Bitcoin News Today: Bitcoin's Puell Multiple Nears 0.50 Threshold, Sparking Bullish Bets vs. Structural Skepticism

Bitcoin's Puell Multiple, a key on-chain indicator used by analysts to gauge market cycles, currently stands at 0.67, hovering just above the historically significant 0.50 threshold. This level has historically marked the bottom of Bitcoin's price cycles since 2015, with readings below 0.50 often coinciding with troughs. Analysts and investors are closely monitoring the metric as it remains a focal point for assessing potential inflection points in the cryptocurrency's trajectory.

The Puell Multiple, developed by blockchain analytics firm Glassnode, is calculated by dividing the daily Bitcoin issuance to miners by its 365-day moving average, offering a normalized view of mining rewards relative to historical trends.

Recent market dynamics highlight a mix of caution and optimism. While Bitcoin's price has erased its 2025 gains, new projects like Bitcoin Munari are attracting attention. The project, which operates on Solana before transitioning to an independent Layer-1 network in 2027, has entered its second phase with a token price of $0.22. Its phased approach-leveraging Solana's infrastructure for initial liquidity while building out its own blockchain-reflects broader industry trends of hybrid deployment strategies according to reports. Meanwhile, institutional interest in Bitcoin-related financial products is growing, with firms like Anchorage Digital noting increased demand for yield-generating and collateralized Bitcoin strategies as investors seek active returns beyond passive accumulation according to data.

Market sentiment is further shaped by macroeconomic factors. A recent Fed policy shift has bolstered risk appetite, with Bitcoin Munari's project aligning its roadmap with the evolving regulatory landscape. The token's design, which mirrors Bitcoin's fixed supply model while incorporating smart-contract functionality and optional privacy features, underscores the push for utility-driven digital assets according to analysis. On the exchange front, platforms like Bitget are incentivizing participation through campaigns such as its Black Friday "Invest and Enjoy Equal Bonuses" initiative, offering matched rewards and a 50,000 USDT prize pool to users engaging with spot-grid trading. Such promotions highlight the competitive dynamics in the crypto trading space, where user acquisition and retention remain critical.

Glassnode's recent analysis also revealed a strong negative correlation between Bitcoin's price and USDt (USDT) activity over the past two years, with net outflows of the stablecoin from exchanges often preceding price increases. This inverse relationship suggests that investors are increasingly using Bitcoin as a hedge or speculative asset, locking in profits during bullish phases. However, analysts caution that no single indicator can reliably predict price movements, emphasizing the need for a multi-faceted analysis of on-chain metrics and macroeconomic conditions.

As the Puell Multiple edges closer to its historical threshold, market participants remain divided. While some view the 0.50 level as a potential catalyst for a rebound, others stress that structural challenges-such as regulatory uncertainty and macroeconomic volatility-could delay a sustained recovery. The coming months will likely test the resilience of both Bitcoin and the broader crypto ecosystem as projects like Bitcoin Munari navigate their migration paths and exchanges continue to innovate in a competitive landscape.