The circulation supply of Ethereum decreased by about 21000 ETHs

It is reported that the total circulation supply of Ethereum has dropped to 120499921, a new low since the merger, according to the data of Ultrasound. Money, about 21000 ETHs have been reduced compared with the merger.

Interpretation of this information:

The recent data released by Ultrasound Money indicates that the total circulation supply of Ethereum has dropped to a new low since Ethereum’s merger. This is a significant development and has sent shockwaves through the cryptocurrency market.

The decline of the total circulation supply is particularly concerning because it indicates a reduction in the number of Ethereum coins available for trading on the market. This can have a significant impact on the price of Ethereum, as a decrease in the supply of coins would mean an increase in their value.

One possible reason for the drop in the total circulation supply of Ethereum could be the increased usage of decentralized finance (DeFi) applications. These applications require Ethereum to operate, which means that the demand for Ethereum has increased, leading to a reduction in its supply.

Another factor that could be contributing to the decrease in the supply of Ethereum is the increasing popularity of non-fungible tokens (NFTs). NFTs are unique digital assets that are created on the Ethereum blockchain. The increasing demand for NFTs could be leading to a reduction in the supply of Ethereum, as more and more people are holding onto their coins in order to create or purchase NFTs.

Overall, the drop in the total circulation supply of Ethereum is a concerning development. It indicates an increase in demand for Ethereum, which could lead to an increase in its value. However, it also highlights a potential shortage of Ethereum coins, which could make it more difficult for investors to buy and sell Ethereum on the market.