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Ether Turns Inflationary as Network Revenue Plunges to 9-Month Low
The decline in activity in the network is partly because of the adoption of layer 2 networks, and the trend will continue in the near term, according to IntoTheBlock.
Ether (ETH) has reverted to be inflationary amid plunging activity on Ethereum, which could weigh on the token’s price, analysts say.
Network fees, a proxy for usage, plunged more than 9% this week to $22.1 million, lowest in nine months, data by blockchain analytics firm IntoTheBlock shows.
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Consequently, the supply of ETH, Ethereum’s native token, has been increasing as fewer tokens were destroyed – burned – to verify transactions than created, Ultrasound.money data shows.
The decline in network fees is partly driven by the adoption of layer 2 networks and will likely continue in the near term, Lucas Outumuro, research head at IntoTheBlock, told CoinDesk in a Telegram chat.
“[This trend] may be putting some pressure on the second largest crypto-asset, as its supply has been growing over the past month, reverting its deflationary trend,” IntoTheBlock wrote in a report.
Ether’s deflationary narrative emerged after last year’s Merge, a major upgrade for the network that saw Ethereum transitioning from a proof-of-work consensus mechanism to proof-of-stake, profoundly altering the cryptocurrency’s supply dynamics.
During busy periods, the network burns more tokens than created, curbing its supply, which is usually considered bullish for the price. However, when network demand is low, the dynamic flips.
IntoTheBlock joined a roster of crypto observers who noted bearish developments for ETH.
JPMorgan analysts said in a report earlier this week that Ethereum’s much-anticipated Shanghai upgrade failed to boost network activity, as transaction counts, active addresses and total value locked on the blockchain have all fallen since April.
Crypto services provider Matrixport reiterated its negative outlook for the crypto asset compared to BTC in a Friday market update, citing “shockingly low revenues” and “lack of buzz” around the next protocol update. The firm forecasted earlier this month that ETH could fall to as low as $1,000 if the trend continues.
ETH has recently changed hands at $1,591 and dropped to a 14-month low price against BTC.
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto exchange HashKey's shares fall 5% on trading debut in Hong Kong
Investors questioned whether Hong Kong’s dominant licensed exchange can turn surging volumes and regulatory advantage into sustainable profits.
Bilinmesi gerekenler:
- HashKey Holdings' shares fell about 5% in their Hong Kong trading debut, highlighting investor caution despite the company's dominant market position.
- The company reported significant losses due to its ultra-low fee strategy, which has not kept pace with operating costs.
- HashKey's growth is increasingly tied to Hong Kong's regulatory framework, affecting its market outlook.
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