Circulating supply is the number of coins available and trading in the market right now. Total supply is every coin that exists today, including those locked or reserved. The gap between them hints at how much new supply could hit the market later. Here's how to read both.
What each number means
Circulating supply counts the coins actually out in public hands and tradable — it's the figure used to calculate market cap [1]. Total supply counts all coins that currently exist, including tokens that are locked, reserved for the team, or vesting, but not coins that have been permanently burned. A separate figure, max supply, is the hard cap a coin can ever reach; some coins have one and others don't [2].
Reading the gap
The bottom line
Circulating supply tells you what's tradable now; total supply tells you how much exists in all, including coins waiting to be released. A big gap between the two is a signal to look closer: if lots of locked tokens will unlock later, that future supply can dilute holders even if demand stays flat. Use circulating supply to judge market cap today, and the total or max to gauge possible dilution ahead. To keep learning the fundamentals, follow more from Bitbase Academy.
Disclaimer: This article is educational content from Bitbase Academy, provided for information only. It does not constitute investment, trading, tax, or financial advice. Crypto assets are volatile; assess your own risk. Written as of June 2026; refer to the latest official information.
References
[1] Coinbase, "What is market cap?" coinbase.com
[2] Kraken, "Circulating, total and max supply." kraken.com
