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Ethereum witnesses a week of deflationary issuance; more ETH burned than mined
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The Ethereum market has been more active than ever as the second-largest digital asset hit a new all-time high on 2nd November at $4,477. Ethereum has also been witnessing a streak of negative supply issuance.
The Ethereum network saw a negative supply for seven days straight, meaning more ETH was burnt than what was being mined. According to data, the London hard fork led to the permanent destruction of 724,400 ETH which can be valued at close to $3.1 billion.
The London upgrade introduced a burn mechanism into Ethereum’s fee market earlier in August, in which a small quantity of Ether was destroyed with every transaction executed on the network. However, with gas prices remaining at their peak, Ethereum has now been witnessing a whole week
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