The float register

This page separates three things: what is circulating now, what has already been issued but is outside circulation, and what a hard cap allows but has not been issued yet. It then compares the two gaps with the reported 2% trading depth returned in this read.

Market value leaves part of the supply story outside the number.

Market value uses circulating supply. Across these 31 coins, units that already exist outside circulation are worth $173.6B at today's prices. A separate $148.4B is allowed by published hard caps but has not been issued. Hyperliquid has 76.7% of its current total outside circulation.

CIRCULATING NOWOUTSIDE THAT NUMBERHyperliquid: 222m circulatingHyperliquid: 733m already exist outside circulationHyperliquid: 45m allowed by the cap but not issuedHYPE78%MemeCore: 2.3bn circulatingMemeCore: 3.1bn already exist outside circulationMemeCore: 4.6bn allowed by the cap but not issuedM77%WhiteBIT Coin: 118m circulatingWhiteBIT Coin: 176m already exist outside circulationWhiteBIT Coin: 106m allowed by the cap but not issuedWBT71%Sui: 4.1bn circulatingSui: 5.9bn already exist outside circulationSUI59%Bittensor: 10m circulatingBittensor: 11m already exist outside circulationTAO54%Cronos: 48.5bn circulatingCronos: 50.4bn already exist outside circulationCronos: 1.1bn allowed by the cap but not issuedCRO51%Gram (prev. Toncoin): 2.8bn circulatingGram (prev. Toncoin): 2.5bn already exist outside circulationGRAM47%Mantle: 3.3bn circulatingMantle: 2.9bn already exist outside circulationMantle: 0 allowed by the cap but not issuedMNT47%Avalanche: 432m circulatingAvalanche: 32m already exist outside circulationAvalanche: 257m allowed by the cap but not issuedAVAX40%Rain: 709.2bn circulatingRain: 433.2bn already exist outside circulationRain: 7.6bn allowed by the cap but not issuedRAIN38%Uniswap: 623m circulatingUniswap: 267m already exist outside circulationUniswap: 110m allowed by the cap but not issuedUNI38%XRP: 62.7bn circulatingXRP: 37.2bn already exist outside circulationXRP: 14m allowed by the cap but not issuedXRP37%BNB: 133m circulatingBNB: 0 already exist outside circulationBNB: 67m allowed by the cap but not issuedBNB33%Stellar: 34.8bn circulatingStellar: 15.2bn already exist outside circulationXLM30%

Circulating, existing outside, and not issued.

Each bar keeps the three readings apart. Solid teal is circulating. Solid orange already exists outside circulation. The outlined end is allowed by a published cap but has not been issued.

That distinction matters. Units that do not yet exist cannot be described as held, locked or ready to sell.

Circulating now
Already exists outside circulation
Not issued yet
Counted in their prices$2.35TAcross 31 coins, stablecoins set aside.
Already exists outside circulation$173.6Bat today's prices. The typical coin has 9.2% outside.
Not issued yet$148.4Bat today's prices, where a hard cap is published.
Existing outside, against depth34 to 1$5.0B is the reported 2% depth returned in this read.

Every coin, with the three supply readings kept apart.

The last column prices only the units that already exist outside circulation and divides that by the reported 2% depth returned in this read. It is a comparison of scale, not a claim that those units can be sold.

Each coin with circulating supply, current total supply, the value already outside circulation, the value not yet issued, reported 2% depth and their comparison.
CoinCirculatingCurrent totalAlready exists outsideNot issued yetReported 2% depthExisting outside, against depth
Bitcoin BTC20m20m$00.0% of current total$73.2B$1.6BNot available
Ethereum ETHno published ceiling122m122m$00.0% of current totalNot available$902mNot available
BNB BNB133m133m$00.0% of current total$49.8B$299mNot available
XRP XRPa quarter of current supply is outside62.7bn100.0bn$52.5B37.2% of current total$20m$315m167 to 1
Solana SOLno published ceiling586m634m$5.0B7.5% of current totalNot available$481m10 to 1
TRON TRXno published ceiling94.9bn94.9bn$1m0.0% of current totalNot available$201m0 to 1
Zcash ZEC17m17m$75k0.0% of current total$4.9B$61m0 to 1
Hyperliquid HYPEmost current supply is outside circulation222m955m$63.7B76.7% of current total$3.9B$45m1,402 to 1
Dogecoin DOGEno published ceiling155.8bn171.5bn$1.4B9.2% of current totalNot available$169m8 to 1
Rain RAINa quarter of current supply is outside709.2bn1,142.4bn$7.2B37.9% of current total$126m$361k19,959 to 1
Monero XMRno published ceiling19m19m$15k0.0% of current totalNot available$19m0 to 1
Chainlink LINKa quarter of current supply is outside748m1.0bn$3.4B25.2% of current total$0$97m35 to 1
WhiteBIT Coin WBTmost current supply is outside circulation118m294m$12.9B59.8% of current total$7.8B$25m512 to 1
LEO Token LEOno published ceiling920m985m$603m6.6% of current totalNot available$144k4,181 to 1
Cardano ADA37.5bn45.0bn$1.6B16.6% of current total$0$144m11 to 1
Stellar XLMa quarter of current supply is outsideno published ceiling34.8bn50.0bn$2.9B30.4% of current totalNot available$48m60 to 1
Bitcoin Cash BCH20m20m$5k0.0% of current total$235m$56m0 to 1
Uniswap UNIa quarter of current supply is outside623m890m$1.9B30.0% of current total$785m$57m33 to 1
Canton CCno published ceiling39.5bn39.5bn$97k0.0% of current totalNot available$6m0 to 1
Litecoin LTC78m78m$146k0.0% of current total$350m$177m0 to 1
Gram (prev. Toncoin) GRAMa quarter of current supply is outsideno published ceiling2.8bn5.2bn$3.5B46.9% of current totalNot available$11m325 to 1
Hedera HBAR43.8bn50.0bn$499m12.3% of current total$0$51m10 to 1
Avalanche AVAX432m463m$249m6.8% of current total$2.0B$61m4 to 1
Sui SUImost current supply is outside circulation4.1bn10.0bn$4.7B59.0% of current total$0$67m71 to 1
Shiba Inu SHIBno published ceiling589,239.3bn589,496.2bn$1m0.0% of current totalNot available$28m0 to 1
NEAR Protocol NEARno published ceiling1.3bn1.3bn$20.0% of current totalNot available$55m0 to 1
Cronos CROmost current supply is outside circulation48.5bn98.9bn$2.9B50.9% of current total$63m$6m508 to 1
MemeCore Mmost current supply is outside circulation2.3bn5.4bn$3.6B58.1% of current total$5.3B$3m1,055 to 1
Bittensor TAOmost current supply is outside circulation10m21m$3.0B54.3% of current total$0$32m95 to 1
OKB OKB21m21m$00.0% of current total$0$13mNot available
Mantle MNTa quarter of current supply is outside3.3bn6.2bn$1.9B46.9% of current total$0$7m273 to 1
Charlie's analysisThree numbers answer three different questions. Circulating supply is the amount used for market value. Current total supply is what has been issued. A hard cap, when one is published, is only the maximum allowed. The typical coin here has 9.2% of current supply outside circulation, and 13 of 31 have a quarter or more there. Two coins with identical prices and identical market values can sit either side of that, and nothing on a price screen distinguishes them.

Why the comparison needs trading depth.

The supply gaps matter more when the market is thin. The depth shown here is only the reported 2% depth returned in this read, not every order everywhere.

Charlie's analysisThe reading only becomes useful when it is set against liquidity, which is why this page joins the two. Units already outside circulation are worth $173.6B; the reported 2% depth returned in this read comes to $5.0B. That is 34 to 1. For Rain, that ratio is 19,959 to 1. Neither number is a forecast. Together they compare the scale of non-circulating supply with the reported liquidity close to today's price, which market value alone cannot show.

Whether one issuer is carrying this.

Hyperliquid has the largest existing amount outside circulation, at $63.7B.

Charlie's analysisThis is not one issuer. 13 of 31 coins have a quarter or more of current supply outside circulation. Hyperliquid has the largest single amount at $63.7B; removing it still leaves $109.9B across the rest. 11 of the 31 publish no hard cap, so their unissued allowance is unknown rather than zero.

What argues against reading this as an overhang.

Charlie's analysisThe strongest argument against reading this as a warning is that current supply outside circulation covers unrelated things: vesting, staking, treasury holdings and burns. The public totals cannot tell them apart. The unissued allowance is even less immediate: it may be issued later or never issued. A large gap is a question for the issuer, not proof of an overhang.

Questions this page can answer.

Every answer below is drawn from the readings on this page and nothing else. The last one is refused.

How many of a coin's units are counted in its price?

Across these 31 coins, units that already exist outside circulation are worth $173.6B at today's prices. A further $148.4B is allowed by published hard caps but has not been issued. The typical coin has 9.2% of its current total outside circulation, and 13 have a quarter or more there.

Hyperliquid76.7%
WhiteBIT Coin59.8%
Sui59.0%
MemeCore58.1%
Bittensor54.3%
Cronos50.9%
Gram (prev. Toncoin)46.9%
Mantle46.9%
Rain37.9%
XRP37.2%
Stellar30.4%
Uniswap30.0%

The share of today's total supply that already exists but is not circulating.

Is circulating supply a wrong number?

No. It is the reported amount treated as circulating, and market value is calculated from it. It is not the same as current total supply, and providers may use different rules when deciding what circulates. Two coins with identical prices and identical market values can have completely different amounts sitting outside that number, and nothing on the price screen tells you which is which.

No chart. This is a distinction between two figures already shown, not a further measurement.

Which coins have the most already outside circulation?

Hyperliquid counts 222m units in its price out of a current total of 955m, leaving 76.7% already outside circulation, worth $63.7B at today's price. WhiteBIT Coin has 59.8% outside, Sui has 59.0% outside, MemeCore has 58.1% outside. The picture above is the whole board drawn the same way.

Hyperliquid$63.7B
XRP$52.5B
WhiteBIT Coin$12.9B
Rain$7.2B
Solana$5.0B
Sui$4.7B
MemeCore$3.6B
Gram (prev. Toncoin)$3.5B
Chainlink$3.4B
Bittensor$3.0B
Cronos$2.9B
Stellar$2.9B

Only units already included in current total supply. Not the amount still unissued.

Against what is standing there, how large is that?

Units already outside circulation are worth $173.6B against $5.0B of reported 2% depth returned in this read, which is 34 to 1. For Rain alone the ratio is 19,959 to 1. This compares scale; it does not say those units can or will be sold.

Rain19,959 to 1
LEO Token4,181 to 1
Hyperliquid1,402 to 1
MemeCore1,055 to 1
WhiteBIT Coin512 to 1
Cronos508 to 1
Gram (prev. Toncoin)325 to 1
Mantle273 to 1
XRP167 to 1
Bittensor95 to 1
Sui71 to 1
Stellar60 to 1

Units already outside circulation at today's price, divided by the reported 2% depth returned in this read.

Does that mean these tokens are about to hit the market?

No. Existing supply outside circulation covers several different things that can look identical here: units locked for years under a vesting schedule, units staked and earning, units reserved for a treasury that may never sell, and units burned. Units not yet issued are shown separately. Some existing units may enter circulation on a published schedule and some may never become circulating. Nothing here distinguishes them, and any page claiming to forecast an unlock from these numbers alone is guessing.

Refused as a forecast. What is measured is what sits outside the headline number today.

Is one coin carrying this?

Hyperliquid has the largest existing amount outside circulation at $63.7B. Take it out and the remaining 30 still have $109.9B outside a counted $2.33T. The pattern is the market's, not one issuer's.

Already outside circulation$173.6B
Without Hyperliquid$109.9B
Reported 2% depth$5.0B

What has been left out?

0 coins could not be read. Coins pegged to a dollar are set aside because their supply expands and contracts by design, so this comparison means something different for them. 11 of the 31 coins publish no hard ceiling at all, so their unissued allowance is reported as unavailable, never zero. Where a source's own supply numbers contradict each other, the coin is dropped rather than guessed at.

No chart. An account of what was excluded, not a measurement.

So should I avoid the coins with the most outside circulation?

Not answered here. A large share outside circulation is a fact about token structure, not a verdict on it: a long vesting schedule can mean a team committed for years, and a small one can mean everything was released to insiders on day one. What this page gives you is the size of what sits outside the number you are quoted, so you can ask the issuer what it is, whether it can move and when. It does not answer that question for you.

Refused. The data cannot support the question.

What would make this reading wrong.

Charlie's analysisThis reading depends on published supply fields and on how the data provider classifies circulation. It would be wrong to treat today's price times non-circulating units as cash that could be realised. It would also be wrong to treat the reported 2% depth returned here as every order in every market. This is one reading, taken 07 September 2026.

Research by for Charlie Quant Lab