Circulating supply is the number of units currently available in the market. It excludes what is locked, reserved, or not yet issued.
It matters because the difference between what circulates today and what will exist eventually can be large. If a great deal is still scheduled to be released, existing holders face dilution as it arrives - the same demand spread over more units. This is not hidden information; issuance schedules are usually published. It is simply information most people never look up, and it explains price behaviour that otherwise looks random.
Binance Academy covers this in more depth: https://www.binance.com/en/academy/glossary/circulating-supply
Trading crypto from Dubai since 2019.
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