Bitcoin stock-to-flow
How scarce Bitcoin is: the coins already in existence against the new coins mined each year.
Stock-to-flow today
Compiled by SBZ from the Bitcoin mining schedule. Updated hourly.
Coins in existence divided by new coins per year, since 2012 (log scale). Each step up is a halving. A measure of scarcity, not a price forecast.
What is stock-to-flow?
Stock-to-flow (S2F) divides the existing supply of an asset (the stock) by the amount produced each year (the flow). The higher the number, the more years of production it would take to double the supply, and the scarcer the asset. Gold, often used as the benchmark, has a stock-to-flow of roughly 60. Bitcoin’s rises in a step at every halving, when new issuance is cut in half.
How to read it
Bitcoin’s stock-to-flow has risen from about 3 at the start of 2012 to over 100 after the April 2024 halving, and it roughly doubles again at the next halving, expected in 2028. The card shows today’s ratio and the figure after the next halving. In 2019 a model by the analyst PlanB linked the stock-to-flow to the price, and its forecasts were widely followed.
Limits
Stock-to-flow measures supply only; it says nothing about demand. The price model based on it missed badly from 2021 onwards, so we show the ratio as a measure of scarcity, not as a price forecast. The schedule itself is fixed in Bitcoin’s code and is known years in advance.
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Frequently asked questions
What is Bitcoin’s stock-to-flow today?
The live ratio is shown at the top of this page, with the figure after the next halving.
Is the stock-to-flow model still valid?
The ratio is simple arithmetic and remains accurate. The price model built on it has failed since 2021, so it should not be used as a forecast.
How does Bitcoin’s stock-to-flow compare with gold?
After the 2024 halving, Bitcoin’s ratio passed gold’s, which is roughly 60. It roughly doubles again at each halving.
When does stock-to-flow change?
It rises slowly as coins are added, and jumps at each halving, about every four years, when issuance is cut in half.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.