What Is Circulating Supply?

Units that can be transferred and traded without a protocol lock are generally candidates for circulating supply. The estimate may include coins held for long periods because inactivity does not prove they are unavailable.

Circulating supply is different from trading float. Some circulating units may sit in long-term wallets and rarely reach exchanges, so the number does not describe immediate sell-side liquidity.

Provider methods may exclude provably burned tokens, locked allocations, unvested team or investor tokens, treasury holdings with restrictions, and units that have not yet been issued. The correct treatment depends on whether those units can realistically enter the market.

A token held by an identifiable treasury is not automatically non-circulating. If it can be transferred freely, providers may classify it differently depending on their methodology.

These supply figures answer different questions and should not be used interchangeably.

• Circulating supply estimates units currently available to the market.
• Total supply generally reflects issued units minus units known to be permanently removed, although provider definitions can vary.
• Maximum supply is a protocol or project limit when one exists. Some assets have no fixed maximum.

Circulating market cap equals price multiplied by circulating supply. If a provider revises supply while price stays unchanged, the reported market cap can change without a comparable trade occurring.

Future unlocks can increase circulating supply. Their market effect is not mechanical: unlocked holders may sell, hold, stake, or use the tokens. Still, the schedule is relevant because it changes the amount that could reach the market.

Blockchains show balances and transfers, but labels such as team allocation, treasury, bridge reserve, or burned supply require interpretation. Cross-chain versions and changing lock conditions add complexity.

When supply is important to a comparison, review the data provider's methodology and project disclosures rather than relying on a single headline number.