Scarcity does not give something value, though it can affect the value.

For example, I have a stone in my hand. It is unremarkable in every way except that it the only one like it in the world. It has the ultimate scarcity, but I don't think that anyone believes that it has any value. I have no problem dropping it on the ground and forgetting it.

Likewise, because scarcity does not give something value, neither does stock-to-flow, though again that can affect the value.

What gives something value is the desire to obtain it, interact with it, or just experience it. The most prominent sources of value that I can think of are utility and beauty. I believe that the value of Bitcoin was originally derived from its beauty (in the form of cleverness and elegance). Without value, Bitcoin has no utility, so once it established that original value, it then gained value from its utility.