Since Bitcoin’s (BTC) creation in 2009, the digital asset has undergone a halving event every four years, cutting the number of coins constantly entering the ecosystem in half, making it a deflationary asset.
Based on its hard-coded scarcity, and in line with its halvings, Bitcoin has risen dramatically in price over the years, giving the asset a high stock-to-flow ratio. When graphically depicted with deviation bands, Bitcoin historically has tested band levels below its median prior to halving years.