ETH supply experiences fastest decline since May 2023

The rapid decline can be attributed to daily transactions on Ethereum reaching record levels, averaging over 1.2 million transactions, and resulting in more fees being burned and a subsequent dip in the total supply.

Since August 2022, over 1.56 million ETH have been burned, while only 1.12 million ETH have been issued, leading to a net decline of over 446,000 ETH, valued at nearly $1.62 billion at current prices.