. The metric had stayed below 1.00 since approximately November 2025. Research findings describe this as the first move above the threshold in nearly ten months, which caps off a long stretch that analysts characterize as an accumulation phase. A metric built for miners The Puell Multiple was created by analyst Davi...