Analysis
Stock-to-Flow
Scarcity model that compares existing supply to new annual issuance.
Stock-to-flow (S2F) divides circulating supply by the amount produced per year. Bitcoin's S2F roughly doubles at every halving, and the model — popularized by analyst PlanB — historically tracked BTC's logarithmic price growth. The model has decoupled from price since 2022 and is now mostly a long-term reference rather than a forecasting tool.