Total supply refers to the current maximum number of coins that have been minted or mined for a cryptocurrency. It encompasses all coins in existence, including those in public circulation, locked in reserves, or held under temporary restrictions. Total supply counts all mined coins even if they cannot actively trade yet due to vesting periods, contractual locks, or other limitations.
Coins that have been irrevocably destroyed through burns or loss are not included. Total supply indicates a coin’s absolute ceiling for quantity unless further mining is enabled through its protocol rules. It can be contrasted with circulating supply, which covers only tradeable coins accessible on the open market right now. Analyzing the gap between total supply and circulating supply sheds light on a cryptocurrency’s future minting and profitability potential as more coins get released over time.