Circulating Supply
What Is Circulating Supply?
The total number of Bitcoin currently in existence, approaching the fixed maximum of 21 million. Increases with each block reward. Currently approximately 19.7 million BTC.
How to Interpret
Bitcoin's fixed supply cap and diminishing issuance rate (halvings) create supply scarcity. Tracking supply growth rate and remaining supply helps model long-term supply dynamics.
More Supply Dynamics Metrics
LTH Supply
The total supply held by Long-Term Holders (coins that have not moved for 155+ days). LTH supply represents 'strong hands' — investors with conviction who are not selling.
Supply Last Active > 1 Year
The percentage of Bitcoin supply that has not moved on-chain for at least one year. Reflects long-term holder conviction and supply removed from active circulation.
HODL Waves
A visualization of Bitcoin's UTXO set age distribution over time. Shows what percentage of supply has been held for various time periods (< 1 day to 10+ years), creating colorful wave patterns.
HODLer Net Position Change
Measures the 30-day net change in supply held by long-term holders. Positive = HODLers accumulating more than distributing. Negative = HODLers net distributing.