Skip to content
BTC BTC $60,194.00 +0.97% ETH ETH $1,579.29 +0.78% USDT USDT $0.998447 -0.01% BNB BNB $558.88 -1.01% USDC USDC $0.999759 +0.00% XRP XRP $1.05 +0.90% SOL SOL $71.15 -1.45% TRX TRX $0.320094 +0.15% FIGR_HELOC FIGR_HELOC $1.03 +1.30% HYPE HYPE $62.30 -2.64% DOGE DOGE $0.074666 -0.85% USDS USDS $0.99964 +0.01% RAIN RAIN $0.015591 -0.35% LEO LEO $9.43 +2.54% ZEC ZEC $400.24 -4.59% CC CC $0.152399 +0.22% XLM XLM $0.174045 -2.79% XMR XMR $313.72 -1.50% WBT WBT $48.08 -0.23% LINK LINK $7.32 +0.12% ADA ADA $0.145389 -1.24% LAB LAB $16.18 -14.97% USD1 USD1 $0.999158 -0.01% DAI DAI $0.99952 -0.02%
Analyzing Market
Glossary

Circulating Supply

Circulating supply is the number of coins or tokens that are publicly available and actively trading. It excludes tokens that are locked, reserved, or not yet released, and it is the figure used to calculate market capitalization.

How it works

Circulating supply sits between two other measures. Total supply counts all tokens that currently exist minus any that have been verifiably burned. Maximum supply is the hard cap that will ever exist, if one is defined. Circulating supply can grow over time as locked or unminted tokens are released through emissions, staking rewards or vesting schedules.

Why it matters

Because market cap depends on it, the circulating supply figure directly shapes how large an asset appears. Tokens with a small circulating supply but a large total supply can face future “unlock” pressure as more tokens enter the market, which is an important part of reading a project’s tokenomics.

Example

Bitcoin’s circulating supply rises slowly toward its fixed maximum of 21 million as miners receive block rewards.

Circulating Supply: Frequently Asked Questions

How is circulating supply different from total and maximum supply?
Circulating supply is the portion publicly available and trading. Total supply counts all tokens that currently exist minus any verifiably burned. Maximum supply is the hard cap that will ever exist, if one is defined. Circulating supply sits between these, and it is the figure used to calculate market cap.
Why does circulating supply matter for price?
Market cap is price multiplied by circulating supply, so the circulating figure directly shapes how large an asset appears. Two coins with similar prices can have very different market caps depending on supply. It is a key input when comparing valuations, but it should be read alongside total and maximum supply.
Can circulating supply increase over time?
Yes. Circulating supply can grow as locked or unminted tokens are released through emissions, staking rewards, or vesting schedules. Tokens with a small circulating supply but a large total supply can face future "unlock" pressure as more enter the market. Bitcoin's circulating supply, for example, rises slowly toward its fixed maximum of 21 million.
← All terms

Latest news

Ethereum Staking Yield Falls to 2.9%: Validator Economics, Liquid Staking, and What to Expect Next — data-visualization illustration
Ethereum

Ethereum Staking Yield Falls to 2.9%: Validator Economics, Liquid Staking, and What to Expect Next

With 34 million ETH staked (28% of supply) and low gas fees reducing MEV and tips, ETH staking yield has compressed to…

Dipayan Mitra 2 min read
Bitcoin ETF Daily Inflows Hit New Records: BlackRock IBIT and What It Means for BTC Price — data-visualization illustration
Bitcoin

Bitcoin ETF Daily Inflows Hit New Records: BlackRock IBIT and What It Means for BTC Price

US spot Bitcoin ETFs are pulling in hundreds of millions per day. We break down the flow data, who is buying, and…

Brian Njuguna 3 min read
Market Cap vs. Price: Why a "Cheap" Coin Isn't Always Cheap — data-visualization illustration
Market Analysis

Market Cap vs. Price: Why a “Cheap” Coin Isn’t Always Cheap

One of the most common beginner mistakes is judging a cryptocurrency by its unit price. A coin priced at a few cents…

Dipayan Mitra 3 min read