The market cap is kind of a silly number that we like to look at. If somebody tried to sell 10 million bitcoins they couldn't get the spot price, the price would go down a little bit for the first few bitcoins, then there would be less byers and the price would drop, eventually the price would drop down so significantly that I doubt the actual dollar value extracted would be 1/10th of the market cap.


Same goes on the other side, if someone had the entire bitcoin market cap worth of bitcoin, and tried to buy all the bitcoins, I doubt they could buy a fraction of all of the bitcoins as the price would quickly rise, getting past a million and then 10 million et cetera, I doubt they could even buy 1/10 of the bitcoin with the market cap worth of money.



The only coins that we should possibly exclude from market cap calculations should be provably burned coins. I dont' think there is such a thing as provably lost bitcoin. You can do your own calculations if you want to exclude coins that haven't been moved in x amount of time.