Circulating supply is the number of coins (cryptocurrencies, tokens) *in circulation*.

Circulating can mean this week, this month, or this year.

The time frame isn’t important, so long as it’s consistent across components of the equation of exchange.

For example, if *circulating supply* means “coins which moved within the past year,” V, velocity should also measure those specific coins.

Read about types of supply in Market Cap is a Bad Metric to understand why circulating supply fits with the Eat Sleep Crypto valuation framework using the equation of exchange.