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Alarm bells in Ethereum: Sharp increase in the last 1 month!
Ethereum supply has increased by $47 million in the last 1 month. This sharp increase of 30,000 ETH was largely due to a lack of transaction activity on the blockchain network.
Transaction flow dropped
Ethereum's historic transition from Proof-of-Work to Proof-of-Stake in September 2023 reduced ETH issuance by 90%. Many, the so-called Ethereum maximalists, believed that this change would increase ETH's status as a deflationary currency and only then would it increase in value.
According to data aggregator ultrasound.money, in the last 30 days alone, the global supply of ETH has increased by about 30k ETH, which equates to about $47.9 million. This sharp increase in the amount of ETH in circulation was due to an equally sharp decrease in the flow of transactions on the Ethereum network.
Since 2021, the Ethereum network has operated on a fee-burning mechanism; As traffic on the network increases, so do the gas prices required to complete on-chain transactions. The higher the gas prices, the more ETH will be "burned" or permanently removed from circulation by the network.
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