Internet reports that the Puell Multiple indicator, which measures the ratio of daily income to average annual income of miners, is still close to the discount zone and is currently below 1.40. Analysis shows that despite the sharp rise in prices, miners 'income growth 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 'profits. Experts believe that this rare combination of high price and low indicators suggests that the market may have only completed half of the rising cycle. If miners 'income grows in line with demand in the next few months, bitcoin prices are expected to hit new highs.