What qualifies as a free float in Bitcoin?

As a keen observer of the cryptocurrency market, I'm often curious about the nuances that drive its dynamics. One concept that I've encountered time and again but remain somewhat unclear on is the notion of 'free float' in Bitcoin. Could you elaborate on what constitutes free float in the context of Bitcoin? Specifically, I'm interested in understanding how it's calculated, what factors influence it, and how it impacts the overall market sentiment and liquidity of the digital currency. Your insights would be greatly appreciated as I strive to deepen my understanding of this fascinating realm of finance.