@leon-waidmann
Ethereum supply stayed net negative over the last 7 days.
š¹ New ETH issued: 30,000
š¹ ETH bought by spot ETFs: 67,100
š¹ ETH burned via fees: 11,700
š¹ Net supply change: ā49,800 ETH
About 2.7x more ETH was removed from circulation than issued.
Demand continues to structurally overpower issuance.
So why is price not moving yet?
š¹ Most demand is passive, not price chasing. Absorption first, breakout later.
š¹ Large holders still distribute into rallies, capping short term moves.
š¹ Derivatives set the marginal price, not spot flows.
š¹ Negative supply tightens the floor before it lifts the ceiling.
This is how bases form. Supply breaks first. Price follows.
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