ETH Supply Inflation Narrative Collapse
The deflationary narrative for Ethereum has collapsed as ETH supply continues to increase.
Too little corroboration in the last 3 days to call a trend (5 articles). Watching for it to gain traction.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"Data shows that Ethereum is no longer making as much money as it used to make a few years ago. Its chain fees has dropped to $92.7 million this year, much lower than the $523 million it made last year. Similarly, the supply of stablecoins on the platform fell to $153 billion from its year-to-date high of $168 billion."
"Bankless co-founder Ryan Sean Adams recently stated that Ethereum is a failed project if it does not become a global store of value, noting its current price is down roughly 67% from its record high. This sentiment has caused friction within the community."
"Nonetheless, analyst Ted Pillows cautioned that sellers remain in control. He argued that ETH has not been able to hit its February 2026 lows recently and this nullifies the recovery point."
"Adams expressed deep frustration with the growing sentiment that one can be bullish on the Ethereum network's technology without being bullish on the ETH asset itself."
"The deflationary narrative that once powered Ethereum's investment thesis has also collapsed. ETH supply has been increasing by approximately 45,000 tokens monthly."