and other liquid assets. Second was the credit crisis and liquidation of Celsius, 3AC, and Babel Finance. Crypto market capitalization dropped by $2.1T from the all-time-highs reached in November 2021.
One can argue that as profitability decreases, miners will become forced sellers. The Puell Multiple , shown in orange in the chart below, is an oscillator which tracks the revenue generated by miners. The PM is showing a value of 0.35, which equates to revenues 61% below the yearly average. This is close to the levels seen in the 2014/2015 and 2018/2019 bear markets. At that time, miners saw a PM multiple of 0.31, which equated to a 69% revenue decline vs the yearly average.
Next, we will look at the Long Time Holders cohort. As market participants capitulate, LTHs come under stress. As shown below, the LTH cohort has seen a total supply decrease of 178KAnother interesting metric to understand the status of the current sell off is the old supply being revived. As can be seen below, about 20-36Kare currently being revived per day, which is similar to levels seen in April 22.
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