BTC Stock-to-Flow: 122.32
How many years of new bitcoin production it would take to recreate all the bitcoin that already exists. The number doubles at every halving — that is what people mean when they say Bitcoin gets scarcer.
All the bitcoin in existence divided by the amount created over the last 12 months. If it reads 120, then at today's rate of new coins it would take 120 years to mine again what already exists.
The line steps up sharply at each halving and drifts gently upward in between. For example, moving from about 55 to about 110 across the 2024 halving means bitcoin became twice as hard to reproduce overnight — gold sits around 60 on the same measure.
It measures scarcity and nothing else. Some people have built price models on top of it; those models have missed badly, and nothing on this chart forecasts a price.
In words: the total number of coins in existence, divided by the number of coins created over the previous 12 months.
It says nothing about demand, and scarcity alone has **never** set a price. Every step change is known years in advance, so nothing here is news to the market.
Own compute · full BTC price history 2010+ (no external API)