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Glassnode

Stock-to-Flow Ratio — Stock-to-Flow (S/F) Ratio is a scarcity-based valuation model defined as the ratio of the current stock of a commodity (the circulating Bitcoin supply) to the flow of new production (newly mined bitcoins). The model assumes that scarcity drives value, and Bitcoin's price has historically followed the S/F Ratio, so it can be used to predict future Bitcoin valuations. Data by Glassnode.