What is circulating supply? How many coins are really out there
By SendPay Business · · 2 min read
Circulating supply is the number of coins or tokens that are available and moving in the market right now. It leaves out coins that are locked up, reserved or not yet created.
Three supply figures
- Circulating supply: coins available to trade today.
- Total supply: coins that exist now, including locked or reserved ones.
- Maximum supply: the most that can ever exist, if there is a limit. Bitcoin's is 21 million.
Why it matters
Market cap is usually worked out as price times circulating supply. If a large share of tokens is still locked, a later release can add selling pressure. That is why some people also look at fully diluted value, which uses the maximum or total supply instead.
What to check
Look at how much of the total is already circulating, when locked tokens are due to unlock, and who holds the biggest shares. Different data sites sometimes report different circulating figures, so compare more than one.
Where SendPay fits
SendPay platforms let customers buy, sell and hold crypto, held with regulated partners, alongside GBP, EUR and USD accounts, powered by licensed partners. SendPay doesn't offer trading tools, DeFi or lending.
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Build my platform →Questions people ask
What is fully diluted valuation?
A token's value if every token were already circulating.
Fully diluted valuation calculator →What is a coin's market cap?
Work out market cap from price and supply.
Crypto market cap calculator →What is crypto market cap?
A coin's price multiplied by the number of coins in circulation.
Market cap →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.