# 存量产量比

## Definition

Stock to Flow (SF) Ratio is defined as a ratio of currently circulating coins divided by newly supplied coins.

$$
\text{SF Ratio} = \frac{\text{Currently circulating coins}}{\text{Newly supplied coins}}
$$

## Interpretation

SF ratio assumes that the scarcity of the coin drives the price of the coin. The analysis on SF ratio is first presented by a pseudonymous [Dutch institutional investor](https://100trillionusd.github.io/) who operates under the Twitter account “[PlanB](https://twitter.com/100trillionUSD)”. By looking at SF ratio as a chart, we can spot where the market regime is.

## Use Case

### Statistical analysis on SF ratio

The original authors claim that the log of SF ratio is in a linear relationship with the log of the price. We reproduce the results of what they claim and as a result, shown in the figure below, SF ratio and price are in a linear relationship (not perfectly but in some sense) with significant statistics (p-value under 0.01, R-square over 90%).

![](https://2200722702-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MBHQ44vVRUAbLIaMwGN%2F-MEM3FxhlePpPOzbZ6uc%2F-MEMVn5EK4rV32yIe6pY%2Fimage.png?alt=media\&token=d938bd30-3884-420f-8e13-febee96988ce)

Following the above linear statistics (trend and intercept), we can plot how closely they are related in a time-series manner. With this graph, we can recognize that the current price is in what regime recently.

![](https://2200722702-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MBHQ44vVRUAbLIaMwGN%2F-MEM3FxhlePpPOzbZ6uc%2F-MEMRI4uyHpaECUtOyuD%2Fimage.png?alt=media\&token=d250fb61-ffed-448a-82a2-f64071c4ab43)

## Link to Our Data

* [Stock to Flow in CryptoQuant Live Chart](https://cryptoquant.com/overview/full/467?window=day)
* [Stock to Flow in CryptoQuant Data API Docs](https://cryptoquant.com/docs#operation/getStockToFlow)