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Ethereum's Circulating Supply Dynamics in 2025
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).