$ETH On-chain metrics present a similarly alarming image. Since the merge, Ethereum's supply has been steadily growing. The supply of Ethereum is currently at 120 million — just 32,457 ETH less than it was prior to the merge. Ethereum may soon eliminate the deflationary advantage brought about by the switch to proof of stake, as supply is increasing by about 45,000 ETH each month. This pattern suggests that there has not been much demand for ETH, which has prevented the continuous issuance from being balanced. In sharp contrast to the deflationary expectations established during the Merge, Ethereum's supply dynamics have been inflationary for the last 10 months. Despite macroeconomic factors like rate cuts temporarily boosting buying activity in mid-2024, this shift has been made worse by low on-chain activity and a lack of sustained demand.#Follow_Like_Comment