All coins are feeling the market volatility. The annual supply rate of Ether has slipped below zero for the first time since Ethereum’s transition to proof-of-stake via the Merge in September.
As of Nov. 9, more Ether tokens are being burned than created as a part of Ethereum’s fee-burning mechanism. Simply put, the more on-chain transactions, the more ETH transaction fees get burned.
Ethereum’s transaction fees spiked to their highest levels since May 2022 due to traders rushing to transfer their ETH to and from exchanges amid theIn detail, nearly 1 million ETH has left exchanges in November, according to data from Glassnode., which should boost its overall scarcity. But the ongoing deflationary rate is a product of current ETH price volatility, which may hurt its recovery prospects in the near term.
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