Crypto Analytics Platform Reports Ethereum Supply Dropped By 66,000 ETH

• Ethereum’s supply was reduced by 66k ETH due to the PoS consensus transition, according to IntoTheBlock.
• Deflationary currency decreases supply, increases purchasing power, and attracts crypto enthusiasts.
• Shanghai-Capella upgrade on April 12th to introduce validator staking withdrawals. ETH value up 26%.

Market intelligence platform, IntoTheBlock, has reported that the world of cryptocurrency has experienced a significant change. In 2023, the supply of Ethereum was reduced by 66,000 ETH, marking a historic milestone.

In 2023, the supply of Ethereum reduced by 66k $ETH due to burning a fraction of transaction fees. This move has made Ethereum deflationary, which is great news for crypto enthusiasts seeking scarce digital assets. #Ethereum #deflation pic.twitter.com/2RuwiioffW

— IntoTheBlock (@intotheblock) March 18, 2023

This development can be attributed to Ethereum’s transition to proof-of-stake (PoS) consensus, known as the ‘Merge,’ which occurred in September 2022. Due to the implementation of the new consensus mechanism, a portion of ETH transaction fees is now being burned, resulting in Ethereum becoming a deflationary currency.

A deflationary cu…

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