Ethereum’s total supply declines $250 million in the last week

Ethereum‘s total supply has declined by 32,000 eth in the last week and 66,000 in the last 30 days, totaling more than $250 million.

This has resulted in Ethereum exhibiting some momentum, with the ratio gaining on Bitcoin and reaching 0.058 BTC earlier today.

Ethereum is still far from its all-time high, but a network upgrade next week will improve scalability for second layers by introducing prunable storage.

Developers are considering decreasing issuance by lowering the staking payout to make it less appealing as it approaches 31 million eth locked in validators.

The decline in supply occurs as base fees for a typical transaction reach 106 gwei, or $8.50. It may continue for some time, with Ethereum’s supply potentially dipping below 120 million for the first time, maybe as early as next month.

The Ethereum ETF decision is due on the 23rd of that month, and there are varying perspectives on whether it will be allowed. Based on the information presented, it is difficult to perceive a denial.

The SEC commissioners’ vote on May 23rd may result in a 3-2 vote, which is shocking given how close it was for bitcoin.

Gary Gensler, the chair, lost a court challenge on bitcoin when the SEC implied that derivatives are safer than the spot, which contradicted all books.

Regardless of who appointed them, the courts are independent and unbiased, and they have stated that derivatives are clearly less safe than spot.

The Securities and Exchanges Commission (SEC) approved ethereum futures ETFs after the court ruled that if futures were approved, spot must also be approved.

In the scope of possibilities, they may deny for fun or use a technicality that would not hold up in court but would cause a delay.

Biden may get some goodwill by at least getting these ETFs through, which may be useful for people who believe their chances are slim.

The ETF is on its way, and academic studies urge investing at least 1%, if not 10%, in cryptocurrency. For the time being, that safe 1% consists solely of bitcoin, but it will very certainly include both bitcoin and eth.

Ethereum might receive around $3 billion in net inflows in the first month or two, allowing for the slower summer months.