Fully diluted market cap (FDV) is the market cap a token or stock would have if every possible share or coin were in circulation today.
FDV = Current Price × Maximum Supply
Many tokens have vesting schedules that unlock supply over years. A low market cap with a much higher FDV signals future dilution — token holders may see downward price pressure as supply enters circulation.
With 19.8M circulating and 21M max supply, Bitcoin's FDV is only about 6% above its market cap. Very little future dilution.
Related: Circulating Supply vs Market Cap · What Is Market Cap in Crypto?