Circulating supply is the number of a cryptocurrency’s coins or tokens that are available to the public and moving in the market at a given moment. The figure changes over time as new units are released or removed.
Supply can go up when new coins enter the market through mining or minting, or when previously locked tokens are released. It can go down when tokens are permanently destroyed in a burn, or when coins become inaccessible.
Circulating supply covers the units that are publicly available for trade. It generally leaves out tokens that are locked, reserved, or otherwise not in public hands. Because some coins are lost or stuck in unusable addresses, the number is an estimate rather than a perfect on-chain truth.
Circulating supply is different from total supply, which counts all coins that currently exist, including those not accessible to the public. It is also different from maximum supply, which is the upper limit a project will ever have. Neither total supply nor maximum supply can be lower than circulating supply.
Crypto market capitalization is calculated by multiplying the asset’s price by its circulating supply. This is why the number is widely tracked on market data sites.
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