Bitcoin News Today: Bitcoin’s Puell Multiple Approaches 0.50 Mark, Fueling Optimism Amid Ongoing Doubts About Market Structure
The Puell Multiple, a widely watched on-chain metric used by analysts to interpret Bitcoin’s market cycles, is currently at 0.67—just above the historically important 0.50 mark.
Recent trends in the market reflect a blend of caution and hope. Although Bitcoin has lost its gains for 2025, new initiatives such as Bitcoin Munari are drawing interest. This project, which initially utilizes
Wider economic factors are also influencing market sentiment. A recent policy change by the Federal Reserve has increased risk-taking, and Bitcoin Munari’s development plan is adapting to the shifting regulatory environment. The token’s structure, which emulates Bitcoin’s capped supply while adding smart contract capabilities and optional privacy, highlights the trend toward digital assets with practical uses
Glassnode’s latest research also points to a strong inverse relationship between Bitcoin’s price and USDt (USDT) activity over the last two years, with net withdrawals of the stablecoin from exchanges frequently preceding Bitcoin price increases. This pattern suggests that more investors are treating Bitcoin as a hedge or speculative asset,
As the Puell Multiple approaches its historical benchmark, opinions among market participants are split. Some see the 0.50 mark as a possible trigger for a price rebound, while others argue that ongoing structural issues—like regulatory ambiguity and economic instability—could postpone a lasting recovery. The next several months are expected to challenge the durability of both Bitcoin and the wider crypto sector as projects like Bitcoin Munari continue their transitions and exchanges strive to stand out in a crowded market.
