Stock-to-flow
years of current issuance to reproduce the supply
How many years of mining at the current rate it would take to produce all the bitcoin that already exists. It doubles at every halving and is the number behind the scarcity argument.
DefinitionCirculating supply / annual issuance. Exactly the reciprocal of the inflation rate.
LimitIt is arithmetic about issuance and says nothing about demand. The famous stock-to-flow price model built on it has been falsified since 2021, which is why we chart the ratio and not the model.