Recent data from Ultrasound.money shows a significant withdrawal of 18,109 Ethereum (ETH), valued at $53.17 million, from the market in the past month. This has led to a reduction in the available supply to 120.16 million ETH, marking the lowest circulating quantity since the transition to a Proof-of-Stake mechanism, also known as “The Merge.”
Ethereum’s Network Activity Boost
The network has experienced a notable increase in transaction fees due to heightened activity, with average fees doubling since February 17th. The uptick in network usage, including transactions and smart contract operations, has accelerated the burning of ETH tokens, further reducing the supply.
In addition to network usage, the Ethereum blockchain has seen a surge in non-fungible token (NFT) sales volume, reaching $395 million this month alone, as reported by CryptoSlam. This achievement represents a record high for Ethereum NFT sales since April of the previous year.
Robust NFT and DeFi Markets
The NFT market continues to flourish, with 619,000 sales transactions from a diverse group of 91,000 sellers and 108,000 buyers over the past three weeks. Concurrently, the decentralized finance (DeFi) sector of Ethereum’s network is thriving, with a 45% boost in Total Value Locked (TVL), now standing at $46 billion. DeFiLlama’s data highlights this growth, with Lido Finance’s TVL rising by 39% during the same timeframe.
Lastly, decentralized exchanges (DEXs) on the Ethereum blockchain are experiencing a revival in trading volume, which has leaped by 118% since mid-February, according to Artemis’ statistics. This surge in DEX activity corresponds with the current upward trend in cryptocurrency values.
