Ethereum's Circulating Supply Dynamics in 2025

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Ethereum maintains a variable total supply unlike Bitcoin's hard-capped model, creating distinctive tokenomics worth monitoring.

  • As of September 2025, Ethereum's circulating supply stands at 120.7 million ETH, according to market data tracking platforms.

  • The implementation of the London upgrade (EIP-1559) in August 2021 introduced a base fee burning mechanism, which systematically removes a portion of ETH from circulation with every transaction, creating deflationary pressure on the network.

  • Following The Merge in September 2022, when Ethereum transitioned from Proof-of-Work to Proof-of-Stake, the network's issuance rate decreased dramatically from 4.3% to approximately 0.5% annual inflation. During periods of high network activity, this can even result in negative net issuance (deflationary periods).

For real-time Ethereum supply metrics and burning statistics, traders can monitor:

The relationship between supply changes and market dynamics offers valuable insights for informed trading decisions.

ETH3.16%
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