How Do Locked Tokens Influence the Circulating Supply Metric?

Locked tokens, those subject to vesting or other restrictions, are explicitly excluded from the circulating supply. Circulating supply is the number of tokens currently available in the market for trading.

By excluding locked tokens, the metric provides a more accurate picture of the immediate market capitalization and liquidity. As locked tokens vest and become available, the circulating supply increases, which can put downward pressure on the token price if demand remains constant.