I believe it is the total number of views. So if the same user goes back and visits the same thread more than once, the view count will go up.
It may actually be a bit more complicated though....
The view count is not updated in real time. Only about once an hour. In addition, the "counter" may take into consideration the user's current visit as just one "view", so the counter won't keep increasing if the same user clicks on a thread several times at once.
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