Released supply captures every token that has passed its vesting or lock-up restriction, regardless of whether it has entered public circulation. This is a critical distinction: circulating supply only counts tokens actively trading on exchanges or held in public wallets, while released supply also includes tokens sitting in insider wallets, multisig treasuries, or unclaimed distribution contracts. A token can be released — meaning the holder has full legal and contractual right to move it — without ever reaching an exchange. Tokenomist also tracks Adjusted Released Supply, defined as Released Supply minus Deflation. This metric accounts for tokens that were released but subsequently burned or permanently removed from circulation. By subtracting deflation events (burns, buyback-and-burns), the adjusted figure gives a more accurate picture of the net tokens available to stakeholders. This is particularly useful for protocols with active burn mechanisms where raw released supply overstates the actual liquid overhang. For investors analyzing supply pressure, released supply is the upper bound of potential sell-side volume. Even if circulating supply appears low, a large gap between released and circulating supply signals that insiders hold significant unreleased-to-market inventory. Monitoring this gap over time reveals whether stakeholders are accumulating, distributing, or holding steady — each pattern carrying different implications for future price action.