Demand-mining ratio
How many times current daily bitcoin demand exceeds the new supply minted by miners each day. A ratio of 6× means buyers are absorbing six bitcoin for every one freshly mined. Because mining issuance is fixed and halves every four years, a demand-mining ratio above 1 is the structural scarcity pressure behind the float shrinking over time.
The ratio jumps discontinuously at each halving: if demand holds steady, a 6× ratio becomes 12× the day issuance is cut in half. This is the supply-side argument the /float page visualizes.