<ul data-eligibleForWebStory="true"><li>Bitcoin is trading around all-time highs, but miner revenues are not keeping pace.</li><li>The Puell Multiple, a metric comparing miner revenue to the annual average, remains below 1.40, indicating potential undervaluation.</li><li>Miners are not reaping proportional rewards from the price rally, suggesting external forces are at play.</li><li>Institutional demand, spot Bitcoin ETFs, and reduced block rewards are impacting miner income and tight supply.</li><li>Structural demand, not speculative hype, may be driving the current price rally.</li><li>CryptoQuant's analysis indicates the current cycle could be only halfway through, with room for further expansion.</li><li>If miner revenues rise in line with market demand, Bitcoin could reach new highs in the coming months.</li><li>Bitcoin's near all-time high reflects strong momentum, but underlying fundamentals suggest more potential ahead.</li></ul>

Bitcoin Trades Around All-Time Highs While Miner Revenues Lag Behind

Discover more