Trading glossary
Understand circulating supply in crypto, how it differs from total and max supply, and why it matters for market capitalization and asset comparison.
Circulating supply refers to the amount of a token or coin that is currently available to buy and sell in the open market. It excludes units that are locked, reserved, staked with restrictions, or held back by a project under a vesting schedule. Because it counts only tradable units, circulating supply is the figure most data providers use when calculating a crypto asset's market capitalization.
Three related measures often appear together. Circulating supply is what is available now. Total supply includes coins that exist but are locked or reserved, minus any that have been verifiably burned. Maximum supply is the hard cap a protocol will ever create, if one exists. Comparing these numbers shows how much potential supply could still enter circulation over time.
Circulating supply directly affects market cap and helps traders interpret price. Two tokens at the same price can have very different total valuations depending on how many units circulate. Understanding upcoming unlocks or emissions helps you gauge possible future supply changes. This is educational information only and not financial advice; digital assets are volatile and can lose value.
Supply can rise as vested tokens unlock, as mining or staking issues new coins, or as reserves are released. It can fall when tokens are burned. These changes are usually defined by a project's tokenomics.
No. Total supply includes locked and reserved units that are not yet tradable. Circulating supply counts only what is currently available in the open market.