Bitcoin News Today: Bitcoin’s Puell Multiple Approaches 0.50 Mark, Fueling Optimism Amid Ongoing Doubts About Market Structure

The Puell Multiple, a widely watched on-chain metric used by analysts to interpret Bitcoin’s market cycles, is currently at 0.67—just above the historically important 0.50 mark.

in Bitcoin’s price cycles since 2015, with dips below 0.50 typically aligning with market bottoms. Both analysts and investors are keeping a close eye on this indicator as it remains central to identifying possible turning points in Bitcoin’s price movement. The Puell Multiple, created by the blockchain analytics company Glassnode, the daily issuance to miners by its 365-day average, providing a normalized perspective on mining rewards compared to historical patterns.

Recent trends in the market reflect a blend of caution and hope. Although Bitcoin has lost its gains for 2025, new initiatives such as Bitcoin Munari are drawing interest. This project, which initially utilizes

before moving to its own Layer-1 blockchain in 2027, has begun its second phase with tokens priced at $0.22. The project’s phased rollout—using Solana’s network for early liquidity while developing its own chain—mirrors a broader industry movement toward hybrid deployment models . At the same time, institutional appetite for Bitcoin-based financial products is on the rise, with companies like Anchorage Digital observing more interest in yield-focused and collateralized Bitcoin strategies as investors look for active returns beyond simple holding .

Wider economic factors are also influencing market sentiment. A recent policy change by the Federal Reserve has increased risk-taking, and Bitcoin Munari’s development plan is adapting to the shifting regulatory environment. The token’s structure, which emulates Bitcoin’s capped supply while adding smart contract capabilities and optional privacy, highlights the trend toward digital assets with practical uses

. On the exchange side, platforms such as Bitget are encouraging user engagement with promotions like their Black Friday “Invest and Enjoy Equal Bonuses” campaign, and a 50,000 prize pool for those participating in spot-grid trading. These incentives underscore the competitive nature of crypto exchanges, where attracting and keeping users is crucial.

Glassnode’s latest research also points to a strong inverse relationship between Bitcoin’s price and USDt (USDT) activity over the last two years, with net withdrawals of the stablecoin from exchanges frequently preceding Bitcoin price increases. This pattern suggests that more investors are treating Bitcoin as a hedge or speculative asset,

. Still, experts warn that relying on a single metric is insufficient for predicting price trends, that considers both on-chain data and macroeconomic factors.

As the Puell Multiple approaches its historical benchmark, opinions among market participants are split. Some see the 0.50 mark as a possible trigger for a price rebound, while others argue that ongoing structural issues—like regulatory ambiguity and economic instability—could postpone a lasting recovery. The next several months are expected to challenge the durability of both Bitcoin and the wider crypto sector as projects like Bitcoin Munari continue their transitions and exchanges strive to stand out in a crowded market.