As of August 8, 2025, at 10:36 UTC, Ethereum has broken a historical supply record, now surpassing 121 million ETH in circulating supply.
On August 22, 2022, Ethereum reached 120 million ETH, and since then, it has taken almost three years to hit the 121 million mark. Currently, Ethereum mints approximately 2,500 to 3,000 ETH per day, representing a steady issuance rate despite the protocol changes and upgrades implemented over time.
ETHās supply continues to grow daily, but it is also shaped by staking dynamics, since every ETH deposited into the staking contract is subtracted from the circulating supply. This mechanism creates a balance between issuance and absorption, where the amount of ETH staked acts as a brake on net supply growth, serving as a retardant to token inflation.
At present, the total amount of ETH minted by the Ethereum network includes both the circulating supply and the ETH deposited in staking contracts:
121,000,000 + 36,182,039 = 157,182,039 ETH
This figure represents the full amount of ETH minted to date.
š Chart 1: Ethereum Circulating Supply Over TimeThis chart displays the gradual growth of Ethereumās circulating supply, highlighting the recent milestone of 121 million ETH.
š Chart 2: ETH Deposited in StakingThis visualization shows the total ETH locked in staking, a key metric to understand the validation processās impact on circulating supply. The current figure exceeds 36.18 million ETH.
š Conclusion:
Ethereum continues to expand its monetary base, but does so through a model that combines controlled issuance with staking-based locking. While the deflationary narrative weakens temporarily, the dynamic balance between supply and staking remains a key factor for its future valuation. The outcome will depend on whether network activity justifies this ETH expansion, or if it leads to future price pressure driven by inflation.
Signed by Carmelo AlemƔn, Verified On-Chain Analyst at CryptoQuant
Written by Carmelo_AlemƔn
