Ethereum (ETH) is experiencing a significant decrease in its supply as network activity remains strong. The supply of ether has reached its lowest level since August 2022, with approximately 1.56 million ETH being burnt since The Merge upgrade. This translates to a decline of around 446,000 ether, equivalent to over $1.62 billion at current prices.
The pace of this decrease is the fastest since May 2023, with a 0.872% decrease in supply over the past 30 days and a 0.246% decrease since The Merge. The Merge, which occurred on March 13, resulted in a significant reduction in the overall quantity of ether.
Despite the attention given to Solana network activity, Ethereum has maintained significant network activity. The seven-day moving average of Ethereum network transactions is approaching its 12-month peak, with 1.26 million transactions recorded earlier this week.
Furthermore, both the year-to-date and 12-month highs for Ethereum addresses have reached unprecedented levels. There are approximately 540,000 active Ethereum addresses, and over 120,000 new addresses have been discovered on the network this week alone.