Onchain Highlights
DEFINITION: The stock-to-flow (S/F) Ratio is a popular model that assumes scarcity drives value. It is defined as the ratio of the current stock of a commodity (e.g., the circulating Bitcoin supply) to the flow of new production (e.g., newly mined bitcoins). Bitcoin’s price has historically followed the S/F Ratio, which is why it’s a popular model used to predict future Bitcoin valuations.
Bitcoin’s stock-to-flow ratio chart has so far illustrated a historical correlation between scarcity and value. However, recent data from Glassnode showed a deviation from this model over the past few years. Despite the April 2024 halving, which reduced the flow of new Bitcoin and increased scarcity, Bitcoin’s price has not aligned as closely with the projected stock-to-flow values as it did in previous cycles.
Graph showing Bitcoin’s projected stock-to-flow ratio from 2010 to 2028 (Source: Glassnode)
This deviation suggests that other market factors are influencing Bitc
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