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$ETH is undergoing a major shift in how network activity translates into supply dynamics. Recent Ethereum upgrades, including Dencun, Pectra and Fusaka, have made Layer-2 networks such as Base and Arbitrum significantly cheaper to use. As more activity moves away from Ethereum’s mainnet, demand for mainnet blockspace and gas fees has declined. That has an important consequence for ETH: Lower gas fees → less ETH burned → weaker deflationary pressure → potentially faster growth in circulating supply. Ethereum’s scaling strategy is making transactions cheaper, but it also creates a new challenge for ETH’s supply economics. Rehan_X Facts, Trends & Insights #BTCETHETFInflowsReturn