Macro Indicators

Stock-to-Flow

Existing supply ÷ annual new issuance — scarcity model (PlanB)

Category: Macro Indicators Also known as: 3 Related terms: 2

Definition

Ratio of total existing BTC (stock) to annual new issuance (flow). Higher = scarcer. Halvings double the ratio. Originally proposed by PlanB in 2019; predictive accuracy debated. We compute the ratio from on-chain data, not the price-model.

Context anchor

Pre-2024 halving ~60; post-halving ~120; gold's ratio ~62

Example

Current S2F ratio: 120 (Stock 19.75M ÷ Flow 164k BTC/year)

Also known as

stock to flows2fstock-to-flow ratio