Circulating Supply
Number of tokens currently available to trade.
Circulating supply != total supply. Excludes locked tokens (team/VC vesting), burned, or DAO treasury. Coingecko and CoinMarketCap count manually, sometimes differently. Key distinction for market cap. BTC: 19.85M circulating of 21M max (94%). ETH: no hard cap, dynamic supply (sometimes inflationary, sometimes deflationary via EIP-1559).
In plain words
How many tokens are out in the market RIGHT NOW for buying/selling. Excludes locked tokens, burned tokens, treasury.
Example
BTC 2025: 19.85M circulating, last BTC mined ~2140. ETH: 120M, no max cap.
Also known as: circulating