Since the Merge, 55.4% of newly issued ETH has been burned, but that figure has fallen to only 2.7% over the past thirty days. ETH’s annual supply growth has consequently risen to 0.86%, almost matching Bitcoin’s 0.82%, weakening the scarcity argument. Strong demand for Layer 1 block space could offset this decline, with gas fees dropping from 2.76 to 0.03 Gwei in two days. Bitfinex whale longs are rising, 627,000 active addresses have been recorded, and roughly 169,000 ETH have left exchanges, making an ETH/BTC breakout possible when risk appetite returns.
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