Circulating supply

Circulating supply refers to the number of units of a crypto asset that are currently available in the market. It includes tokens that are not locked, burned, or otherwise removed from public circulation. Circulating supply is commonly used to calculate market capitalization by multiplying an asset’s current price by the circulating supply. Circulating supply often differs from a token’s total supply and maximum supply. This is because some tokens may be locked for staking rewards, ecosystem incentives, future releases, or other valid reasons.

For example, the 20-millionth Bitcoin was mined on March 9, 2026, meaning Bitcoin’s circulating supply reached 20 million BTC. Since Bitcoin’s maximum supply is 21 million BTC, more than 95% of all Bitcoin has entered circulation.
 

• The total number of tokens or coins available and actively traded.
• Excludes locked, burned, or unreleased tokens.
• A key factor in determining a cryptocurrency’s market capitalization.