Circulating Supply
Également connu sous: Available Supply, Free Float
The number of cryptocurrency tokens currently available and circulating in the public market, excluding locked, reserved, or burned tokens.
Circulating supply refers to the number of tokens that are publicly available and actively trading in the market. It excludes tokens that are locked in vesting schedules, held by the team in reserve, burned, or otherwise restricted from circulation.
Supply Metrics Compared:
| Metric | Definition | Example (BTC) |
|---|---|---|
| Circulating Supply | Tokens available now | ~19.6M |
| Total Supply | All created tokens minus burned | ~19.6M |
| Max Supply | Hard cap, ever possible | 21M |
Why Circulating Supply Matters:
Market capitalization, the primary metric for comparing cryptocurrency sizes, is calculated as:
Market Cap = Circulating Supply x Current Price
A token priced at $1 with 1 billion circulating supply has the same $1B market cap as a token priced at $100 with 10 million supply. This is why price alone is meaningless for comparison.
Factors That Change Circulating Supply: - Token Unlocks: Vested tokens entering circulation (increases supply) - Staking Lock-ups: Tokens locked in staking contracts (debatable) - Burns: Tokens permanently destroyed (decreases supply) - Mining/Minting: New tokens created as rewards (increases supply) - Bridge Locks: Tokens locked when bridging to other chains
Supply Inflation Risk: Projects with low circulating supply relative to total supply may face significant sell pressure as locked tokens unlock. A project with only 10% of tokens circulating could see 90% dilution over time.
Practical Example: Suppose Token A trades at $10 with 100M circulating supply ($1B market cap) but has 1B total supply. When the remaining 900M tokens unlock, either the price must fall or demand must increase 10x to maintain the same market cap.
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