BTC token fundamentals: supply, unlocks, fees and valuation

BTC token fundamentals

Measured 2026-10-27T01:15:16+00:00 UTC. Measurements, not forecasts: a multiple is a level, not a direction.

Supply and valuation

Circulating	20.10m (95.7% of max)
Max supply	21.00m
Supply source	CoinGecko (AGGREGATOR ONLY — no chain reading available)
Market cap (circulating)	$1.61tn
Fully diluted value	$1.69tn
Float vs FDV	MC/FDV 0.9573 · gap $71.95bn not yet in the float
FDV basis	mark price $80.30k × max supply 21.00m (CoinGecko)
Supply-basis gap	DefiLlama's documented vesting model totals 20.36m tokens through 2028-06-08, -3.0% versus the max supply used for FDV. The model documents less than the max supply, so no FDV is computed on its total; the FDV above uses the max.

Forward supply and unlocks

Forward supply (chain)	UNVERIFIED futureEmissions is an on-chain field and this token has no Hyperliquid spot listing
Scheduled, next 30 days	13.10k tokens (0.07% of circulating, $1.05bn at mark); insider/investor class 0.0% DefiLlama's documented vesting model
Scheduled, next 90 days	39.30k tokens (0.20% of circulating, $3.16bn at mark); insider/investor class 0.0% DefiLlama's documented vesting model
Scheduled, next 365 days	159.37k tokens; insider/investor class 0.0%; documented schedule ends 2028-06-08 DefiLlama's documented vesting model
Model note	Past mining rewards are fetched from Dune Analytics (query 5166006). Future halvenings are forecasted and dates are estimates only.

Fees and revenue (protocol: bitcoin)

Fees 24h / 30d / 1y	$152.74k / $6.60m / $73.76m
30-day run-rate vs 1y	$80.25m annualised vs $73.76m actual (+8.8%)
Revenue 1y (kept by protocol)	$0.00 (0.0% of fees)

Valuation vs fees and revenue (trailing 1y)

MC / fees · FDV / fees	21,885.9x · 22,861.4x = $1.61tn / $73.76m and $1.69tn / $73.76m
Price / revenue	NOT_APPLICABLE DefiLlama reports $0 trailing-year protocol revenue (all fees go to validators/miners or users), so a revenue multiple is undefined, not zero

Field states: emission_30d PASS · emission_90d PASS · fees PASS · forward_supply UNVERIFIED · price_to_fees PASS · price_to_revenue NOT_APPLICABLE · revenue PASS · supply PASS · unlock_schedule PASS · valuation PASS. Sources: Hyperliquid chain (tokenDetails), DefiLlama (fees, revenue, unlocks page), CoinGecko (cross-check).

How to read this page

Every figure is a measurement taken at the time printed above the tables. None of them is a forecast, and a multiple is a level, not a direction. Where a field could not be read, the table says so and prints the reason instead of a number.

Fully diluted value multiplies the mark price by one supply total, and the sources do not always agree on that total. The FDV basis row names the total used. When the vesting model documents a different total, the gap row prints it. When that total is larger than the max, the row also prints the FDV it would give; when it is smaller, the model covers only part of the supply and no second FDV is computed.

Scheduled unlocks come from a published vesting model and are dated by that model. Fees and revenue are trailing figures. Supply is cross-checked across sources, and where two sources disagree the disagreement is listed rather than resolved quietly.

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