Over 460,000 Ethereum Burned in 2024 Thus Far: Report

The Ethereum Network has had a rough year thus far in terms of burning ETH, with just over 460,000 Ether burned in 2024. An analysis from CoinGecko reveals that as of August 5, 2024, the network has burned 465,657 ETH this year.

According to CoinGecko’s research, 107,725 ETH were burned in 2024 Q2, a -67.7% drop from the first quarter’s 333,555. 17,114 ETH were burned in July 2024, marking a monthly all-time low this year, and a -35.0% decrease from June. The data reveals that Ethereum emissions have outpaced burns, with 540,958 ETH added to the network since the start of 2024. 465,657 ETH have been burned, resulting in a net total of 75,301 ETH added to the network.

Ethereum in 2024 Thus Far: Burn Rate Down, Prices Up

Ethereum has been up and down throughout 2024, with an overall jump of 46% in price in 365 days. This is largely due to the crypto bull surge this past March, sparking Ethereum to over $4,000. The asset has since settled back on earth to $2,680 at press time, after a 14% drop entering August 2024.

In 2024, the Ethereum network experienced inflation for the first time since 2022. Q2 2024 saw the change from a deflationary to an inflationary environment due to a decrease in network activity. This came as a shock to many considering the hype around Ethereum exchange-traded funds (ETF). According to data from Farside Investors, net outflows from Ethereum ETFs on Aug. 8 amounted to just $2.9 million. Meanwhile, Fidelity’s FETH experienced its first day of outflows since its launch.

Also Read: Vitalik Buterin Moves Millions in Ethereum to a New Wallet

The decrease in burns of Ethereum does signal that the asset has been performing well; not needing a burn to spark prices back up. It will be interesting to note the Q3 burn levels for the network come September, and whether or not August sparked another downtick.