Comment by larma

Most of so called circulating supply is not circulating. 25% are in addresses that have been dormant for more than 5 years. Several percent are locked in "DeFi" or long term contracts. When Bitcoiners say "circulating supply" they really just means "all coins ever mined" and you shouldn't actually use that number for any practical purpose (doesn't stop people from using it for calculating the "market cap")