Puell Multiple, 128-Day compares today’s issuance value in USD with its 128-day average. It is the medium-horizon member of the Puell family, faster than the canonical 365-day version but less reactive than the 30-day line.
A rising series means miner issuance value is strengthening relative to the last four months. A falling series means that medium-term backdrop is weakening. It is most useful when the question is whether miner conditions have shifted over months rather than weeks or full cycles.
The key distinction is balance. This version was built to respond earlier than the annual baseline without reacting to every short-lived move, which is why it sits between the macro and tactical variants rather than replacing either one.
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