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On-chain Valuation

Stock-to-Income Model

Bitcoin price model using total miner revenue as flow

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Chart informationStock-to-Income Model

About This Indicator

The Stock to Income model extends Stock-to-Flow by including miner transaction fees in the flow calculation. Stock = active Bitcoin supply; Flow = block subsidy + 365-day average miner fees. The model is re-fit daily against actual price history. Unlike S2F, it projects forward as fees grow relative to subsidy post-halving.

Current Value & Interpretation

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Data Sources

  • BTC Price: CoinGecko (stored daily)
  • Miner Fees: Blockchain.info transaction-fees API (stored daily)
  • Block Subsidy: Computed from halving schedule
  • S2I Regression: OLS fit of ln(price) ~ ln(s2i) from 2012-present

Last Updated

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Related Charts

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