Circulating supply of a crypto asset represents the approximate number of tokens circulating in the open market. It can also be viewed as the total number of coins available in the market at a given point in time.
Circulating supply is the one that mostly affects the price of a cryptocurrency. The circulating supply of a crypto asset can be calculated by simply dividing the current market capitalization by the current price of the crypto asset. Crypto assets like Bitcoin have a total supply of 21 million with the circulating supply standing at 19 million (28th September 2022).