bitcoin circulating supply
Bitcoin Circulating Supply (BitcoinCirculatingSupply) Definition
The Bitcoin circulating supply refers to the total number of bitcoins that are currently available for trading on the open market.
This metric answers the question, “How many bitcoins are currently available to buy and sell?” It is a key figure used by market data platforms to calculate Bitcoin’s market capitalization. For Bitcoin, circulating supply is generally close to the total number of coins mined, excluding coins that have been verifiably destroyed or locked by protocol. The exact calculation may vary by data provider: some include all early coins that haven’t moved for years, while others attempt to estimate a more “liquid” supply.
Why Understanding Bitcoin Circulating Supply Matters
Circulating supply directly affects how market capitalization and perceived scarcity are calculated.
On exchanges and market data sites, market cap is typically displayed as “Price × Circulating Supply.” With a constant price, a higher circulating supply means a larger market cap; with a constant market cap, a lower circulating supply can mean a higher price per coin. Understanding this relationship helps investors put price movements and project scale into perspective.
It also provides insight into how supply-side changes could impact price. For example, after a halving event, new supply slows, circulating supply growth decreases in the short term, and miner selling pressure drops. If demand rises at the same time, the gap between supply and demand can become more pronounced.
How Does Bitcoin Circulating Supply Work?
The circulating supply increases slowly over time as new bitcoins are mined, following strict protocol rules.
Bitcoin issues new coins through “block rewards”—miners receive newly created bitcoins for validating blocks. Approximately every four years, a “halving” event reduces the number of new bitcoins awarded per block by half. After the 2024 halving, the block reward is 3.125 BTC, and with around 144 blocks mined each day, about 450 new bitcoins enter circulation daily.
The most common calculation is: Circulating Supply ≈ Total Mined − Verifiable Burned Coins − Protocol-Locked Coins. Since Bitcoin has virtually no protocol-level token locks, circulating supply is typically very close to the total mined amount. Bitcoins associated with lost early private keys are usually still included in circulating supply by most platforms, since it’s impossible to confirm they are permanently inaccessible.
Some data providers offer derivative metrics such as “active supply,” which measures coins that have moved within a certain timeframe. This helps identify how many bitcoins are truly in motion on the market but is not the standard definition of circulating supply.
Key Use Cases of Bitcoin Circulating Supply in Crypto
The main impact is on how market capitalization is displayed, weighted, and discussed.
On exchange listing pages for Bitcoin, you’ll typically see price, circulating supply, and market cap presented together. Investors use these figures to compare asset sizes and growth potential. For indexes or ETFs, circulating supply often determines asset weighting or regulatory disclosure standards.
In DeFi and cross-chain scenarios, assets like WBTC track both native BTC under custody and issued WBTC in circulation. While WBTC does not change the total Bitcoin network’s circulating supply, it does affect available liquidity across different blockchains.
On-chain analysts may combine circulating supply with “active supply” or “long-term holder share” to discuss concepts like “supply contraction.” For instance, if the percentage of bitcoins untouched for a long period increases, fewer coins are actually available for trading—making prices more sensitive if demand holds steady.
How to View and Use Bitcoin Circulating Supply on Gate
Step 1: Go to Gate and search for “BTC.” Enter the spot trading page or asset details for Bitcoin.
Step 2: In the asset information section, look for fields such as “Circulating Supply,” “Total Supply,” and “Market Cap.” The current circulating supply and its calculation method are usually explained there.
Step 3: Use the formula “Market Cap = Price × Circulating Supply” to quickly estimate project scale. For example, when observing price swings, compare them with changes in circulating supply to see if market cap moves in line with trading volume—instead of focusing only on price per coin.
Step 4: Analyze issuance trends for potential selling pressure. After the 2024 halving, around 450 new bitcoins are mined daily—over 160,000 annually. Comparing this with net exchange inflows or ETF accumulation can help you judge if short-term supply and demand are out of balance.
Step 5: Cross-check data sources. Compare Gate’s figures with other leading data platforms (like CoinGecko or CoinMarketCap) to understand any differences in methodology before making decisions.
Recent Trends and Data in Bitcoin Circulating Supply
The growth rate of circulating supply is at a historical low, with numbers rising slowly.
As of December 2025, most major data platforms report Bitcoin’s circulating supply at around 19.7 million coins (with slight variances of tens of thousands depending on calculation methods). Due to the 2024 halving, only about 164,250 new bitcoins will be created in all of 2025 (3.125 BTC/block × ~144 blocks/day × 365 days), translating to an annualized growth rate of approximately 0.8%.
For context: In 2024, since the first half of the year had a reward of 6.25 BTC per block and the second half 3.125 BTC, annual new supply was about 210,000–220,000 coins—meaning this year’s supply growth is even slower.
Looking at holding patterns, various on-chain statistics in 2025 show that between 60% and 70% of bitcoins have not moved for at least one year—so the proportion of “active” coins is relatively low. This intensifies the perception of scarcity among tradable coins.
In terms of capital flows, aggregated reports from Q3 2025 indicate that US-listed spot Bitcoin ETFs collectively hold between 800,000 and 1 million BTC. While these holdings are still counted in total circulating supply, they effectively reduce freely tradable coins on secondary markets due to a “crowding out” effect.
Comparison: Circulating Supply vs Total Supply vs Active Supply
These metrics have different definitions and uses:
- Total Supply refers to Bitcoin’s hard cap of 21 million coins—set by protocol rules and never to be exceeded. It does not reflect the number of coins currently available for trading.
- Circulating Supply is the number of bitcoins that can be traded on markets right now—usually close to total mined minus verifiable burns and protocol locks. It’s used for real-time market cap calculations and assessing market size.
- Active Supply counts bitcoins that have moved on-chain within a given period (e.g., “active in the past year”). It reflects coins that have recently participated in transactions but is not a standard measure for circulating supply.
Common misconceptions include: removing all lost coins from circulating supply (most data sources do not do this due to uncertainty); assuming higher circulating supply is always bearish (price and market cap must be evaluated together); or confusing “total supply” with “circulating supply” (the former is a cap, the latter is current).
Related Terms
- Proof of Work (PoW): A consensus mechanism where miners solve complex mathematical problems to validate transactions and create new blocks.
- Mining: The process of running computing hardware to participate in network validation and earn newly generated bitcoins plus transaction fees.
- Blockchain: A distributed ledger composed of cryptographically linked blocks that records all transaction history.
- Wallet: A tool used to store and manage private and public keys for Bitcoin, enabling sending and receiving transactions.
- Hash: A fixed-length string produced by a cryptographic algorithm used to verify data integrity and identity.
FAQ
Does Bitcoin’s circulating supply impact its price?
Yes. Circulating supply is a key factor influencing Bitcoin’s price. With lower circulating supply and constant demand, prices tend to rise; if circulating supply increases without matching demand, prices can fall. For example, every four years when Bitcoin halves its block rewards, new coin issuance slows—which historically raises price expectations. Tracking changes in circulating supply can help you understand deeper causes behind price volatility.
How can I track real-time Bitcoin circulating supply?
You can check real-time Bitcoin circulating supply data on major crypto platforms like Gate. You may also use specialist blockchain analytics sites (such as CoinMarketCap or Glassnode) for more detailed historical data and charts. These tools usually show circulating supply alongside total supply and price to help you make informed investment decisions.
Why isn’t Bitcoin’s circulating supply fixed?
Bitcoin’s circulating supply grows over time because new bitcoins are generated through mining. According to protocol rules, each block produces a certain amount of new coins as miner rewards—this amount halves every four years until reaching the hard cap of 21 million around the year 2140. This gradual issuance mechanism ensures scarcity and deflationary qualities that make Bitcoin resistant to inflation.
What does Bitcoin’s circulating supply mean for me as a regular investor?
Understanding circulating supply helps you assess how scarce Bitcoin is—and its long-term value potential. As circulating supply nears total supply, issuance slows and scarcity increases. By combining market cap with circulating supply (market cap ÷ circulating supply), you can estimate an average cost per coin—which aids in evaluating whether prices are reasonable. This is an important reference when forming investment strategies.
Do lost or locked bitcoins affect circulating supply statistics?
No. Circulating supply counts all mined bitcoins that are theoretically tradable—it does not distinguish between coins that are actively used, held in cold storage wallets, or irretrievably lost due to technical errors. As a result, even if large numbers of bitcoins are lost or held long-term offline, official statistics do not change. This is why some research institutions provide an “active supply” figure to represent only coins actually participating in transactions.
References & Further Reading
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