Ethereum’s Supply: Are We Seeing Inflation Again at $2,700?

Key Summary

Ethereum's supply has grown by 1.6 million ETH since the 2022 Merge, with validators minting 2,600 new coins daily, while the burn rate lags behind. The Dencun upgrade slashed Layer 2 fees by over 90%, leading to sub-1% annual supply growth, which cannot explain ETH's 39% price drop. The collapse of the 'ultrasound money' scarcity narrative has eroded investor confidence, with ETH trading at around $2,724, a 7.8% rise over the last 30 days, and down 39% from a year ago.