CryptoQuant: The Puell Multiple indicator is still at a low level, indicating that the market is primarily driven by external factors such as institutional demand.

The Puell Multiple indicator, which measures the ratio of miners' daily earnings to their average annual earnings, is still close to the discount zone and is currently below 1.40, according to Golden Finance. The analysis shows that despite the sharp rise in prices, miners' revenue growth has not kept pace, which could mean that the current market is mainly driven by external factors such as institutional demand, ETFs, or a tightening of circulating supply. The April 2024 halving event further reduced miner earnings. Experts believe that this rare combination of high-price-low indicators suggests that the market may only be halfway through its upward cycle, and that bitcoin is expected to reach new highs in the coming months if miners' revenues grow in tandem with demand.