Circulating Supply
Circulating supply is the number of coins or tokens currently available to the market and generally tradable. It is the figure used to calculate market capitalization.
What counts as circulating
Circulating supply tries to measure what could realistically be bought and sold right now. It usually excludes tokens locked in vesting contracts for the team and investors, unreleased treasury or foundation reserves, and tokens that have been burned.
There is no single official definition. Data aggregators rely on projects' own disclosures and their own methods, so the same token can show different circulating figures on different sites. Lost coins are another blind spot: bitcoins in wallets whose keys are gone still count as circulating, even though they will never move.
Why it matters for market cap
Market capitalization is price multiplied by circulating supply. If a token trades at 2 dollars with 50 million units circulating, its market cap is 100 million dollars. Because only circulating tokens are counted, a project with a small float, meaning few tokens available, can show a modest market cap while its fully diluted valuation is many times higher.
How it changes
Circulating supply grows when new coins are mined or staked into existence, when vesting schedules unlock tokens, or when a treasury releases funds. It shrinks when tokens are burned or locked again, for example in some staking designs. For many young tokens, scheduled unlocks are the biggest driver, and large unlocks can add significant selling pressure.
Common mistakes
Comparing tokens by price per unit ignores supply entirely; a token at 0.01 dollars can be valued higher than one at 100 dollars. Taking a site's circulating figure at face value can also mislead, so check how the project defines it and what is scheduled to unlock next. Reading circulating supply alongside total supply, maximum supply and the unlock calendar gives a much more complete picture than any single number.
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Frequently asked questions
What is the difference between circulating and total supply?
Total supply counts every unit that exists, including locked ones. Circulating supply counts only those available to trade.
Why do websites show different circulating supplies?
Each aggregator applies its own rules and relies on project disclosures, which can be incomplete or out of date.
Are lost bitcoins part of circulating supply?
Yes. There is no reliable way to prove coins are lost, so they remain in the count.
Related terms
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