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Results for “Max supply vs Circulating supply”
Max supply
Max supply is the largest number of units of a token that can ever exist, if its rules set a limit. Bitcoin's rules stop issuance at 21 million coins; many other tokens have no maximum, or one that a person or group can change.
What it means for you. A cap limits supply only if no one can change it: check whether the token's maximum is fixed in its rules, and whether any person or group can mint more or rewrite the supply rules. A token with no maximum can keep adding new units over time.
Sources: bitcoin.org: Frequently Asked Questions, SEC: Statement on Offerings and Registrations of Securities in the Crypto Asset Markets · checked 4 October 2026
Circulating supply
Circulating supply is the number of a token's units that exist and are free to trade now. It leaves out units that are locked, still vesting, held back in a treasury or not yet created, so it is usually smaller than total or maximum supply.
What it means for you. Market cap is usually calculated from circulating supply, so the same price can show a much smaller figure than fully diluted valuation. When locked units are released, circulating supply rises; the project's own disclosures say how much is reserved and when it vests.
Sources: SEC: Statement on Offerings and Registrations of Securities in the Crypto Asset Markets, FINRA: Market Cap Explained · checked 4 October 2026