Bitcoin to $695K? S2F Model Points to Explosive Growth by End of 2025

As we approach the final stretch of 2025, all eyes are on Bitcoin's trajectory. According to the widely followed Stock-to-Flow (S2F) model, Bitcoin is projected to reach remarkable price levels by the end of the year. The S2F model, created by the pseudonymous analyst PlanB, is based on the principle of scarcity — a key driver of value in assets like gold and Bitcoin.

Using PlanB’s original formula:

Price = 0.4 × (S2F)³ = 0.4 × (120.24)³ ≈ $695,417

After the April 2024 halving, Bitcoin’s block reward dropped from 6.25 to 3.125 BTC, reducing the annual supply. With approximately 19,750,000 BTC in circulation by November 2025 and only 164,250 new BTC mined per year, the stock-to-flow ratio jumps to around 120.24. This means Bitcoin’s supply is now scarcer than ever.

This suggests a potential Bitcoin price near $695,417 USD by the end of December 2025 — assuming historical S2F relationships continue to hold.

While no model is perfect, S2F has historically offered long-range price accuracy, especially in years following Bitcoin halvings. Though actual market conditions, sentiment, regulation, and adoption trends also play major roles, the S2F projection gives long-term investors a compelling macro perspective.

Whether or not Bitcoin hits $695k in December, the fundamentals of reduced supply and growing institutional demand continue to build a strong narrative. We encourage readers to stay educated, monitor on-chain metrics, and prepare wisely for what could be another defining chapter in Bitcoin's journey.