Over the past 30 days, the supply of $ETH has increased by approximately 86,479 ETH. The network issues around 2,969 new ETH per day. During the same 30-day period, only about 2,460 ETH were burned—less than 3% of the total issuance. The total supply has now reached approximately 122.14 million ETH. Between 2021 and 2023, the fee burn mechanism was the primary reason ETH was called "ultra-scarce money." By 2026, transaction fees will be so low that this mechanism will be nearly ineffective. ETH’s deflationary narrative has ended—at least for now. Buyers of ETH now need a different rationale.
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