Latest / Adler AM: Bitcoin Morning Brief
The Puell Multiple is declining - miners are entering the stress zone
Miner metrics have entered a stress zone comparable to post-halving drawdowns, but the market has not yet reached a full-scale capitulation on the scale of 2018 and 2022. The key question is whether the Puell 30DMA will hold above 0.50, or whether the market will shift into survival mode.
The skinny
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