According to a report from CryptoQuant on June 13, the Puell Multiple indicator, which measures the ratio of miner day income to annual average income, remains close to the discount zone, currently below 1.40. Analysis shows that despite a significant rise in prices, miner income growth has not kept pace, which may indicate that the current market is mainly driven by external factors such as institutional demand, ETFs, or tight circulating supply. The Halving event in April 2024 further reduces miner earnings. Experts believe that this rare combination of high prices and low indicators suggests that the market may have only completed half of the rise cycle, and if miner income and demand grow in sync in the coming months, Bitcoin prices are expected to reach new highs.