Circulating, Total and Max Supply
Circulating supply is the number of tokens currently tradable; total supply includes locked tokens; max supply is the most that can ever exist, if a cap is set.
Crypto projects report three supply numbers. Circulating supply is what trades today, total supply is what exists including locked tokens, and max supply is the cap that will ever exist. The gaps between them show how much new selling could arrive later.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 4 min
- Also called
- Token supply, Circulating supply, Max supply
- Updated
The three supply numbers in plain words
Some cryptocurrencies have a fixed maximum supply.1 For Bitcoin, the cap is 21 million coins.2
Market cap counts only circulating tokens, while fully diluted valuation also counts every token that will ever exist.3
Total supply sits between the two: tokens that exist but may not be trading yet.
How to read token supply
Find circulating supply
Find circulating supply: coins issued since the chain began and now in circulation.4
Find total supply
Add tokens that exist but are locked or held back.
Find max supply
Check whether the protocol has a hard cap or none at all.
Check locked tokens
Check what's locked — vesting tokens are not yet circulating or not yet issued.5
Compute market cap
Market cap = circulating supply × price; 10,000 tokens at $1 each is a $10,000 market cap.6
Compute FDV
FDV = maximum supply × price; with a 1-million-token cap, that's $1 million.6
Worked examples
Example 1 — Market cap vs FDV
Only 25% circulatingA hypothetical token trades at $2 with 50 million circulating and 200 million max supply.
| Market cap | 50M × $2 = $100M |
| FDV | 200M × $2 = $400M |
| Circulating share | 50 ÷ 200 = 25% |
The gap comes from FDV counting the full future supply.3
Example 2 — Dilution from unlocks
About −33% if demand is flatThe same hypothetical token unlocks 25 million tokens and demand stays flat in dollar terms at $100M.
| New circulating | 50M + 25M = 75M |
| Implied price | $100M ÷ 75M ≈ $1.33 |
| Drop | $2 → $1.33 ≈ −33% |
New tokens entering circulation are exactly the ones DefiLlama describes as not circulating or not issued yet.5
Example 3 — Fixed cap
About 14% left to issueA hypothetical capped coin has 18 million issued of a 21 million max.
| Still to be issued | 21M − 18M = 3M |
| Share left | 3 ÷ 21 ≈ 14% |
Bitcoin's issuance continues until it stops altogether at 21 million coins.2
Circulating vs total vs max supply
| Aspect | Circulating | Max |
|---|---|---|
| What it counts | Tokens trading now | All tokens that will ever exist |
| Used for | Market cap | Fully diluted valuation |
| Changes when | Unlocks, issuance or burns | Only if the rules change |
| Where total supply fits | Total includes locked tokens too | Total is at or below max |
Where supply numbers help
Valuation
Compare Market Capitalisation with FDV.
Unlock risk
Big future unlocks can weigh on price Trend.
Inflation check
Supply growth acts like Inflation for holders.
Comparing coins
Use supply data inside Fundamental Analysis.
Advantages and disadvantages
Advantages
- Shows how much dilution may be ahead.
- Makes market cap and FDV comparable.
- Fixed caps are easy to verify on-chain.
- Highlights tokens with small floats.
Disadvantages
- Data providers may count supply differently.
- Locked tokens can be hard to track.
- Max supply can be unlimited or changed by governance.
- Low float can make prices easy to move.
Going deeper
Read as far as you need. Each level builds on the one before it.
Why launch supply varies
Beginner
How much supply circulates at launch varies hugely between tokens.1 Some launch with most tokens trading, others with a small fraction.
Market cap vs FDV
Intermediate
Market cap reflects today's circulating supply; FDV reflects the maximum supply.3 A large gap means much of the supply is still to come.
Fixed vs open-ended supply
Advanced
Bitcoin's supply is capped at 21 million.2 Other tokens have no hard cap, so their supply depends on ongoing issuance and burns.
Common mistakes
Using only market cap
A small cap can hide a huge FDV.
Ignoring unlock dates
Scheduled unlocks add supply on known dates.
Mixing data sources
Different sites may define circulating supply differently.
Assuming a cap exists
Many tokens have no max supply.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Circulating supply is what trades now.
- Total supply includes locked tokens.
- Max supply is the hard cap, if any.
- Market cap uses circulating; FDV uses max.
- Big gaps signal future dilution.
Frequently asked questions
What is the difference between total and max supply?
Why do supply figures differ between sites?
Does a low circulating supply mean a cheap token?
Further learning
- Market Capitalisation
How supply and price combine.
- Fundamental Analysis
Using supply in research.
- Inflation
How new supply dilutes holders.
- Liquidity
Why low float moves prices.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Coinbase. Tokenomics 101 (opens in a new tab) Checked .
- Bitcoin.org. Frequently Asked Questions (opens in a new tab) Checked .
- Binance Research. Tokenomics Deep Dive (opens in a new tab) Checked .
- Galaxy Digital Research. Introduction to On-Chain Analysis (opens in a new tab) Checked .
- DefiLlama Docs. What to include as TVL? (opens in a new tab) Checked .
- Coinbase. What is a Fully Diluted Valuation (FDV) in crypto? (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.