Circulating Supply

The total number of a digital asset’s tokens or coins that are publicly available and actively circulating in the market.

What is Circulating Supply?

Circulating supply refers to the portion of a digital asset’s total token or coin supply that is currently accessible for trading, spending, or holding by the public. Unlike the total supply (which includes all tokens created) or maximum supply (the absolute cap on tokens that will ever exist), circulating supply excludes tokens that are locked, reserved, or not yet released, such as those held in vesting schedules, team allocations, or foundation reserves. On platforms like CoinMarketCap, circulating supply is a key metric used to calculate a digital asset’s market capitalization (Market Cap = Current Price × Circulating Supply).

For example, as of September 2025, Bitcoin’s circulating supply is approximately 19.7 million BTC out of its maximum supply of 21 million BTC, as some coins are still being mined over time. This distinction matters for newer digital assets with token unlock schedules, where a low circulating supply relative to a high total or maximum supply can signal future dilution risks. CoinMarketCap sources circulating supply data directly from project teams or blockchains, ensuring accuracy, though discrepancies can arise if projects fail to report locked tokens transparently.

Circulating supply is critical for investors to assess a project’s current market presence and potential valuation shifts as more tokens enter circulation. A low circulating supply paired with a high fully diluted valuation (FDV) may indicate overvaluation if demand doesn’t scale with future unlocks. Investors should cross-reference circulating supply with tokenomics details on CoinMarketCap or project whitepapers to understand vesting schedules and emission rates.