Stock to Flow (S2F)

Stock-to-flow divides what exists (supply) by what's produced per year (flow). Each halving doubles the ratio in one step — the staircase in the line. Bitcoin's S2F now exceeds 100, i.e. over a century of current production to replicate the existing supply, putting it beyond gold (~60).

The infamous S2F price model (scarcity → price power law) overshot badly after 2021 and is widely considered broken; we chart the ratio itself, which is just arithmetic fact, alongside price for context — scarcity rises on schedule regardless of what price does with it.