Puell Multiple, 365-Day compares today’s issuance value in USD with its 365-day average. It is the canonical Puell version because the full-year baseline smooths miner issuance across price swings and halving-related shifts better than the faster variants.
A rising series means current issuance value is running above its one-year norm. A falling series means issuance value has compressed below that baseline. It is most useful for broad miner-cycle context, especially with BTC Price and Miner Revenue.
The key distinction is window length. This version is intentionally slow, so it is better for macro miner conditions than for early detection of short-term turns. That is exactly what separates it from the 128-day and 30-day variants.
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