The simplest formula on this site
Mayer Multiple, named after Bitcoin investor Trace Mayer who proposed it, is deliberately minimal:
That's it — no on-chain data, no realized cap, no miner revenue. It's a pure price-momentum indicator, which places it in a different methodological tier than MVRV or NUPL: it measures where price sits relative to its own recent trend, without reference to any measured economic quantity like cost basis.
The originally proposed band
Trace Mayer's original framework proposed roughly: a multiple above 2.4 signals an overextended, unsustainable rally; a multiple below 1 signals price trading beneath its own trend, a zone that has coincided with deep bear-market accumulation phases in the past. Between those two bands sits a wide "normal" range with no particular signal attached.
Why its simplicity cuts both ways
Because Mayer Multiple only needs a price series, it's fast, transparent, and impossible to break with a missing or paid data field. That same simplicity means it carries no information about actual holder behavior, exchange flows, or aggregate cost basis — two assets could have identical Mayer Multiples while one has healthy on-chain fundamentals and the other doesn't. It's best read alongside cost-basis indicators like MVRV rather than trusted on its own as a read on market health.