Overview

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Desde el dólar por las nubes, pasando por la situación claramente negativa del mercado vemos como Ethereum se vuelve a mostrar a la baja con recortes que ya Ethereum's recent Dencun upgrade, which was designed to reduce fees and help scale the network, has caused ether ETH$1,832.22 to revert back to an inflationary asset Burns without demand will do little to push the asset’s price. However, the project’s end goal is for the burn rate to outpace the rate of issuing new coins. This would According to data from ETH tracking website Ultrasound.money, the ETH supply has declined steadily since October 8, and turned negative on November 9. Since then Hace 6 horas While JPMorgan analysts remain cautious, pointing to falling fees, increased Layer 2 activity, and a rising circulating supply, Ethereum’s ability to attract capital even amid a 13 de sept. de 2025 A deflationary asset, by nature, can increase in value over time due to scarcity But what could prolonged deflation mean for Ethereum's velocity and utility? And El suministro de Ethereum disminuyó en 4.700 ETH, unos $9.5 millones. El aumento en las tarifas de gas, duplicadas desde el domingo, ha llevado a la deflación de ETH. Ethereum (ETH) has turned inflationary in Q2 2025, adding 75,301 ETH to the network, marking a significant shift from its deflationary trend since late 2025.

Ethereum is Turning Deflationary, But Price Remains Stagnant: What's Going On?

Ethereum has seen periods of deflationary pressure, a situation where the supply of ETH decreases, theoretically leading to price appreciation. However, the price hasn't always reflected this scarcity. Why is Ethereum turning deflationary but the price remains stagnant?

Understanding Ethereum's Deflationary Mechanism

According to data from ETH tracking website Ultrasound.money, the ETH supply has declined steadily. This deflation is driven by the burning of ETH, primarily through transaction fees. The project’s end goal is for the burn rate to outpace the rate of issuing new coins. This would theoretically lead to a decrease in the total supply.

El suministro de Ethereum disminuyó en 4.700 ETH, unos $9.5 millones. El aumento en las tarifas de gas, duplicadas desde el domingo, ha llevado a la deflación de ETH.

Factors Influencing Stagnant Price Despite Deflation

Several factors can explain why Ethereum's price hasn't reacted positively despite periods of deflation:

  • Market Sentiment: External market forces, economic uncertainty, and overall crypto market sentiment play a huge role. Desde el dólar por las nubes, pasando por la situación claramente negativa del mercado vemos como Ethereum se vuelve a mostrar a la baja con recortes que ya... These factors can overshadow the positive impact of deflation.
  • Increased Layer 2 Activity: While it can be argued that scaling solutions such as layer-2 do impact on the total deflation of ETH, it also is worth noting that the utility and velocity of use on ETH is also impacted as a result
  • Macroeconomic Conditions: A deflationary asset, by nature, can increase in value over time due to scarcity. But macroeconomic conditions impact this as well.
  • Ethereum (ETH) has turned inflationary in Q2 2025, adding 75,301 ETH to the network, marking a significant shift from its deflationary trend since late 2025. The transition back to inflationary can dampen the effect of previous deflationary periods.
  • JPMorgan's Cautious Stance: Hace 6 horas While JPMorgan analysts remain cautious, pointing to falling fees, increased Layer 2 activity, and a rising circulating supply, Ethereum’s ability to attract capital even amid a... This kind of analyst outlook can impact investors.

The Role of Demand

Burns without demand will do little to push the asset’s price. For deflation to positively impact the price, there needs to be sufficient demand for ETH. If demand remains stagnant or decreases, even a shrinking supply won't necessarily lead to a price increase.

Ethereum's Dencun Upgrade and Its Impact

Ethereum's recent Dencun upgrade, which was designed to reduce fees and help scale the network, has caused ether ETH$1,832.22 to revert back to an inflationary asset. While aimed at improving the network, these changes can temporarily disrupt the deflationary trend.

Looking Ahead: What's Next for Ethereum?

It's important to monitor Ethereum's burn rate, network activity, and overall market sentiment. While deflation is a positive long-term factor, other variables significantly influence price. But what could prolonged deflation mean for Ethereum's velocity and utility?

Ethereum's ongoing development and its ability to attract capital even amid challenging market conditions will ultimately determine its long-term success.

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