Bitcoin in Accumulation Phase Despite Macro Headwinds, On-Chain Data Indicate

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The Puell Multiple, a tool that measures one-year revenue growth among bitcoin miners, indicates there’s buying interest among investors and, with a reading of 0.5, places bitcoin in a so-called green zone for those looking to build long-term exposure to the coin, CryptoQuant analysts told CoinDesk. The metric entered the green zone in the last leg of the previous bear market, which preceded weeks of price consolidation and a subsequent revival, as reported.

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