Dormant bitcoin

As of fall 2021, the circulating supply of BTC was 18.8 million. There is a flow of 0.33 million bitcoins (328,725 ÷ 1,000,000). This gives Bitcoin a current stock-to-flow ratio of 18.8 million ÷ 0.33 million = 57 .

The average Mayer Multiple is 1.47 for the history of Bitcoin. The multiple on 5 February 2018 is 1.00X . A higher multiple has historically happened 75% of the time.

Comparing past bull cycles, Bitcoin almost has always held at the golden ratio of 1.618 and formed a hammer before heading off to new all-time highs.

The average Mayer Multiple since the creation of Bitcoin is 1,42 . The Mayer Multiple has historically been higher than today’s value 79% of the time.