BTC : Puell Multiple — Stress Phase Ongoing Puell Multiple remains below 1.0, confirming sustained pressure on miner revenues. The 30DMA continues to trend lower, signaling that profitability stress is still building. Historically, price has consistently moved toward the red zone. This cycle is unlikely to be an exception. For stress to fully resolve, the Puell Multiple 30DMA typically needs to dip into the 0.4–0.5 range and then reverse back toward 0.8. Until that turn occurs, miner-driven selling risk remains elevated. This is a stress phase — not a recovery signal yet.