币界网报道：[CryptoQuant: The Puell Multiple indicator is still low, which means that the market is mainly driven by external factors such as institutional demand] According to the report of CoinWorld, the Puell Multiple indicator, which measures the ratio of miners' daily income to their average annual income, is still close to the discount area and is currently below 1.40. Analysis shows that despite the sharp rise in prices, the growth of miners' income has not been synchronized, which may mean that the current market is mainly driven by external factors such as institutional demand, ETFs or tight circulation supply. The halving event in April 2024 further reduced miners' income. Experts believe that this rare combination of high prices and low indicators indicates that the market may have only completed half of the rising cycle. If miners' income grows in sync with demand in the coming months, Bitcoin prices are expected to set new highs.