Total supply is the number of units of a cryptocurrency that have already been created, minus any that have been destroyed. It also includes units that exist but are locked and not yet on the market. The Icelandic term is heildarframboð.
Three supply figures
- Maximum supplyMaximum supplyThe largest number of units of a cryptocurrency that can ever exist under its rules, such as 21 million for bitcoin. is the largest number of units that can ever exist.
- Total supply is the number of units that exist today.
- Circulating supplyCirculating supplyHow many units of a cryptocurrency already exist and are in holders' hands, the figure used to calculate its market capitalisation. is the part of the total supply that is in holders' hands and being bought and sold.
Think of a book's print run. Maximum supply is what the publisher is allowed to print, total supply is what has been printed so far, and circulating supply is what has reached the shops.
Examples
- Bitcoin. The cap is 21 million. In October 2026 just over 20.1 million bitcoin existed, and all of them count as circulating. So total supply and circulating supply are the same figure.
- XRP. The cap is 100 billion, and all of those units were created at the start. Total supply is still just under 100 billion, because a tiny amount of XRP is destroyed with every transaction. In October 2026 about 63 billion were in circulation, and a large part of the rest is locked up.
- Ether. There is no cap on Ether (ETH)Ether (ETH)The currency of the Ethereum network, used to pay network fees, as a stake under proof of stake and to send value between people.. Its total supply grows when new ether is issued and shrinks when part of the transaction fees is burned.
Why does it matter?
The gap between total supply and circulating supply shows how many units exist but are still waiting to reach the market, for example with founders, investors or the project's treasury. When they are released, the circulating supply grows, which can push the price down. This is part of a coin's TokenomicsTokenomicsThe rules for a cryptocurrency's or token's supply, issuance and distribution, and what it is used for..
Price sites don't always use the same definitions, so the figures can differ slightly from one site to another.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.