Kaspa (KAS) Puell Multiple Signals 3 Months of Miner Capitulation – What Comes Next

Kaspa has started appearing on people’s radar again, and this time it’s not just about what the price is doing on the chart. There’s an on-chain metric called the Puell Multiple that’s starting to stand out, and many traders see it as one of those early signs that a recovery phase could be getting closer.

Over the past few months, Kaspa’s Puell Multiple has stayed below the 0.5 level. That might not sound like a big deal at first, but in crypto, it usually means miners are under pressure. When that kind of pressure lasts for a long time, it tends to change how the market behaves.

What’s Going On With Miners

To really understand what this means for the KAS price, you have to look at the miners. The Puell Multiple basically compares what miners are earning now to their average earnings over the past year. When it drops below 0.5, it means they’re earning much less than usual.

That’s exactly what’s been happening. For about three months, miners have been dealing with low revenue. Over time, this pushes out weaker or higher-cost operations, leaving only the more efficient miners running.

As that happens, selling pressure starts to ease. Miners usually sell part of their rewards to cover costs, so when fewer miners are active, there’s less consistent selling in the market. That drop in selling pressure can quietly help support the KAS price.

A Long Stay in the Accumulation Zone

KaspaDaily helped us understand how the Puell Multiple has been moving over the past year, and the current phase really stands out. After peaking around May 2025, it’s been on a steady decline, eventually dropping deep into the accumulation zone below 0.5.

And it didn’t just dip there for a short time. It stayed in that zone for months, even falling as low as around 0.35 earlier this year. When a metric stays this low for that long, it often lines up with points where the market starts to find a bottom.

What’s interesting now is that the metric is starting to edge higher again. It’s still near that accumulation level, but the slight uptick hints that miner conditions could be improving. That kind of change often shows up around the early stages of a broader recovery.

Why This Matters for the KAS Price

When miners are no longer operating at a loss and start to recover, one of the main sources of selling pressure begins to fade. That alone can create a more stable environment for the KAS price.

At the same time, the market is nowhere near a phase where miners are earning well above average and selling heavily. Right now, conditions are the opposite. There’s no sign of overheating, which means the KAS price has room to move if demand starts to increase.

Put all of this together, low selling pressure, improving miner conditions, and a long accumulation period, and you get a setup that traders often watch closely. It doesn’t guarantee a move higher, but it’s the kind of structure that has come before stronger rallies in the past.

Read Also: Crypto Price Prediction for Today, April 1: Kaspa (KAS), XRP, Cardano (ADA)

What Could Happen Next

For now, the KAS price looks like it’s in a phase where patience is important. A lot of the groundwork seems to be happening behind the scenes, driven by changes in miner behavior and improving on-chain data.

If the Puell Multiple keeps rising and miner conditions continue to improve, it could help support a more steady recovery in the KAS price. If not, the market might need more time to settle before making any clear move upward.

At this point, it’s less about quick price action and more about how the overall structure develops. After months of pressure on miners and early signs of recovery starting to appear, the KAS price is now in a position that has often come before stronger moves in the market.

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