What does Bitcoin circulating supply count?
Short answer: Bitcoin’s circulating supply is the amount already issued through mining, not the amount currently offered for sale. It includes coins that may be lost, dormant or held by long-term owners. Bitcoin passed 20 million mined in March 2026, but no exact figure exists for the BTC that remains accessible and genuinely available to trade.
What Does Bitcoin Circulating Supply Actually Mean?
Bitcoin circulating supply normally refers to the quantity of BTC that has already been issued by the network through mining.
It is therefore better understood as issued or mined supply than as a literal count of coins circulating between buyers and sellers.
The headline figure can include:
- BTC being actively transferred;
- BTC held by individuals, companies, funds and custodians;
- BTC that has not moved for many years;
- BTC whose owner may have lost the required private keys;
- BTC held by entities that rarely sell.
The blockchain records the creation and movement of Bitcoin. It does not record whether an owner still has access to a private key, why a balance has remained unchanged or whether the owner intends to sell.
A circulating-supply figure can therefore be calculated much more reliably than an available-for-sale figure.
How Are New Bitcoins Mined and Added to Supply?
New BTC enters the supply through the block subsidy paid to Bitcoin miners.
A miner’s block reward consists of two parts:
- Newly created BTC from the block subsidy.
- Transaction fees paid by Bitcoin users.
Only the block subsidy increases Bitcoin’s total issued supply. Transaction fees transfer existing BTC from users to miners.
Following the April 2024 Bitcoin halving, the block subsidy became 3.125 BTC. The subsidy is reduced after every 210,000 blocks, which is approximately once every four years.
This produces a predictable long-term issuance schedule. However, the exact calendar timing varies because blocks are not created at precisely ten-minute intervals.
Bitcoin passed 20 million issued BTC on 9 March 2026. The remaining supply will be introduced progressively through future block subsidies, with issuance expected to approach its approximately 21 million BTC limit around 2140.
Once a miner receives newly issued BTC, it normally enters the headline circulating-supply figure. Whether the miner immediately sells it, holds it or later loses access does not automatically change that figure.
What Is the Difference Between Mined, Lost and Available BTC?
Supply term | What it measures | Included in headline circulating supply? | Exact or estimated? |
Maximum supply | The approximate protocol ceiling of 21 million BTC | Unissued BTC is not included | The issuance schedule is known; the final date is estimated |
Mined or issued supply | BTC created through block subsidies to date | Yes | Largely observable from blockchain data |
Unissued supply | BTC that may be created through future block subsidies | No | Quantity is predictable; calendar timing is approximate |
Circulating supply | The provider’s headline measure of BTC already issued | Not applicable | Usually close to mined supply, subject to methodology |
Lost supply | Issued BTC that can no longer be accessed or spent | Usually yes | Cannot be measured exactly |
Dormant supply | BTC that has not moved for a selected period | Yes | Inactivity is measurable, but its cause is unknown |
Illiquid supply | BTC held by entities with little historical spending activity | Yes | Estimated using an analytical model |
Liquid, available or free-float supply | BTC considered more likely to move or reach the market | A subset of circulating supply | Model-dependent; no single official figure exists |
The categories are not mutually exclusive. A lost coin is also likely to be dormant and illiquid. Adding or subtracting all three categories as though they were separate would count some BTC more than once.
Are Lost Bitcoins Included in Circulating Supply?
Lost Bitcoin is normally still included in the headline circulating supply.
If someone loses the private key or recovery information required to spend a balance, the associated BTC does not disappear from the blockchain. The balance remains visible at its address, but no valid transaction can be signed without the necessary key.
A standard supply tracker cannot inspect an address and determine whether:
- the owner lost the private key;
- the owner died without transferring access;
- the owner is deliberately holding for many years;
- the wallet belongs to a custodian;
- the coins are being preserved for strategic reasons.
Some provably unspendable outputs can be identified from their technical construction. Most private-key losses cannot.
This is why published lost-Bitcoin totals are estimates rather than confirmed counts. Different researchers may use different inactivity periods, wallet classifications, known loss incidents or assumptions about early miners.
Stolen BTC should not automatically be classified as lost supply. If the thief controls the relevant keys, the coins remain spendable and may return to the market.
Why Are Dormant, Illiquid and Lost Bitcoin Different?
Dormant Bitcoin is BTC that has not moved on-chain for a specified period. The period might be one year, five years, seven years or another threshold selected by the data provider.
Dormancy describes time since movement. It does not reveal why the coins have not moved.
Illiquid Bitcoin is usually identified through wallet or entity behaviour. An analytics provider may classify an entity as illiquid when it has historically retained most of the BTC it receives instead of sending it elsewhere.
Illiquidity is therefore a behavioural classification, not a permanent condition. A long-term holder can decide to sell, causing previously illiquid BTC to become liquid.
Lost Bitcoin describes an access problem: the BTC cannot be spent because no one can produce the required valid signature. That condition is difficult to prove from inactivity alone.
Economic activity can also occur without frequent on-chain movement. For example, Bitcoin may remain at a custodian while shares in an investment product trade between investors. Bitcoin ETF flows measure fund creations and redemptions, not every secondary-market trade in ETF shares.
A wallet that remains unchanged is therefore not necessarily economically inactive, and an old balance is not automatically lost.
What Does Available or Liquid Bitcoin Supply Mean?
Bitcoin does not have an official protocol field called available supply.
The term may refer to several different measurements.
Exchange supply usually means BTC held at addresses identified as belonging to cryptocurrency exchanges. These coins may be easier to trade, but an exchange balance is not the same as the quantity currently offered for sale.
Liquid supply can mean BTC held by entities that frequently spend or transfer their coins. The result depends on how addresses are grouped into entities and where the provider places its liquidity thresholds.
Free-float supply may exclude coins considered locked, strategically held, long dormant, burned or lost. Each provider determines its own exclusions and time thresholds.
Short-term-holder supply normally describes coins that moved relatively recently. Recent movement may indicate greater market activity, but it does not prove that every coin will be sold.
Consequently, two reputable providers can publish different available-supply figures without either calculation being arithmetically wrong. They may simply be answering different questions.
Before using any available-supply statistic, check:
- Which categories the provider excludes.
- What inactivity threshold it uses.
- Whether addresses are grouped into entities.
- How exchange and custodian wallets are treated.
- The date and update frequency of the measurement.
Do not calculate available supply by independently subtracting lost, dormant and illiquid estimates from circulating supply unless the methodology explicitly removes overlaps.
What Did the 20 Million BTC Milestone Actually Mean?
Bitcoin reached 20 million issued BTC on 9 March 2026.
The milestone meant that the network’s cumulative issuance had crossed 20 million under the block-subsidy schedule. It also meant that less than approximately one million BTC remained to be created over the following century.
It did not mean that:
- 20 million BTC was accessible to its owners;
- 20 million BTC was available to purchase;
- 20 million BTC was held on exchanges;
- every issued coin could return to the market;
- the remaining unissued BTC would be mined quickly.
The correct interpretation was that Bitcoin had crossed an issuance milestone. Determining a likely market float requires a separate metric with clearly defined exclusions.
How Should Traders Interpret Bitcoin Supply Figures?
Supply data is most useful when the metric, methodology and time horizon are clear.
Identify what the number measures
First determine whether the figure represents issued supply, exchange balances, recently moved coins, long-term-holder supply, liquid supply or free float.
These figures are not interchangeable.
Separate the existing stock from new issuance
Circulating supply measures the accumulated stock of issued BTC. The block subsidy measures the flow of newly issued BTC entering that stock.
A halving changes the rate of new issuance. It does not remove existing Bitcoin from wallets.
Check whether categories overlap
Lost coins can also appear in dormant and illiquid categories. Long-term holders may be both dormant and illiquid while still retaining full access.
Subtracting overlapping estimates can produce an implausibly low result.
Compare supply with demand
A limited or declining market float can make price more sensitive to changes in demand, but it does not determine the direction of the next price movement.
Available supply can increase when long-term holders decide to sell. Demand can weaken even while issuance remains limited.
For traders analysing what BTCUSD means and how its price is formed, supply should therefore be assessed together with spot demand, liquidity, ETF activity, derivatives positioning, macroeconomic conditions and market sentiment.
Match the metric to the trading instrument
When directly owning Bitcoin, lost keys, custody and transferability affect the holder’s actual coins.
When trading Bitcoin CFDs, the trader does not own the underlying BTC. Supply statistics remain relevant because they can influence the underlying Bitcoin market, but they do not represent the number of CFD contracts available or the size of the trader’s position.
What Common Mistakes Do Traders Make With Bitcoin Supply Data?
Treating circulating supply as sale inventory
The headline figure measures issued BTC. It does not show how much Bitcoin sellers are currently offering at available market prices.
Treating every old wallet as lost
A balance that has not moved for many years may belong to a deliberate long-term holder. Inactivity alone cannot prove permanent loss.
Subtracting overlapping estimates
Lost, dormant and illiquid supply can describe some of the same coins. Subtracting each category separately can double-count exclusions.
Treating exchange balances as total available supply
Bitcoin can trade through custodians, brokers, over-the-counter venues and other structures. Exchange-address balances represent only one part of the market.
Assuming scarcity guarantees a price increase
Scarcity affects the supply side of the market. Price still depends on the interaction between supply and demand.
Using an undated number
Issued supply changes as blocks are mined. Liquid, illiquid and exchange-balance estimates can change even faster. A supply statistic without a date may no longer describe current conditions.
Frequently Asked Questions
What is Bitcoin circulating supply in simple terms?
Bitcoin circulating supply is the amount of BTC already issued through mining, according to the data provider’s methodology. It is not an exact measure of the BTC currently offered for sale.
How many Bitcoins have been mined?
Bitcoin crossed the 20 million issued milestone on 9 March 2026. Additional BTC has been mined since then, so any exact current figure should be checked against a dated blockchain-data source.
Are lost Bitcoins included in circulating supply?
Usually, yes. A lost private key does not automatically remove the associated balance from blockchain supply statistics.
How many Bitcoins are permanently lost?
No exact number is known. Estimates vary because long-term inactivity cannot reliably distinguish a lost wallet from a deliberate long-term holding.
Is dormant Bitcoin the same as lost Bitcoin?
No. Dormant Bitcoin has not moved for a specified period. Its owner may still have full access and may transfer or sell it later.
What is Bitcoin’s available or liquid supply?
It is an analytical estimate of BTC considered more likely to move or enter the market. The figure depends on the provider’s wallet classifications, inactivity thresholds and exclusions.
When will all Bitcoin be mined?
The block subsidy is expected to approach zero around 2140. Bitcoin’s issued supply will then be close to its approximately 21 million BTC protocol limit.
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