What miners earn each day, in dollars (block reward + fees).
The network's security budget in real value (issuance + fees). A close cousin of the Puell Multiple — but note: Puell uses only the day's ISSUANCE (freshly created bitcoins, fees excluded) relative to its yearly average. It's a cycle indicator: very low = miner capitulation (often near bottoms), very high = euphoria (often near tops).