Ultrasound.money data shows that the amount of Ethereum in circulation has hit a new high point, going over 120.72 million ETH. This rise is different from the network’s patchy bullishness in recent weeks, and it’s mostly due to more people using Ethereum’s proof-of-stake (PoS) model.
Since the beginning of the month, Ethereum has been very busy. During that time, 77,102 ETH were issued, and 19,402 ETH were burned during the London Hard Fork. The rate of yearly supply growth has gone up from 0.58% to 0.69% since last week, when the net supply rose by 57,653 ETH.
Ethereum Faces Inflation Risk
The switch from proof-of-work (PoW) to proof-of-stake (PoS) has not only made the network safer but also raised rewards for participants. Right now, about 33.9 million ETH has been staked. This widespread staking, along with the growing trend of restaking benefits, is an important reason why Ethereum’s total supply is growing.
The network is moving toward a possibly inflationary path because of restaking, even though the ETH burn process was supposed to cause deflation at first.Ethereum’s price has been slowly going up. In the past week, it went from $2,500 to $2,652, a 9.3% increase, which caused the market cap to rise by $20 billion.
The daily trade volume, on the other hand, has gone down from over $21 billion to $12.8 billion in the same time frame. Even so, analysts are still optimistic. One well-known figure in the crypto world, called “the titan of crypto” on X, said that prices could rise to $3,000, citing an open CME futures gap as a possible reason.
